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The Arizona State University released a study in July which stated that 20 to 30% of all home re-sales in Phoenix were foreclosure houses. Their Repeat Sales Index showed that there was a decline of 18% in the value of regional homes from April 2007 – April 2008.
The silver lining is that buyers of homes now have an opportunity to buy houses part of the Phoenix foreclosures at even lower prices. Getting a loan to buy the property might just get easier too. For people buying their first home, the bill passed by President Bush last week, has made provisions for the buyer to get up to $7500 (depending upon the price of the house) as tax credits. With fifteen years to pay it off, and payments on this to start only after two years, it might encourage renters to look at buying foreclosure houses.
With buying foreclosure houses chances of getting a house at a cost lower than overall values of homes in the same neighborhood are quite high.
Bank foreclosed homes are those which have been repossessed by the bank because of the inability of the previous home owner to make the mortgage payments. If the previous home owner had unpaid taxes on the house the bank would have to take care of it when they foreclose. Also, if a second loan was taken out on the property by the previous owner, after foreclosure, that too would be taken care of. Looking at bank owned properties has another plus, with banks having to incur significant expenses in the up-keep of the property; they are often keen on selling the house. This can result in a buyer getting a very good deal.
Houses that are facing foreclosure can be bought from the home owners directly. They would want to sell the property to pay their mortgage off in order to avoid foreclosure. They too are known to sell for considerably lesser than existing market values of home in the same vicinity.
Auctions and HUD homes can also yield very good results, but unless you are willing to devote a lot of time and energy into the process, they are best left to seasoned home buyers.
HUD Fair Housing Equal Opportunity