Review of houses for sale and rent::Zillow Real Estate
Review of houses for sale and rent::Zillow Real Estate
"Cheap homes for sale" is the catchphrase of the day. With the housing crisis and credit crunch, the real estate market has become a feast for investors and individuals able to obtain financing or those who have cash. Not every real estate listing offers cheap homes for sale. However, a large percentage of properties offered are priced below market value. Many of these value-priced houses are offered as "For Sale by Owner." Others are rent-to-own properties where homeowners provide seller carry back financing. Oftentimes, cheap homes for sale are pre-foreclosure homes. When Borrowers are delinquent on their mortgage payments they can request permission from their lender to sell their home for less than is owed on the mortgage note. This is referred to as a short sale. Short sale real estate can be a profitable deal for investors. Lenders want their money, not the property. Borrowers can improve their chances at receiving short sale approval by having a buyer lined up. Keep in mind not all lenders engage in short sale transactions. Millions of foreclosure homes can be classified as cheap homes for sale. Although good deals can be found at foreclosure auctions, it is important to realize many foreclosed homes have been neglected or sitting vacant for years. While their purchase price might be cheap, foreclosure properties are notorious for requiring costly repairs and renovations. Many cheap homes for sale can be found through banks. Referred to as bank owned or real estate owned (REO), these properties are foreclosure homes that could not be sold through auctions. Once property is returned to the bank, the mortgage note is eliminated and the bank sets the purchase price. Their goal is to obtain as much money as possible when selling distressed properties. However, great deals still exist in this niche. The majority of banks work with real estate agents and private investors to liquidate their inventory. However, individuals interested in purchasing REO homes are welcome to submit offers directly to the bank. REO properties are oftentimes listed on banking websites. Experts suggest as more Americans lose their homes to foreclosure, banks will be forced to liquidate bank owned properties for pennies on the dollar. This niche should be closely monitored when seeking out low-cost real estate. A lesser known way to locate cheap homes for sale is through probate records. When someone dies their assets are transferred to probate. In essence, everything is frozen until the decedent's Will is verified and financial holdings and real estate are inventoried. Probate can last between six months and three years, or longer. If the decedent has outstanding mortgage notes on real estate holdings, the estate must continue making payments on the property. The estate is also responsible for property taxes, insurance, and upkeep of the home. This can cost the estate a lot of money; particularly if probate extends for a year or more. If the estate has insufficient funds, the estate administrator can petition the court seeking permission to sell the probate real estate. Additionally, investors can make direct contact with Administrators to submit an offer on the property. Oftentimes, probate administrators will sell real estate significantly under market value in order to eliminate the financial burden. It's important to understand the process of probate real estate investing. While no special training is required, there are certain techniques and specific information which needs to be extracted from probate records. These are just a few suggestions of how to locate cheap homes for sale. In today's recessed economy, homeowners are turning to creative techniques to sell their home. Recently, a couple in Florida sold raffle tickets at $100 for a chance to win their $200,000 home. Good real estate deals are everywhere. Chances are many more will be available in the upcoming months. Although the economy isn't looking so great right now, economists are hopeful things will turn around in the not-too-distant future. If you can afford it, now might be a good time to invest in real estate. |
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Labels: Acreage Rentals, Family Homes for Rent, Free Listings Houses for Rent, Homes for Rent to Own, House for Rent to Buy, Houses for Rent, Rent to Own Land, Trulia Rent to Own Homes
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