In the previous post, we looked at how bank web sites and government agency web sites can be your main sources of information on foreclosed homes that are for sale. Are there any other options open to you if you are in the market for a new home? The answer is a resounding YES. Aside from these web sites, you can also do the following.
Real estate signs
This option requires more physical activity on your part. As opposed to the options presented in the previous post (where you just have to turn your PC on and browse), you have to drive around the neighborhood wherein you want to buy your home. When you drive around, look for FOR SALE signs and pay particular attention to the information on them. Look for signs that say FORECLOSURE and then contact the real estate agent on the sign.
Real estate agents
If you do not have time to go running around neighborhoods, then you might as well get in touch with a real estate agent. After all, this is their business and they will have top information on property for sale. You just have to indicate that what you are looking for are foreclosed homes which present a good deal.
Asset management companies
You can also contact asset management companies in your area to inquire about foreclosed homes. Oftentimes, banks or lenders hire these companies to handle foreclosures. As such, they will have information of foreclosed homes that you can buy. You can do this by looking at their web sites or even calling them on the phone.
Photo courtesy of sfadden
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I am a firm believer in respecting others and not benefiting at the expense of others. Yet as in many things, this could be quite relative. As sad as the situation may be with many homes being foreclosed, those who are in the market for a house today could actually benefit from the situation.
What happens when a house in foreclosed? They are normally put in the market for very low prices. This is where you can benefit. However, you also have to remember that not all foreclosed houses are good deals. Some of them may come dirt cheap but they may have attachments such as liens or mortgages.
The best thing to do would be to look around and find a good bargain. How do you go about that? Here are some ways by which you can hunt for a foreclosed home to buy.
Bank web sites
Banks lend money to homeowners so that they could purchase or build their houses. They also lend money using the property as collateral. When the borrower fails to pay back their loan, the property is reclaimed by the bank. It is then left to the bank to liquidate the property that they have repossessed. You can usually see these properties listed on the bank’s web site.
Government-owned listings
Banks are not the only institutions that lend money using homes and properties as collateral. There are government agencies which function much in the same way. They also foreclose properties and then put these properties up for sale. You can visit the web site of the Department of Housing and Ubran Development for more information.
Photo courtesy of nep
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It’s on again. That darn infomercial. It keeps calling me telling me how I can make all that money. Money investing in real estate. Seems like we are in a great time to become a real estate leader just because the mortgage market is tanking, and there should be a great number of homes that will come available at below market rates just so the bank can make back some of the money on their investments.
One thing I’ve found is a great place to buy cheap automobiles is Credit Unions. A credit union is a cooperative which operates similarly to a bank, but is owned and controlled by people who use its services.
If you aren’t already a member of your local credit union you should be. Head on over to a credit union, develop a good working relationship with your local loan rep, and have him keep foreclosed property in a certain range in mind for you. It’s a great way to find cheap, undervalued homes that they are looking to sell quickly in order to keep the Credit Union profitable. Unlike a bank it’s about keeping the shareholders happy and keeping the nonprofit open. You can also use this to find other investment deals like automobiles that have been repossessed.
Here’s a great site you can use to find credit unions .
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One of the things that Zero to Valued will help any new investor do is find cheap houses to buy,remodel, then flip for a ridiculous profit. All without taking out equity loans, or going into tons of debt.
Let’s focus on finding some killer project houses for cheap. When I mean cheap I mean affordable. Less than a price I’d pay for a website. Head on over to Realtor.com and do a search for homes in your area under 20,000.
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Technology is permeating our daily lives like nothing else, and it is but common sense to take advantage of what is available and use it for our specific purposes. When it comes to buying a new home, technology has got a wide array of offerings for those who are willing to make use of them. Here are some of the best new useful tools in this regard.
The iPhone!
Yes, the iPhone is more than just a phone. It is a gaming machine as well, among many other things. More than that, you can actually use it to get information on a house or property that you pass on your way to wherever. Say you see a sign on the lawn of a piece of property that you just have to take a look at. Of course you have some info on the sign, but that is not enough. If you have an iPhone, you do not have to wait till you get home or to the office. Just go to Zillow.com, which has released a special version for the iPhone. There you can get all the information you need on over 88 million homes! How’s that for accessibility?
Trulia
This is another web site that can prove to be very profitable for those who are looking for houses on the cheap. Trulia.com recently launched a feature allowing home buyers to filter out listings at a reduced price. You just need to know which town (or the ZIP) you want, enter it, and you’ll get countless results. It’s an easy way to narrow down your search!
These are only two of the most useful tools out there. In the next post, let’s take a look at a couple more.
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Is there such a thing as a cheap house? Perhaps in relative terms, yes. The chances are you would still have to pay a LOT to buy your own house – these things do not come cheap, really. However, there are some ways by which you can find houses at much lower prices than normal. How?
You can buy from the bank. We all know how the real estate market has suffered a great deal in the past several years. In fact, figures show that the national home median price has dropped to about 26% since the early part of 1996. This spells good news to those who can afford to buy houses. Even better, banks have foreclosed a lot of properties. Technically, the banks own these properties but they cannot really hold on to them. They would rather sell them off and turn the properties into cash – and they do so, at much lower prices.
What you have to do then, is to do research on REOs, or real estate owned properties. The advantages of buying REOs are plenty. Aside from getting a very very huge discount, you do not have to deal with another homeowner. You know how, when we want to sell something off, we tend to try and get as much as we can. When you buy REOs, you do not have to deal with the homeowner and instead go directly to the bank. More so, you get a clean title at the outset!
So why not try and take a look at this option?
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I love bathtubs. I could end my post there. I really love them. If I had the money, I’d have several huge bathrooms in my house and put all sorts of bathtubs in them. And I am sure that there are many of you out there who are into bathtubs as well. Just some information for those who are in the market for some tubs – what are the different kinds of bathtubs?
Soaking bathtubs
Aren’t all bathtubs for soaking? Apparently, there are tubs which are meant for, well, you got it, soaking. They are deeper than the standard tubs, with water going as high as one’s chin while lying down. More so, these tubs do not come with any other attachments such as showers and jets.
Built in bathtubs
These tubs are what we normally have at home. They are not separate attachments which you can move around the bathroom, but are instead “built into” the room, as the name suggests.
Freestanding bathtubs
These are those beautiful tubs that you see with big claws as feet. As opposed to the built in bathtubs, they can be moved around and be relocated wherever you want them. Those big pedestal or clawfoot bathtubs fall under this category.
Special tubs
I suppose all the other kinds of tubs that do not fall under the conventional types above will fall under this category. From high tech tubs with jets and whirlpools to walk in bathtubs – you can find the tub to suit your special needs.
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I am so far from retirement age that I do not even really want to think about it. Having so many years before I reach that age does have its advantages – I can look forward to setting aside some money to prepare for the time when I stop being part of the workforce. For those who are close to retirement age, however, things are a bit more concrete. It is time to actually choose where to retire. If you are at this point in your life, where would you want to retire? Forbes.com has a feature on the best American cities to retire in – at a budget. Sounds good to you?
Here is more information to satisfy your curiosity:
Columbus, Ohio. This river city tops Forbes’ list of cities where your nest egg goes farthest, thanks to reasonably priced housing relative to income and a 4.5% inflation rate that allows a buck to stretch a little farther than other quickly growing areas. With tens of thousands of Ohio State Buckeyes, folks will enjoy the verve and energy that comes with a bustling college town.
Texas also welcomes retirees. Dallas and Houston ranked second and fourth, respectively. A warm climate and growing economies make both of these spots great places to live up your golden years. Each city can brag about latter-year employment possibilities for the enterprising type; that’s because 20% of those 65 and over collect a weekly paycheck.
I don’t know about Columbus, Ohio but Dallas and Houston appeal to me. Too bad I am not anywhere near retirement age. For the complete list and more detailed information, visit the full slide show.
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This may not be the best of times to apply for a mortgage. Then again, many Americans are feeling a renewed sense of hope after the results of the elections came in. If you are looking for a mortgage right now, I encourage you to do so carefully and avoid these mistakes.
Leaving your credit as is
Believe it or not, a lot of people actually just hope and pray that their credit will be good enough to get them a good mortgage. The truth is that you need a more than decent FICO score to get a decent deal on mortgage. Please do not leave your mortgage dealings to chance. Pay close attention to your credit and try to rectify errors in it before you apply for a mortgage. You will certainly appreciate the difference it will make.
Not looking into various deals for first-time home buyers
If you do not know it yet, the government has various programs for first-time home buyers. These programs are run in different levels – state or city, even county. If you are buying a house for the first time, I suggest strongly that you look for these deals. It won’t require much effort but the rewards are tenfold.
Thinking that pre-approved loans are not necessary
Ok, maybe they are not necessary but having a pre-approved loan will make you a priority in the eyes of real estate agents. Do not make the mistake of thinking that pre-qualified and pre-approval mean the same thing. The former is an unwritten thing – no guarantees – while the latter means that you really do have a loan ready for the purchase.
(to be continued)
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You don’t want an RV. You are not a “water person.” So do you still have cheap alternatives for a home? Of course! Have you ever heard of manufactured homes? Those edifices that are factory built and roll of the production lines?
You may be grimacing as you read that previous paragraph but hey, there is more to manufactured homes that meets the eye. Seriously, manufactured homes may not end up as treasured buildings like the colonials of the old but they can do the job during these hard pressed times.
First of all, manufactured homes are really structurally sound. Experts say that these houses can withstand most anything, except maybe the strongest of hurricanes, which even the traditional houses cannot withstand. Second, manufactured homes are quite affordable. This is because of the fact that the companies who build these homes save a lot due to the scale of production. They purchase all the components and appliances on a large scale, giving them considerable savings. This, in turn, translates to savings on the home purchaser’s part! In short, it does not mean that, since you are paying much less for manufactured homes, you are paying for poor quality. It just means that you are taking advantage of mass production – an economic practice, is all.
I suppose the biggest hurdle when it comes to manufactured homes is the image. Not too many people look kindly on manufactured homes. Then again, are you more concerned about what other people think that what you can afford?
If you want to read more on manufactured homes, visit Bankrate’s section on this topic.
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