What are the various kinds of foreclosure listings and how to locate the best bargain deal through t
Some of the various foreclosure listings include REO foreclosures, HUD foreclosures, Tax foreclosures and VA foreclosed homes. Important steps to locate the best bargain deals through foreclosure listings are to research the web, subscribe to a genuine service, specify your requirements, compare shortlisted properties and make a final evaluation.
If you are looking for an affordable property in a good residential area foreclosure listings can be of great assistance to you as they are the most effective tools in locating some of the best bargain deals in todays times. Foreclosure listings are online resources that provide information on the latest foreclosed homes that are on sale. By subscribing to these services home buyers can keep up to date with the latest information on foreclosed homes and identify the most suitable real estate deals.
Kinds of foreclosure listings
According to the types of lending agency which are selling foreclosed homes, foreclosure listings can be divided into the following kinds:
REO foreclosures REO or bank owned foreclosures are properties that have been foreclosed by banks that then put up for auction or sale through foreclosure listings at prices which are much lower than their actual value.
HUD foreclosures These foreclosures are owned by the US Department of Housing and Urban Development and consist of properties which have been repossessed from the previous owners who had taken a mortgage from a government organization and failed to repay the loan amount.
Tax foreclosures These foreclosed homes are different from others as they consist of properties that have been taken over due to the non-payment of taxes by the previous owners. Tax foreclosures are sold by government agencies like the HUD.
VA foreclosed homes These listings are another kind of government foreclosures which are sold by the Department of Veteran Affairs in which the houses are sold through public sales or auctions directly to home buyers without any middlemen and brokers.
Locating the best bargain deals through foreclosure listings
The following points discuss some of the best ways of locating bargain deals through foreclosure listings:
1. Research the web Carry out a thorough web search on various foreclosure listings to get a fair idea of what is on offer.
2. Subscribe to a genuine service Keep up to date with the latest deals by subscribing to a genuine local listing service.
3. Specify your requirements - In order to get a filtered list of properties which are suitable to your requirements specify your housing needs clearly.
4. Compare shortlisted properties Finally compare the various properties available under foreclosure listings on the basis of various aspects such as their location, housing amenities, condition of the property, asking price and its market worth in order to zero in on the best property on offer.
5. Make a final evaluation Before you make a final decision on the zeroed down property it is very crucial that you get the house inspected professionally and ensure that it is a sound investment.
Finding bargain property deals has never been this easy with foreclosure listings and now that you are aware of the various kinds and steps of locating suitable properties go ahead and make a successful and lucrative purchase!
Source: Free Articles from ArticlesFactory.com
ABOUT THE AUTHOR
Melanie Hogeveen is an expert writer in the field of real estate especially foreclosures and has been doing research on foreclosures for the past several years. She is renowned for her advices and tips on buying foreclosures. For more details please visit Foreclosure Listings.