Buy Cheap Foreclosed Homes

Buying a foreclosed home can save you money.

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Buy Cheap Foreclosed Homes - Cheap Living Across the Country

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Buy cheap foreclosed homes! You've seen the headlines.

But is there any reality in cheap living?

Can you buy dirt cheap houses and still get the home of your family's dreams?

The ability to buy cheap houses for sale revolves around a couple of key concepts: due diligence and let the buyer beware.

But if you keep these two things in mind, your family can experience truly cheap living.

Real estate today is a buyer's market and the ability to buy dirt cheap houses exists in most housing markets.

Doing a simple internet search with any reputable real estate agency will bring a few if not hundreds of foreclosed listings for under $10,000.

In fact, if you searched real estate for the greater Detroit, Michigan, area for houses under $5,000 will bring back more than 1600 listings.

Talk about cheap living!

Since the housing crash of 2008, foreclosure has become a household term.

In fact, due to the extremely slow economic recovery, being foreclosed on has lost its stigma.

If you have been foreclosed on, have poor or no credit and you are looking for a cheap living opportunity, you still may be able to buy cheap foreclosed homes if you have been able to save a few thousand dollars.

If you had the ability to move to the Detroit area for example, what else would you need to consider before making the move?

Here are a couple of things to consider:
  • What are the employment opportunities?
  • Schools and shopping?
  • Safety?
  • Condition of the house?
  • Let's quickly discuss the questions listed above. If you moved to Detroit, there is very high unemployment and job prospects are slim. If you do not have an income stream, you could not afford the day to day expenses such as gas, food electric and the like. Many of the neighborhoods are boarded up, schools are closed and shopping is a distant drive. This is not to discourage you in your attempt to buy cheap foreclosed homes, it is however an attempt at showing you how important due diligence is in buying cheap houses for sale.

    This Detroit example may seem a little extreme but you need to realize how wide spread foreclosure is in the United States. There were more than 3.8 million homes foreclosed on in 2010 alone and just over 4 million in 2011. There are tons of cheap houses for sale no matter what your situation, you just need to do your due diligence so you do not make a cheap living purchasing decision you will regret.

    There are other opportunities available in the market place, for instance eBay. There are thousands of listings you can bid on and potentially win an auction for a house. You may just pay pennies on the dollar of market value but again you need to do your due diligence. Physically inspect the house if possible and always read the fine print of the ad to make sure the house is habitable and not ready to be condemned. You also want to make sure the house is in a neighborhood you would feel comfortable living in.

    In March 2012, there was an interesting auction for an Arizona house that was just remodeled. The reserve, or lowest selling price of the house was $2750. You could bid up the price one penny at a time however, each bid you placed cost an additional sixty cents. If the house met its reserve of $2750, the house would go to the highest bidder. In this auction, the house did not meet its reserve but the concept is sure to catch on for some incredible deals in the future.

    There are some incredible opportunities to buy cheap foreclosed homes all across the United States. Just remember you need to do your homework in this process of buying dirt cheap houses. Due diligence is the key. Buying a home can be an emotional experience. Do your homework, visit the property if at all possible and enjoy the many opportunities of buying dirt cheap houses that exist in the market place.
    Have you bought a foreclosed home? Would you ever consider buying a foreclosed home? Why or why not?

    tell us what you think

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  • Home==>Easiest Ways to Save Money==>Buy Cheap Foreclosed Homes

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