Friday, October 7, 2011

Foreclosed Property

My friend told me that buying properties under Free Foreclosures are better than buying those that are newly acquired. With the current economic situation that greatly affects the financial standing of every household, this presumption is true. There are actually Real Estate Owned Foreclosures that one gets for a fraction of price.

Everything else right now is costly and every time you need something, you pay for it at high price. So, buying properties right now is the best thing to do. I would definitely check the properties listed under Free REO Foreclosures. New properties might be more expensive than foreclosed properties but, I would prefer the latter because it is a deal breaker. Anyway, banks do not just give them away instantly. They seek and prefer the highest bidder before deciding the sale. There are also independent agencies handling foreclosed properties that are somewhat tricky in their bargaining style.

If I have to buy a property, I would go for something that is really worth my investment. How about you? Are you interested to buy a foreclosure property? Honestly, we bought two condo properties this year and we have no regrets. The process is not that bad and as long as you have the patience, you can have it sooner than you think.

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