Friday, April 30, 2010

Auction Home Foreclosures - Searching For High-Value Investments By Joseph B. Smith

Real estate properties which are up on sale through auction home foreclosures are now a dime a dozen due to the spate of repossessed houses in the wake of the housing bubble.

Get Good Prices and Good Payment Terms

But even if these properties are offered at fire sale prices, interested buyers should still take into consideration if the payment of the mortgage will be a sustainable one, considering one's stable source/s of income.

Once one has determined that one is financially capable to buy a house, one could look up auction home foreclosures as a convenient way to look up cheap finds. One could call up a neighborhood real estate dealer or, better yet, sift through the web for listings of repossessed properties which are up for bidding.
Site Visit

Though low prices are an extremely seductive factor for one's purchase, an investment decision should not end there. If a prospective buyer has narrowed down its list of a possible acquisition, an ocular inspection of the property should be a non-negotiable step before executing an actual sale.
An interested buyer should take time to visit the actual home up for bidding to get a first-hand feel of the property, as well as the surrounding neighborhood, which is as equally important also. The interested buyer may also talk to the erstwhile owner of the repossessed house if he/she is still residing in the property to ask about the property and the neighborhood. Likewise, neighbors may also offer valuable information which may further help one make an informed choice on whether to buy the property or not.

At this stage, the interested buyer, based from all the information gathered, should come up with an estimate on the property's market value, taking into consideration also the outstanding obligations owed by the previous owner.Finally, after all the information has been culled and the buyer has arrived at the final decision of a purchase, the final step should be to check the bidding procedures for the property up in auction home foreclosures.

One should not forget the needed requirements to participate in the bidding so as not to squander one's chance of owning the house through procedural technicalities.