The Benefits Of Buying An Omaha, NE Foreclosure
Before we jump into the main topic of today’s blog post, it is important to understand exactly what a foreclosure is. A foreclosure is a property that has been seized by the bank who originally gave the owner the loan. In each mortgage contract there is what’s called a ‘lien’ on the property which allows the bank to take control of the property in the event the borrower fails to make mortgage payments.
What are the benefits of buying a foreclosure?
-Price: One of the most undeniable benefits of purchasing a foreclosed home is that they will almost always be at a lower price point than other properties in the surrounding area. This is because the property is being sold off by the lender, who is motivated to sell quickly as they only make a profit if the home is sold. This creates an opportunity for below market purchase price.
-Affording your dream neighborhood: A foreclosed home could be a great path to your dream neighborhood in which otherwise you wouldn’t have been able to afford.
-Renovations: Another great benefit to a foreclosed home is the potential for renovations due to the home being priced to sell and leftover money in your budget. Is the kitchen not big enough? The powder room not to your liking? You are now able to shift the feel and look of the home to be more in line with your aesthetic taste.
-Fewer title concerns: If you were to purchase a property from a homeowner there is a chance you may not receive a clean title (which is the legal right to own a property) due to liens on the home, backed taxes, etc. These are just a few reasons which could force the sale to be canceled. In a foreclosure the bank clears the title for you, thus eliminating these concerns.
-Loan configurations: Even though when you buy a foreclosure there might be a slightly different buying and bidding process, you still have options when it comes to loans. As long as the home is in living condition, you can get a FHA, VA or USDA loan.
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