NEW YORK (CNNMoney.com) – A study released yesterday by RealtyTrac.com and Trulia.com shows that more Americans than ever are interested in buying foreclosed properties.
What’s the best way to buy a property?
Buy from a bank and look for a REO, a real estate owned property. These are homes that fail to sell at auctions and are then put back on the market by the banks that own them.
The bank clears any outstanding liens or loans against the house. And you’ll be able to inspect it firsthand, instead of just driving by.
As you evaluate listings, make sure you don’t buy in a neighborhood that has an unusual number of foreclosed homes. It could keep prices constrained for a long time.
Also, know that the Federal government is working to make the $8,000 tax credit for first time homebuyers available immediately to qualified buyers. This could help you close the gap if you don’t have enough for the down payment.
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