Mortgage Foreclosure: One Step Closer To A Cherished Dream

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The process of homeownership entails a tedious process. Aside from the legal requisites, it is equally important to consider mortgage and legal costs, insurance, property appraisal, vendor reimbursements, and land transfer tax. Even with all these complexities, however, people continue to dream and choose to have their own homes. Besides security and comfort, they see homeownership as one of their biggest investments and also one of their greatest achievements.

Finding the most affordable homes

The benefits of homeownership are often associated with positive physical, mental, and emotional health. It is in the heart of every American to own a home where one can securely age in place and spend quality time with loved ones. With the current economic trend; however, most families dont have the opportunity to purchase a home. Thus, mortgage foreclosure will be a great deal for those who are searching for inexpensive real estate deals.

Generally, a house that has underdone mortgage foreclosure (i.e. a mortgaged property that has been taken possession by the lender due to delinquent or unsettled payments by the homeowner) sells for a lower price than a non-distressed home. They are also very much negotiable, thus giving further opportunity for the buyer to cut down the prices.

What to look for in a foreclosed home?

According to John T. Reed, editor of the Real Estate Investors Monthly, a prospective homebuyer may purchase a distressed home that is 30-40 percent cheaper than the market value. While it is enticing to take advantage of such an opportunity, there are several factors to consider before buying a precluded home. Here are some tips to ensure that you are one step closer to that much coveted dream.

Home Inspection - Inspection is the foremost step in buying a distressed property. It will give you a better picture of the structure and location to determine if there are necessary repairs and improvements. This will help you identify if the home is appropriate for its suggested price, as well as, for you and/or your familys needs.

House History - Most states in the country require a complete Sellers Property Disclosure Statement (SPDS) that entails the historical perspective of the house, its maintenance, and additional repairs made by previous owners. It also includes ownership and property, building and safety information, utilities, and sewer/waste water treatment system.

While many investors are interested in mortgage foreclosure, it is equally important to seek advice from real estate brokers or agents to have a comparative pricing and market analysis. Another option is to become a member of ForeclosureMagic.com. The company provides free information upon membership to help potential buyers who are searching for a wise investment. Follow this link for a better understanding of ForeclosureMagic.coms services: http://www.foreclosuremagic.com/.
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