Tag Archives: First

Attending Your First Set Of Public Foreclosure Auctions

Lenders with distressed properties would want to sell these homes off at public foreclosure auctions to recover their losses from the investment they made in providing the loan in the first place. Since the lender would only want to go after the remainder of the unpaid debt, the homes are auctioned off at a low opening bid.

This is the reason why buyers are particularly interested in public foreclosure auctions. The possibility of realizing great savings and of course instant equity is simply too hard to resist. First time buyers interested in joining auctions need a few pointers to set them off in the right path.

The first thing to remember is that auctions are cash sales so you need to be financially prepared for this endeavor. The homes are sold as is and there is little chance of conducting a formal home inspection to be conducted by a professional. Prospective bidders would have to make the effort of researching the properties they are interested in to determine if it is good enough for them.

Preparing for Auctions

Check out foreclosure auction listings from a variety of sources and pick the one that you like. It is recommended that you have more than one home to closely consider as there are no guarantees you will end up the winning bidder in any auction.

Conduct a title search or commission an expert to do it for you. The title of the property can be found at the county courthouse. This title search will reveal whatever liens or back taxes are still owed on the home. All these encumbrances will transfer to you if you win the bid.

Drive down the address of the home and survey the home as well as its surroundings. You may also speak with residents to gain insights on the home and the general vicinity.

Make sure you have all the information on the public foreclosure auctions you will participate in. More than the schedule and venue, you must know how the auction proceedings go. A good practice is to watch one or two auctions first to observe before you start bidding on your auction.

Free Home Grants For First Time Buyers

There is no better time than now to stop throwing money away in rent and get a first time homebuyer grant to purchase a new home. No one needs to tell you that paying rent is a big waste of hard earned money. When you look at the big picture, all renters are actually paying a mortgage…their landlord’s. With a monthly rental payment being just about as much as a mortgage, why not pay your own mortgage rather than someone else’s?

I’m sure that the common answer to that question is, “Well I would if I could afford the down payment and closing fess”. Well the good news is that you do not have to be able to afford those things to avail a new home. In fact, you will save much more money on your purchase if you can’t. The government has a great deal of money to invest in insuring that all American taxpaying citizens achieve the American dream and own property. They also have a serious interest in preserving the economy and improving the American housing market, so there is no better time to apply for first time homebuyer grants.

In addition to the benefits of receiving free government money to purchase your first home, currently all homes are being sold at dramatically reduced prices far below their actual value. Just buying now can save the potential new home buyer ridiculous amounts of money, possibly up to thirty or forty thousand dollars. Add to this already amazing savings the fact that a first time homebuyer grant can completely finance your down payment and closing fees, you can virtually save in excess of fifty thousand dollars the purchase of a new home or property. If you qualify, which millions do, you can achieve all of this without spending one single dime out of your pocket.

Follow the links below to see how much free government money is available to help you buy your new home, and where to find it.