Recently, the tide of foreclosed homes seems to be slowing down a bit in many metropolitan areas. Banks are still ‘trickling’ their bank foreclosures onto the market and they still have lots of them in their inventory but not like the huge amounts of bank foreclosures that they had just a few years ago.
It appears that the housing market is slowly getting better but there are still lots of people out there who REALLY want to sell you their preforeclosure and probate homes – at a deep discount. I’m going to give you some pointers on who they are. Although there are many situations where a homeowner is desperate to sell, we’re going to look at two of the most common: probate and preforeclosure, of course!
#1: Probate Homes
You may be wondering why the heirs of a probate home would be so eager to give you a low price on a house that may be quite valuable.
The fact is that very often, people who inherit a house don’t really want it. They may already have a home and can’t maintain two properties. Or perhaps they work and live far away from the location of the probate home, and have no desire to move. Attempting to put a home on the market from far away can be too much bother for most people.
The biggest reason you can get a probate home at a huge discount is that the heir or heirs just want the money, and they want it fast.
Since most probate homes have lots of equity, or are owned free and clear of any mortgages, most of the money from the sale of the probate home is profit. This means that, often, the heirs are willing to sell the house at a price below market value, just to get the cash as fast as they can.
When you come along and show them a hassle-free way to sell the house in exchange for a large sum of cash, they will be happy to work with you.
#2: Preforeclosure Homes
You may already know quite a bit about preforeclosure homes. You may be aware that the majority of homeowners who face foreclosure are eager to sell their homes in order to avoid the serious damage to their credit that foreclosure brings.
But let’s explore that a little more. The eagerness of a seller who is in foreclosure to sell his home is in direct proportion with the amount of time he has before the foreclosure auction date, and the condition of the property.
Many distressed homeowners don’t decide that they need to sell their property until it’s too late. When they realize they’re in trouble and time is running out, it’s too late to put the house on the market and hope to find a conventional buyer.
Very often, when a homeowner is facing foreclosure, his house is in need of many general repairs. After all, if there’s no money for house payments, there’s probably no money for maintenance and repairs.
A property that is in disrepair is unappealing to buyers, who tend to want a home in move-in condition. This slows down or even prevents the homeowner’s ability to sell the property on the conventional market, or at market value.
The homeowner who is in pre-foreclosure needs a quick solution to a huge problem: he needs to sell his house as fast as possible. This is why you’ll be able to get pre-foreclosure homes at bargain basement prices.
Now you are aware of who the sellers of deep-discount properties are, and why they’re willing to sell their homes for deep discounts. Best of all, if you use my strategies for finding investors (outlined in my courses), you can get these homes by spending just 10 dollars of your own money!