The word ‘foreclosure’ may seem a nightmare, especially if one’s willing to buy a home in New York. However, there’s no need to fear a foreclosed property. Today’s scenario is completely different in comparison to the real estate market milieu that existed five years ago. At present, banks have started a renovation policy before shortlisting the home for property listings. At first, they inspect the home in foreclosure and do all the necessary repairs which is a huge advantage for buyers as they don’t need to spend money on repairs after buying the foreclosed property. That being said, some of you might still be in a dilemma of whether to buy a foreclosed home or not. So, we have rounded up top 5 advantages of buying a foreclosed home. They will help you make a sound investment decision.
Go through the following key advantages of buying foreclosed home and then make a decision by yourself...
1. Great Investment Opportunity
A foreclosed home is a great investment opportunity for buyers because it’s available at cheaper rates than the actual market value. How’s that possible? It’s quite natural to have this doubt. So, let us explain to you some details of the foreclosure process. Foreclosure occurs when a homeowner fails to indemnify the mortgage payments, and the bank/lender puts the property for sale for compensating the financial losses. This is why they sell the property at low rates just to get the remaining amount out of it. Further, your monthly mortgage payment would also be less.
2. Move-in Ready House
Getting a move-in ready house is a compelling reason to buy a foreclosed house. As discussed earlier, nowadays, the lenders/banks do all the necessary repairs in advance. Why? In today’s world, everybody seems to judge a book by its cover! One may not pay even the marginal rate if the home is in a distressed condition. Therefore, the lender makes all the required repairs beforehand. This clearly depicts that you don’t need to invest money as well as your precious time to get things done. You can shift to your home as soon as you complete the legalities.
3.Foreclosed House in New York
We have good news for foreclosed property buyers which could be a bad one for the foreclosed property sellers. According to a recent real estate survey, nearly 40% properties in New York City are in foreclosure. To be honest, this is quite a big figure. This interprets that foreclosed home buyers have a plethora of good properties to choose from. One can bargain and purchase a foreclosed house which suits their needs.
4. Better Neighborhoods
Foreclosed homes can be a boon if you have always dreamt of living in a posh site in NY. Let’s say there’s a home located in the central area of NY with a net worth of $500,000. If that home falls into foreclosure, its prices could lessen up to $250,000. You can encash such opportunities and be a proud homeowner in NY. In a nutshell, you can easily afford foreclosed properties in elite localities which otherwise could be costly and even beyond your budget.
5. A Step towards Bright Future
Even if you don’t want to shift your house, investing in a real estate property could be fruitful. You can buy a foreclosed home in a good locality and give it on rent. This way, you’ll be able to make a passive income and have a property of your own. This is perhaps the best way to gain financial security.
How to Proceed?
First and foremost, decide on the type of foreclosed property you want. After that, make a note of all the amenities and features you seek in a home. Once you are clear about your home goal, contact a reputed real estate agency in NY for exploring your foreclosed property buying options. They’ll not only help you throughout the foreclosed property buying transition but also, rationalize all the paperwork and legalities.
Do you seek a property in NY with a good neighborhood? At low prices? Keeping in mind all the above-mentioned benefits, a foreclosed home is the ultimate answer! Bear in mind that - Two heads are better than one. Therefore, contact a trustworthy real estate company in NY such as ‘Elite Properties’ to get the most out of the foreclosed home deal.