If you are thinking about building your Washington State dream home or just want to make a good investment, foreclosed land is a terrific way to save money and build equity. Washington State is rich with land. In Washington, there are rivers, lakes, valley and mountain areas where you can find beautiful foreclosed land to build a home or invest in. Foreclosed land gives you an opportunity to purchase prime real estate so you can live in a neighborhood that you may not otherwise be able to afford. Foreclosed land is land that has been purchased, but the prior owner failed to make their loan payments or keep up the costs of maintaining the land, including taxes. Since foreclosed lands usually don’t have any homes or structures on them, you can purchase the land very cheaply. Foreclosed land is substantially less than purchasing foreclosed homes. With space becoming a highly sought commodity, a Washington State foreclosed land investment is truly a great investment with built in equity.
Advantages
- Buying cheap foreclosed land saves you money to put towards building a home.
- Washington State has many acres of foreclosed land that are available in desirable places.
- If you are looking for an investment and you don’t want to build, the land is sold cheap enough you could resell it to an investor, builder or developer or another buyer and still make a profit. Right now there are plenty of investors, builders and developers looking for cheap land.
- You have low maintenance costs, but you are responsible for taxes and property improvements
Disadvantages
- You may have to pay back taxes and other improvements costs
- There may be debris that needs to be removed
- There could be environmental issues. You should obtain environmental reports and geology reports before buying foreclosed land.
- The land could be neglected and needs immediate attention
The Best Places to Buy Foreclosed Land
Foreclosed land is available through banks, municipalities through tax lien sales, and surplus land from government foreclosures and land liquidation sales. You can find land foreclosure listings on the Internet, MLS, government websites or the local newspaper. Most foreclosed land is purchased at auctions. The Treasury Department may also have seized land available for sale. In fact, you can purchase many properties for as little as $1.00 down. Foreclosed land does not do a community any good until it is developed so by purchasing foreclosed land, you are helping the community getting a good deal at the same time.
Whether you are interested in building a home or just want to own vacant land now is a great time to purchase foreclosed land at cheap prices in all areas in Washington State. Private investors, developers, builders and home buyers have been taking advantage of favorable market conditions. It’s hard to tell how long these affordable prices are going to last, so you should buy now while the deals are available.
