Cheap Corpus Christi foreclosure homes are a great investment. There are many different ways to find bargain homes. One of the best ways is to attend a foreclosure auction. In fact, there are 246 properties being offered at foreclosure auction sales in the area according to RealtyTrac. There are also bank owned REO homes that you can make an offer on through a local Realtor. Right now there are approximately 329 REO homes available to choose from in just about most price ranges. Short sale or pre-foreclosure homes are available as well. You can find short sales through for sale by owners or by through local Realtors. Many buyers use the Internet to find foreclosure homes as well as local newspapers.
Using a variety of resources to find your foreclosure home is a good idea because it gives you more choices. You might want to register on some of the foreclosure auction websites so you are alerted to when new properties come available. Attending foreclosure seminars and word of mouth are other good resources for finding properties. If you are able to drive around the neighborhoods you are interested in you will find foreclosure signs on the properties.
It is also possible to contact various lenders directly to find out if they have bulk inventory if you are interested in purchasing a large number of properties at one time. Banks can be difficult to deal with though so make sure you have your financing or cash ready, and you have done your homework and are familiar with the home prices in the area so you don’t over pay for your foreclosure property.
Things to Keep in Mind
Foreclosures are highly sought after and in demand because they can be purchased at substantial discounted prices. Buyers know that they are getting a property with built in equity. Many investors purchase foreclosure properties in order to rehab them and then rent them out. First time home buyers like foreclosures because it allows them to purchase a property that they might not otherwise be able to afford. Many properties need repairs so it is imperative that you conduct a home inspection. Homes are sold as is and without any warranties. Since you are responsible for making home repairs after the purchase, it is important to make sure you are aware of any potential problems with the home so there are no surprises. Homes that need new systems might be something that you think twice about because those repairs are expensive. Properties that require cosmetic repairs are better choices because your profit margins will be higher with those types of properties.
Auction properties may have liens that the buyer is responsible for paying off. So make sure you have a title company conduct a title search so you know how if there are any liens and how much they are before you bid on any auction homes. When you purchase an auction property, you are unable to purchase title insurance. You can buy title insurance with a REO or short sale. You are responsible for evicting the former owner or tenant when you purchase a foreclosure property so budget that into your bidding. One way to find out if the property is vacant is to drive by it and see if anyone is living there. Even though the former owner is given notice of a foreclosure sale, sometimes the owner does not move out or they don’t notify their tenant or the tenant decides to stay. There are many scenarios that may occur with a foreclosure home so it is just good business to be prepared for anything. With a REO or short sale, the property is always delivered vacant unless you make other arrangements to allow the owner or tenant to stay and lease the property.
You will need cash to purchase auction properties. Short sales may or may not require cash depending on the lender. You can obtain financing to purchase a REO. If you have never bid at a foreclosure auction before, you might want to take someone experienced with you because auction bidding goes quickly. The property is awarded to the highest bidder. If the property does not sell, then the bank that owns the property usually buys it back and resells the property as a REO property.
There are many good opportunities to purchase Corpus Christi foreclosure property in most neighborhoods and price ranges. With interest rates so low and home prices so affordable, there is no reason not to invest in cheap Corpus Christi homes right now.
