Pre-foreclosed homes are those that have been scheduled for a foreclosure sale but have not been auctioned or sold yet. A pre-foreclosed period can range from a month to a year. It mainly depends on the customs and laws of the state or country. Many owners sell their homes before the foreclosure takes place. These homeowners are often desperate to immediately sell their property to avoid foreclosure, and also to keep a good credit background. This is happening in Boston, Massachusetts.
Investors and home buyers find pre-foreclosed homes to be attractive. This is because mainly, you can buy pre-foreclosed homes in Boston, MA at a very low price. It is sold at a very cheap price because you are buying the property directly from the owner.
If you want to engage in the Real Estate business, you can take advantage of below-market value properties by purchasing, making some repairs if necessary, and then selling them at a higher price. Investing in pre-foreclosure homes can be extremely profitable. If the owner is very desperate to avoid a foreclosure sale, you can find yourself acquiring the property with deals up to 40% off its true market value.
Buying pre-foreclosure homes allow you to examine the properties. Not all of the owners would give you the information about the real condition of the house so it would be best to inspect the property for yourself and also with the help of a professional home inspector before closing a sale. A pre-foreclosed home can save you a great deal of money, however you need to be careful of your choices.
When looking for a pre-foreclosed home, a better way is to consult a pre-foreclosure list. You can find it if there are properties available in certain locations. You can also get information on how you can purchase the property directly from the homeowner. You can locate pre-foreclosed homes in Boston by using listings for foreclose properties that are for sale. From these information, you can also get the price of the foreclosed home.
Generally, the price of pre-foreclosed homes in Boston are lower than its original market price. The reason behind this is that the lenders or owners wants to sell them fast, thus, bringing down the costs. The lenders or owners are also after recovering the default loan. If they make a profit from selling the house, then its already considered an added bonus.
There are also circumstances wherein you would have to pay more. This is because of the liens that are still attached to the property. These are the property taxes that the owner have not fully paid yet. The taxes are added to the price during foreclosure.
You have to be careful when it comes to inspecting the pre-foreclosed property. There are some owners who are too desperate to sell the property that they intentionally withhold certain information such as the true condition of the house. They do this so as not to discourage the potential buyers if it happens that they find out something about the house's condition. To be sure, hire a professional home inspector. A home inspector can help you to decide whether the property is worth its cost or not.
