You can purchase cheap bank owned homes in Louisville without much hassle. Louisville (pronounced loouhvull) is the largest city of Kentucky. The city has a population of 709264 in 2007. Louisville is famous for “Kentucky Derby” and KFC. Louisville is situated on the border of Kentucky and Indiana. It has both Midwestern and southern culture. The city is named the king of France Louise XVI. Louisville has many types of industries like shipping industry and wine industry. 33% of Bourbon whiskey comes from Louisville alone. It has emerged as an important centre of medical industry and health care. Many famous organizations and corporations have sprung up in Louisville.
There fore having a home in Louisville can be a big boon. The foreclosure and bank auctions become one of the best means of purchasing cheap houses. The houses available through foreclosure in Louisville are numerous and can fit any budget. There are apartments having two bedroom and independent houses with four to six rooms. Studio apartments are readily available. All the foreclosed home are mostly bank owned as the previous owner had been unable to pay the mortgage.
If you are looking for purchasing bank owned foreclosed homes, then you must know a few things:
- The bank will ask you to provide a pre-approval letter from the lender who will vouch that you are eligible to buy the foreclosed house.
- If you have decided to pay through cash or line of credit, you are required to bring proof for that also.
- It will not be possible to make an offer on the foreclosed home if you are depending on your present house to make payment for the foreclosed house. If you have a house and are planning to sell it and use that money for purchasing the bank owned homes, you may not be able to do so. The bank may not sanction it. You need to have clear cash or must be approved for a loan.
- It is a usual practice to deposit some money as a good faith deposit. The good faith deposit is mostly $1000. Once the deal is finalized it is either credited back to you or is adjusted against the balance payment for the house. If due to any reason you back out from the deal, this good faith deposit can be retained by the bank.
- They give you an inspection time of about a week or ten days. During this time you can inspect each and every thing about the house and if it suits your requirement you can go ahead with it. But if there are any unexpected issue surfaces, you can be released. The deposit will promptly be returned.
Thus if you want to buy a house in Louisville, go for the bank owned foreclosure homes. These will let you purchase your dream house at an affordable price. Louisville foreclosure homes can be a great real estate investment as well as a personal residential option.