Do you want to help with an invisible stimulus? Well, if you’re a home buyer and you would like to help. Look for people who are facing foreclosure. How do you find these opportunities? Simply ask: realtor, broker, or for sale by owner. These people are very motivated sellers and would like to sell their home fast.
Let's look at the pro's vs con's
Pre foreclosure
If buying from a seller you can help these folks out by buying their house so, that in a two year time period they will be able to buy another home. The house will be below market value to move it quickly. This will enable a payoff for the lender.
Foreclosed
Some family has already gone threw with losing their home and their credit is now on record for the next seven years before buying a new home. The will go for 40-50% of the market value, but is that what you want? This will enable a payoff for the lender.
Pre foreclosure
The more houses that get sold before the auction date will perform as a stimulus for our back yard. There will be more monies spent in the areas of such that will benefit the city, county, state.
Foreclosed
Houses that go into foreclosure have upkeep expenses, court costs, attorney fees; late fee's to motion a few.
Pre foreclosure
Buying a home would not only generate cash for the lender, but pay off old debt from the seller.
Foreclosed
Buying a home would create cash for lender.
So, when buying a home what would be your choice? Would you be a neighbor and help someone in need?
Or would you buy a foreclosed home?
Creditors are really in the business of making money so, if
things continue will the economy get better/worse?
For Q&A
