I know that you have seen them either online or in a newspaper ad. They are websites which state that for a small fee they will give you a weekly listing of updated foreclosures. Well I was always a little weary of these websites so I decided to do a little investigating. What did I find? Well first of all the information found on these websites is available to the public for free. That’s right free! There are a few different types of foreclosure listings that you can get. Once is REO’s which you can get from any bank, all it takes is a phone call. You just call the bank and ask them if they currently have any Foreclosure home listing’s in your area. Another is from government agencies such as HUD. If you go to the official HUD website which is www.hud.gov, you will find all of the information on purchasing a foreclosed home. You will even be able to get a listing of all of the government agencies that have property for sale. Of course this process takes time. Most of these websites do the exact same thing that I mentioned above. So basically, you would be paying them to do the work for you. The only down side with that is, the same information is going to over 100 other people who have signed up for the same service. By actually looking up the information yourself it allows you to kind of get a head start on everyone and makes your chances of finding an affordable home a little easier for you.
Did you also know that by searching for the information yourself you can also find information on various home buying grants. This is exactly what I found while doing my search. I also decided to sign up for a few of these foreclosure websites such as foreclosure world. What I found after about two weeks is that the majority of the time there were no listings for my area. So after paying this fee I got nothing. And if you read the fine print on most of these websites you will see that they do not guarantee that there will be listing’s in your area. So why waste the money. All you have to do is make a few phone calls, and spend a little extra time surfing the web and you will find what you are looking for. It took me about a week to find a total of ten affordable homes in my area. These were homes that a lot of people did not even know about.
One thing that you will want to keep in mind is that most of these foreclosed homes may need work. Some may need more work than others. But keep in mind that home repairs can actually be worked into your loan. And there are also grants that you can apply for that will cover the cost of the repairs. So as you can see there are numerous options for you to choose from. It will take a lot of extra work on your part, but you will defiantly be getting what you are looking for and saving your money in the process.