Foreclosures cheap, but not THAT cheap

Foreclosures cheap, but not THAT cheap

Here is an article that will encourage you to get started with foreclosures- with your seatbelts securely fastened. The world of real estate can be a quick way to lose a whole lot of cash and foreclosure are no exception.

With interest rates at record lows and the stock market looking too perilous for small investors, many people are putting money in an asset they understand -- real estate. The current market conditions make it a perfect time for a small investor to purchase one or more foreclosure properties for their private residence, rental or resale. During economic downturns, more upscale homes go into foreclosure, so the notion that foreclosure homes are only available in crime-ridden areas is inaccurate. That lender may be willing to waive some closing costs, maybe even offer a break on the interest rate or the down payment. Todd Beitler, owner of the Real Estate Library in Boca Raton, Fla., says the time and effort can translate to savings. For most consumers, however, the foreclosure process can prove daunting, Reed says. Often, foreclosures bank owned is sold by a real estate agent Mr. Reed says.