Looking for a good deal on a house? If you're not picky, have some time and know-how, a bank owned foreclosure may be a good option for you.
According to National Mortgage Professional Magazine, sales of foreclosures are slowly creeping up. In September, the sale of bank-owned properties rose 2%, but there are still a lot of these properties on the market, available for a good price. Nationally, distressed houses (foreclosures) sold for a median price of $112,000 last month, 41% less than the median price of non-distressed houses, which came in at $189,000.
If you're shopping for property and are considering foreclosures, consider some of these tips:
- Find a realtor who knows a lot about foreclosures. They often have relationships with the