How to Buy a Foreclosure Home

How to Buy a Foreclosure Home

It is very easy to purchase a home after it has gone through the foreclosure process. The best way to buy a foreclosure home is to talk to the bank that owns the property, negotiate a price, and be sure that property you are buying is right for you.

If you have seen a property that you absolutely love and know it recently went into foreclosure and didn’t sell, you can purchase it. When a property is put up for auction and doesn’t sell, the bank becomes the owning entity. Banks don’t want to own foreclosure homes and are very happy to see someone who is serious about buying a foreclosure homefrom them. Always talk to the financial institution that owns the property, let them know you are serious about purchasing the property, and they will do everything in their power to help you make your purchase.

Banks are sometimes so desperate to sell a foreclosure home that they are willing to negotiate just about any price. Some buyers have been known to get a price as low as 50% of the original asking price because they were good at negotiating. The truth is that if a bank knows that they have a buyer that can afford to take a property off of their hands, they will take whatever amount of money they can get. Always give a bank a low offer. This doesn’t mean take 5,000 off the original price. You should make sure your first bid is at least around 40% off the asking price.

It is always important to be sure the foreclosure you would like to purchase is right for you. Banks have the keys to the homes and they can provide you access to the inside if you want to get a feel for the home you wish to purchase. The purchase of a home is always a very big deal and one should never buy a home without going inside first.

Anyone can buy a foreclosure home, even after they don’t sell at an auction. Never think that properties are off limits or currently unavailable. This is never the case. If you are finally qualified to buy a home and want to buy something at a low cost so you are financially safe, a foreclosure home is always a smart option. When homes do not sell at the auctions, talk to the bank that owns the home. Negotiate the price of the property and be sure you get the lowest price possible.

Should I Buy a Home Or Rent, Which is Better?

Should I Buy a Home Or Rent, Which is Better?

Should I buy or should I rent? This is a perennial question for those who want to move into a new home. While many people answer this question with broad generalizations, not backed up by actual facts and figures; the best way to determine whether you should buy or rent a home is to compare all the costs, factors and figures involved. Let’s take a detailed look at the question, comparing rental costs, mortgage payments, increases in home values and other factors which determine whether a person who buys a home gets a better deal than someone who just rents.

As an example, let’s compare renting to buying a $250,000 home with 5% ($12,500) down payment. Purchasing this property in Toronto would require about $6,000 closing costs and an approximate total of $2,000 per month which includes mortgage payments ($1,460), property tax ($150) and maintenance fees ($390). The rent on the same property is about $1,500 per month, therefore it would seem like it is easier to just rent the home instead of purchasing and to invest the $500 extra monthly payment, down payment and the closing costs.

The total investment growth from renting could be approximately $ 7,115 after 5 years. This was calculated by growing the monthly savings from renting ($500.00) plus the down payment of $12,500 and closing costs of $6,000 at a standard after-tax rate of 4% per annum. Indeed after five years, a person who rents could retain $55,615.

Now what about the position of the person who buys a $250,000 home with 5% down payment? After deducting the down payment ($12,500) and adding the mortgage insurance ($6,531) to the purchase price, the buyer takes a 25 year mortgage at 5.3% in the amount of $244,031. What would be his or her situation after selling his home at the end of the five year term? If there was an estimated increase in property value of 5% per year, after five years the $250,000 home would be worth $319,070. By subtracting the approximate selling costs ($20,000) and the mortgage balance at the end of the five year term ($216,990), the net amount received after a sale would be $82,080.

In this case, the person who bought and then sold the home after five years would have about $26,465 more than someone who just rented and invested the $500 extra monthly payment, down payment and the closing costs.

This is just an example and the figures presented here are just an estimate. A lot will depend on the trend of the housing market in your area, interest rates on mortgages and the interests earned on investments. Check with the real estate and financial experts in your area and seek professional advice to make a wise decision.

So, if you are not sure whether to buy or rent, do not make the decision only by looking at how much you would pay per month as a homeowner or a tenant. With a help of a qualified professional, calculate all the costs and investmentgrowths and compare your probable position as either a home owner or a renter at the end of a certain time period, then make your choice.

Rent to Own Homes in Edmonton Ab, 11646 82 Street

Ioffersolutions Real Estate Services
Rent to Own Homes in Edmonton Ab, 11646 82 Street

Description:

Kiss your Landlord Goodbye!...when you move into this fully renovated 2 bedroom bungalow. Upgrades include new hardwood flooring, crown moulding, new high end appliances, new windows and freshly painted wall with modern colours throughout. The master bedroom can easily accomodate a queen size bed and the loft area is perfect for a third bedroom of office. Easy access to Yellowhead Trail, NAIT , shopping, buses, schools, Chinatown. This is a starter Home.

Property Type: Single Family House

Size: 1,324 ft.

Location: 11646 82 St. Edmonton Ab. T5B2V8

Bedrooms: 2

Bathrooms: 1

Garage: 2

Here's a short tour video

John McCabe
#314, 8944 182 St. 
Edmonton,Ab
T5T 2E3
Tel no: (780) 444-5999 begin_of_the_skype_highlighting            (780) 444-5999      end_of_the_skype_highlighting
Mobile:  (780)242.6348 begin_of_the_skype_highlighting            (780)242.6348      end_of_the_skype_highlighting
Fax: (780)444.8865
Email:john@ioffersolutions.com
Website: www.ioffersolutions.com

Rent to Own Homes in Edmonton Ab, 11532 89 Street

Ioffersolutions Real Estate Services
Rent to Own Homes in Edmonton Ab, 11532 89 Street

Description:

This full renovated home consist of 4 bedrooms and 3 full baths. Upgrades include new hardwood flooring, crown moulding, fireplace, new high end appliances and beautiful bathroom fixtures. The basement is fully finished. Easy Access to Yellowhead Trail, NAIT , Shopping, buses, Schools , Chinatown. This is perfect place for you to call Home!

Property Type: Single Family House

Size: 1,614 ft.

Location: 11532 89 St. Edmonton Ab. T5B3T9

Bedrooms: 4

Bathrooms: 3

Garage: 2

Here's a short tour video

John McCabe
#314, 8944 182 St. 
Edmonton,Ab
T5T 2E3
Tel no: (780) 444-5999
Mobile:  (780)242.6348
Fax: (780)444.8865
Email:john@ioffersolutions.com
Website: www.ioffersolutions.com

Rent to Own Homes in Edmonton Ab, 12008 58 Street

Ioffersolutions Real Estate Services
Rent to Own Homes in Edmonton Ab, 12008 58 Street

Description:

This full renovated 2 storey house offer 2 bedroom and 1 bath. upgrades include new hardwood flooring, crown moulding, new high end appliances, dark cherry wood cabinets and freshly painted wall with modern colours throughout. Easy to access to Yellowhead Trail, shopping, buses and schools. This is the perfect place for you to call Home! 

Property Type: Single Family House

Size: 1,005 ft.

Location: 12008 58 St. Edmonton Ab. T5W3X3

Bedrooms: 2

Bathrooms: 1

Garage: 2

Here's a short tour video

John McCabe
#314, 8944 182 St. 
Edmonton,Ab
T5T 2E3
Tel no: (780) 444-5999
Mobile:  (780)242.6348
Fax: (780)444.8865
Email:john@ioffersolutions.com
Website: www.ioffersolutions.com

Rent to Own Homes GRIESBACH - LUXURY FURNISHED HOME

 ioffersolutions Real Estate Services Inc.

GRIESBACH - LUXURY FURNISHED HOME

For Sale or Rent Price: $479417 Rent: $2450

 

Description:
Brand new Georgian style luxury townhouse. This Home by Avi unit is the best of the best, top of the line features. Hardwood floors, granite counter tops, stainless steel appliances, dark cabinetry and Hunter Douglas blinds. Open concept kitchen, 2 bedrooms and 1 and half bathroom on the second floor. Master bedroom is on the third floor with a huge ensuite washroom as well as a large walk in closet. This townhouse doesn’t just come with high end finishing but also but high end furniture INCLUDED!! Basement unfinished and ready for you to put your own touch to it.

 

Property Type: Townhome
Location: 1064 GAULT BLVD, EDMONTON, AB, T5E 6V7
Size: 2054 square ft.
Year Built:
Bedrooms: 3
Bathrooms: 2.5
Pool: No
How many garages?: No
School District: unknown
Stories: 3

Click here: For inquiries, additional Inside home pictures and Financing Details 

 

John McCabe

ioffersolutions Real Estate Services

#314, 8944 182 Street Edmonton, Ab

T5T 2E3

Office: 780-444-5999

Fax: 780-444-8865

Cell: 780-242-6348

Website: www.ioffersolutions.com

Email: john@ioffersolutions.com

 

Rent to Own Bi Level in Spruce Grove

 ioffersolutions Real Estate Services Inc.

Rent to Own Bi Level in Spruce Grove 

For Sale or Rent Price: $12500 Rent: $2100

 

  
Description:
Fantastic 2007 1258 Sq. Ft Bi-Level in Grove Meadows! Within walking distance to schools and parks. The home has 2 bedrooms and 2 full bathrooms upstairs and 1 bedroom and 1 bath in the finished lower level. The home boasts large windows for the lower level letting in lots of natural sunlight. There is a double attached garage, open floor plan with a large kitchen. Wonderful vaulted ceilings and beautiful windows throughout, including surrounding the gas fireplace in the great room. Dining area opens onto the backyard, where the gookup for your gas BBQ is already in place. Black appliances included

Property Type: Single Family House
Location: 20 Greystone Crescent, Spruce Grove, Alberta, T7X 0A7
Size: 1258 square ft.
Year Built:
Bedrooms: 3
Bathrooms: 3
Pool: No
How many garages?: No
School District: unknown
Stories: bilevel


Ctrl+Click here for the Video



Click here: For inquiries, additional Inside home pictures and Financing Details

 
John McCabe

ioffersolutions Real Estate Services

#314, 8944 182 Street Edmonton, Ab

T5T 2E3

Office: 780-444-5999

Fax: 780-444-8865

Cell: 780-242-6348

Website: www.ioffersolutions.com

Email: john@ioffersolutions.com