How Do You Buy A Foreclosure House?
Buying a foreclosure home can be one of the most rewarding or one of the most discouraging experiences of your life. This article explores how to buy a bank maker not a bank breaker, a money pot instead of a money pit. Foreclosure homes are one of the best ways to build wealth in the current economy. But it is not for the lazy or uninformed. Allow me do the informing part. CALCULATE YOUR HOME BUYING BUDGET. Even if a foreclosure is a good deal, you don’t want to overstretch yourself and end up in foreclosure yourself! A good rule of thumb is to make sure the monthly payment will not be more than 1/4-1/3 of your monthly income. Check the related article section on this page to determine “How to Buy a New House You Can Afford.” RESEARCH THE TARGET AREA FOR BUYING A HOME FORECLOSURE. Before you check out foreclosure web sites and perhaps even get a real estate agent, it is good to have narrowed down your search. You want to find a neighborhood in which the values are climbing, not decreas
