The foreclosed houses are priced generally 5% less than the market price of the house. So, it is a good opportunity for those who are looking to buy a house at a considerable discount. There is no other way that will let them get such a discount.
Possibility of getting loan:-
A common misconception related to the foreclosed properties is something is wrong with them. And that's the main reason people don't prefer buying them. But the fact they ignore is such a property can also be qualified for a rehabilitation loan in addition to the primary financing of the purchase.
When it comes to the foreclosure, then the banks/lenders want the property to get sold as soon as possible so that they would not face greater loss. Rather than focusing on the price of the house, they focus more on the quick sales. It offers the buyers a great opportunity to negotiate over the price of the house.
A good investment opportunity:-
Buying a foreclosed house is a good opportunity for those who are planning to start an investment project. Whether it is a rehab project or an income property, it allows you to earn profits by buying it at low and renting it out or selling it at a high price.
Lower mortgage payments:-
If you are buying a house at a price that is lower than your budget, this will grant you lower monthly mortgage payments. So, it is good to go for a foreclosed home in such a case.
Though some risks are involved in the purchase of a foreclosed house but you can make the situation favorable for you by having a clear understanding of the process and by making right efforts. Another option is to consult an experienced real estate agent who would have experience in the sale and purchase of the foreclosed homes.
If you are looking to buy a foreclosed home in Houston then, hiring a foreclosure agent in Houston is a great option for you. A foreclosure agent will help you to get qualified for the mortgage and to purchase a foreclosed home in the preferred locality.