Forclosures can be a great investment for first time home buyers

There’s an old saying regarding buying real estate that goes “you make your money when you buy.”   Now, with many foreclosures happening in Austin and other cities, this may be a great time to buy;  one that’s both “for sale” as well as “on sale.”

 Why not buy some equity the day you close instead of buying at the highest possible price like when you buy from a production builder?  Many foreclosures are new homes, but the people who bought at the top price just a year ago but can no longer afford the home.  So not every foreclosure is a piece. 

 Sure it will take more time to find just the right house but buying a home is a big investment so why not look at it like you would buy any investment.  Do your research.  Run the numbers , and buy a home you love and at a price you love.

I just helped someone in Houston buy a bank-owned property.    It isn’t hard –it just takes a few more steps so you want to work with an agent and lender who are experienced in selling bank-owned property.

If you’re interested in finding local bank owned property, just email me jon@mylendingplace.com