With some relief in the housing sector expected sometime soon, many financial analysts are opining that this is as good a time as any to buy residential property. A recent report showed that Hempstead foreclosure homes accounted for close to 75% of Nassau's total foreclosures in October this year.



Since foreclosure homes are generally associated with reduced prices, many investors and first time home buyers are considering buying homes that have been affected by foreclosure.

A house can be foreclosed by a lender in lieu of an unpaid mortgage, or it can also be foreclosed upon by a government agency in lieu of unpaid taxes and/or fines by the homeowner. Homes which are foreclosed upon by government agencies usually end up selling as HUD foreclosures. These homes are sold through a bidding process where sealed bids are to be placed through government approved real estate agents.

Homes which are involved in a lender placed foreclosure can sell during pre foreclosure directly by the home owner; at the foreclosure auction; or through the lender after the foreclosure proceedings are completed. Irrespective of the stage of foreclosure the house is in; discounted prices are the order of the day.

Also, irrespective of the house you wish to consider buying, thoroughly go through the house to look for all possible repair costs that you would have to incur in getting the house in shape. If you do not know what to look for, employ the services of a professional home inspector to do it for you. In buying a foreclosure home, this should be looked upon as money well spent.

While good deals are the order of the day, do be patient in making your decisions. If done right, buying amongst the Hempstead foreclosure homes can result in big savings.