Affordable Foreclosure Properties in Growing Cities

By: Melanie Speed

Sometimes you have to get creative to find an affordable home in a rapidly growing city. Steady demand can push prices way up and stop many buyers from entering the market unless they look for deals beyond the MLS and for sale by owner sites. The good news is that rapid growth fosters other real estate markets not seen in most cities. In Las Vegas, one of the nation's fastest growing urban areas, the foreclosure property market is a good solution for many buyers and investors with limited resources.

Ironically, it's often because property values are so high that they're later valued so affordably - many buyers take out huge mortgages, only to default on them, especially if property values don't continue to rise quickly.

Foreclosed properties can fall into a variety of categories, including HUD, bank owned, and real estate owned. These distinctions usually specify who owns a property after it goes through the foreclosure process - in most cases the owners is the bank or the mortgage lender, unless the mortgage was insured by the government or a private institution.

Finding a foreclosed home or property can be just as easy as searching the MLS. Many websites offer free databases of foreclosed homes; government agencies like the Department of Housing and Urban Development and the Veteran's Administration also provide public lists of foreclosures under their jurisdiction. But working with a real estate agent is probably the easiest way to ensure you're seeing all available foreclosed properties in your market. An agent will search all available databases for you, and provide regular updates on foreclosed properties that meet your needs. A real estate agent can also manage the property transaction and ensure every legal step is taken care of in your home acquisition.

Buying a foreclosed home typically requires less time in the search process, simply because there are fewer properties available, but often more time getting to know the market, and the rules that apply, particularly for first-time buyers and investors.

Foreclosures
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