Monday, December 17, 2012
Foreclosures Can Be Cheap Investment Properties - Lake county, FL
It may not be the happiest situation, but the reality is that banks, State, Federal and private organizations seize thousands of properties every month because of various bankruptcy and seizure laws. These properties are generally auctioned off after seizure, and can be purchased for as little as 10% of the market value of the property. Although various types of seizures exist, when a property is repossessed because the owner failed to pay the mortgage, this is specifically known as a foreclosure. Many lenders handle hundreds of these properties every month, and the cost of holding and managing them is exorbitant. So they auction them off as fast as possible to recover as much of their loss as they can. You can search the Internet and find foreclosure properties that are listed for sale. If you're looking to build an investment property portfolio, foreclosures can be a great way to grow it more quickly. Because you're buying the property so cheaply, you automatically have some equity. That means you can either borrow against that equity to help buy your next property, or you can sell the property in the normal way for market value, and pocket the difference. Naturally it would be nice if you could buy every property at 10% of its real value, but of course this doesn't happen every day. But if you do your homework and keep a close watch on the foreclosure listings, it's easy to buy properties at substantial discounts. In fact, it's likely that there will be more than you could ever manage to buy. If the homes in your own area are rather expensive, or you can't find anything that's cheap, widen your horizons and look in another city or even another state. Depending on what you plan to do with the property once you've bought it, you can find agents who are local to look after the rental or sale of it for you. If you're uncomfortable about owning property that you can't drive past once in a while, then sell off any cheap deals you find interstate, and only keep and rent out the ones that are local. The main things is to find yourself a reputable source of listings, so that you can be confident you're genuinely pursuing a good deal. Once you have a steady supply of potential purchases available to you, then it's just a question of working out a strategy for benefiting that suits your time availability, money resources and personal preference. No matter which way you choose to make money from foreclosures, there's no doubt it's there to be made. More information, visit : Lake County Investment Properties Lake County Investment Properties buys and sells houses in Lake county, FL. We have cheap investment properties. We help homeowners sell distressed properties. Lake County Investment Properties handles short sales, foreclosures, bankruptcy, probate, and just need to sell.