The National Low Income Housing Coalition estimates that rental properties make up at least 40% of all households affected by foreclosure across the country; in New York the number may be as high as 56%. Individuals can borrow up to $35,000 above the home’s sale price to cover basic remedies such as new appliances, siding and windows. Because repairs are almost inevitable with foreclosed houses, Jensen and Zimmerman recommend getting to know tradespeople who can assess and repair damage from pests, mold and leaks.
So increased interest and competition – not just from potential occupants but from investors and flip professionals – are inevitable when dealing with worthwhile foreclosed properties. You may learn about the foreclosure from a notice posted on your home advertising a sheriff’s sale.
The activity on foreclosed homes is happening in several other hard-hit markets. The property lists are normally updated each Friday; properties to be offered at the sale taking place in six weeks are added and the properties that were offered on the previous Tuesday are removed.
In its investigation, The Times found that Harbour had bought around 7,000 single-family homes in bulk sales from Fannie, the large government-controlled mortgage finance firm. There’s a fair chance you’ll end up exceeding your budget, especially for foreclosed homes.
Property lists are available in the Austin Chronicle 21 days prior to the sale and online 15 days prior to the sale. In addition to repossessed mobile homes and manufactured homes, this site also has an inventory of foreclosed land-only and land-home options that are proven money savers.