If you want to buy a house and save a bunch of money doing it, read on for the cheapest way to buy a house.
Thinking of buying a house? It can be a scary experience!
You might find an affordable house only to discover the pipes leak or the walls rot. It’s hard to know whether you’re getting a good deal. Yet by 2018, the market will see another 6 million homes sold.
Don’t fret! Here are a few pointers for you to find the cheapest way to buy a house that is in good shape and perfect for you to settle in:
Cheapest Way to Buy a House: Foreclosures
Possibly the cheapest way to buy a house is to check out for foreclosures. Foreclosures also mean that the house may hold everything that you are looking for. Always be aware of some issues that the house may have that will need repairs.
In buying a foreclosed house, there are some ways to do so.
One of these is to go to a sheriff’s or trustee’s auction. You can find auction notices online or on the paper. There are also online auctions that you can check out as well.
Or, you can consider buying the property directly from the bank. This way, you can eliminate potential competition. Although you may notice that due to possible repairs, the price of the property may incur some discounts from the bank.
If you are not afraid of making some fixes to the house, consider a foreclosure.
Short Sale
There is a good difference between a property on short sale and a foreclosure. A foreclosure would mean the property is now bank-owned and the previous owner got evicted due to being unable to keep up with their mortgage payments.
On the other hand, a short sale would mean that the property is still owned and occupied by the homeowner. The situation, in this case, is that the owner owes more on the mortgage than the home’s value. Due to this, they will coordinate with the lender to see if the property qualifies for a short sale.
If you don’t mind waiting, a short sale would be worth your time and money. While the processing is a little longer as it can reach up to six months, the home is in better shape and condition compared to a foreclosed property.
Auction
Auctions are one of the best options when it comes to buying cheap house properties. While here in the US, most people still prefer the traditional route of dealing with a realtor, buying homes in auctions is now rising in popularity in places like Australia.
You see auctions conducted in both auction houses and online. While auctions may get competitive in purchasing the property, it guarantees you in having a quality home with a willing seller and at a fair value.
The advantage of going for an auction is in the convenience and time required in purchasing the property. With the ability to determine the purchasing price, you can get this at a fair value or even cheaper.
This is also true with online auctions, with an added bonus of its availability, a wide range of options, and getting immediate feedback on your offer. This dimension of making your purchase from the comfort of your home makes it a convenient choice, saving you both time and money.
Get a Home That Is Easy on Your Budget!
Follow these steps to learn the cheapest way to buy a house. You can find a house that is affordable but still big and pouring with quality. While in a hunt for a new home, consider these options that are available for you.
Looking for more tips in finding a house? Not sure how these big transactions work? Feel free to contact us and we can help you get started.
