find mortgage and refinancing information Akron Ohio


We would like to thank the local libraries, schools, and universities for recommending students to visit us when doing research on any of our information topics.
 Please check back frequently as new topics are added and current topics are updated daily.


Financing the Purchase of Foreclosed Homes

Homes that have been foreclosed can be one of the most economical ways to get into a nice home without having to pay exorbitant costs. It's also a great way to get in on the real estate investment game as a beginner. Foreclosure occurs when an owner is unable to meet the financial obligations due a lender on their home. In some cases, this may occur years into the mortgage; which means the amount owed on the home may only be a fraction of the original purchase price. Add in the fact that homes usually appreciate in value and you could be looking at purchasing a home for only a small percentage of the actual fair market value. In some cases you may be able to purchase homes at up to a 15%-20% discount.

When the owner is unable to make the payments on their home the bank will attempt work with them for a short period of time; however after that time is exhausted they must recover their financial losses. Foreclosure is a last resort effort to cure a loan default.

There are a number of different ways you can finance the purchase of a foreclosed home. If you are considering such a purchase talk with your Credit Union advisor to learn about the programs they offer.

There is a common myth that you must be able to pay cash in order to purchase a foreclosed home; however this is absolutely untrue. Although paying cash certainly gives you more negotiating room; it isn't necessary. At the current time the most popular way to purchase and finance foreclosed homes, whether it is for investment purposes or for personal use, is directly from a credit union or other financial institution. There are fewer complications and risk involved in this financing method than other methods and it is fairly easy to locate bank foreclosed homes.

If you are planning to purchase a foreclosed home for personal use; your goal should be to purchase a home below market value, make a low down payment and finance the remainder of the purchase with a low interest rate. It's important to keep in mind when purchasing foreclosed homes that just because they are in foreclosure does not mean that you can make a low ball offer and expect it to be accepted.

Individuals who are interested in purchasing foreclosed homes for investment purposes only may find that their local credit union provides financing as well as support and information. Others may choose to finance through personal investors, particularly if credit is an issue. You will generally be expected to pay a higher interest rate; however.

Both investors and persons interested in purchasing foreclosed properties will find that has information and links needed to navigate the process from beginning to end.

Nicole Soltau is the President and Founder of
The Leading Credit Union Directory.
Search, Find, Join.


used office furnishings-supplies-equipment-desks-cubicles-service-counters for sale in Akron Ohio   Die cast model cars for sale in Akron Ohio  
used cars for sale in Akron Ohio   unfurnished homes for rent in Akron Ohio

Click here to
OfficeJax free ad space available here

Find used office equipment in Ohio at www.OfficeJax.Has.It

Find the best fleamarkets at www.FleaMarketWorld.Has.It


Find electric powered vehicles at www.NoGas.Drives.It

Akron City directory

Free Automatic Link Exchange

Flea Market World

Find homes for rent
in Akron Ohio

iphone-4-less below wholesale prices


Place your AD here. Click here for more details.

Click above to place your AD here

[Back to Top]

Ohio RealEstate

auction news and listings for Akron, Ohio

Akron crafts and hobby news center

best home remedies and do it yourself tips

Akron currency trading

Akron Ohio pet news

Advertising and promotions Akron, Ohio

The Akron blogging news center

Akron Ohio web site design news

Akron Mortgaging and refinancing

Web site design tips



© 2012 - 2024 All Rights Reserved
Increase pagerank with HitsSurfer

free page rank checker and seo evaluation tools 

first second ARM compare rates find the best rates current in your area lenders read reviews calculator adjustable rate loan home lenders brokers quotes florida houston gmac washington interest only 2nd software debt consolidation reverse senior equity texas maryland options lending bad credit  option one ameriquest chase first banks emc residential california miami dallas est branch marketing home company commercial yahoo online bad credit low credit no credit