It is always the ambition of home buyers to look into cheap houses for sale in a good neighborhood. For first time home buyers to settle down into the housing property permanently or for investors to flip properties bought at low prices with good margins, cheap houses for sale will be the main target.
Fortunately, the present foreclosure crisis hitting the Real Estate markets in the US has rendered hundreds of thousands of cheap houses for sale.
Cheap is a comparison in prices, which depends on many factors. A housing property considered cheap in a location, may not be cheap in another prime location. For example if you want to buy a housing property in the most sought-after location like Florida beach side, you will have to consider buying a property at a price somewhere around $200,000 as cheap. For the same amount you can buy a palatial Bungalow in a suburban area of Arizona.
So what is required is to plan your home buying activity well in advance. If you want to buy a home for your family to live, first you have to decide about the location. Then make a search for the ideal property to suit the needs of your family – bedrooms; amenities; conveniences nearby; proximity to workplace etc. Foreclosed properties are being sold at prices, which are just a fraction of their real value. There are lots of properties as cheap houses for sale that may suit your needs in all aspects out there, listed in the foreclosure listings of any area.
Buying a foreclosure property has been made easier of late. You have to understand that there are three stages of foreclosure process – pre-foreclosure stage during the period between Notice of Default issued by the mortgage lender to the defaulted home owner and the actual foreclosure sale by public auction; actual foreclosure stage when the public auction takes places either through the Court by Sheriff Sale or out-of-Court by a Trustee Sale; and repossession by Banks and mortgage lenders after the foreclosure sale public auction.
Each stage of foreclosure process offers different kinds of cheap houses for sale. At the pre-foreclosure stage, you can buy cheap houses by negotiating with the distressed home owner directly. It offers the chance to trace the title of ownership of the property; to visit the property in person and inspect the same critically; talk to the home owner one-to-one and get the best bargain in the selling price by tactful negotiation. This is the best way to buy cheap houses for sale to the complete satisfaction of both the seller and buyer.
In the actual foreclosure sale public auction, you can bid for the property you have identified as suitable, but face competition from others. In the case of repossessed properties by Banks, you can approach the concerned Bank to buy cheap houses for sale from the list of properties available with them. These properties will be in good condition to start living there at once, without any encumbrances as second mortgage, tax liens, other debts etc. The selling pressure on these properties can be used as leverage for arriving at a negotiated cheap price.
So you can rest assured that in the present market conditions of foreclosure, there are cheap houses for sale in plenty.