Foreclosed Properties

Hello everyone,
This is Brad Hammarlund with Exit Homevets Realty once again. I work help buyer search for homes for sale and also help people sell their homes. I work in the Fort Hood area this includes Killeen, Nolanville, Harker Heights, Copperas Cove, Kempner, and Lampsas.
Have you ever thought of buying a foreclosed property?
There are many advantages and disadvantages here are a few of both just to help better educate you on foreclosures.
First and most important you can get a home at a low price. Banks are not interested in owning homes and want to get rid of foreclosed properties, so they are often willing to give a big discount from the market value of the home to get it sold. If you get a good deal you will have instant equity in your home that will help if you decide to sell in the future or if you ever decide to take out a home equity loan. If the home is VA foreclosure or a FHA foreclosure sometimes they will offer special programs to help with closing costs (HopePath program) and they can also qualify to finance repairs along with the loan for the purchase of the property (201K mortgage). Once again the home has to qualify for these programs. For more information about them feel free to contact me.
Now some of the draw backs, First and foremost they are sold as is. This means that if there is a problem you are buying the problem. The banks do not repair home homes before selling them, they all recommend that you get the home inspected before you put in a offer on the home. Another draw back is that they will not pay to a title policy once again you are buying it as is and if there are other liens on the title then when you purchase the home you will be responsible for those as well. Most will allow a small grace period so once you put in a offer on the home and it is accepted you can order a title search on the property, and if there are liens that you are not willing to be responsible for you can back out before you close and not lose your earnest money. Another thing to remember that you will not even be able to put in a offer of a property unless you have already been pre-qualified for a mortgage, or if you are paying cash you will have to have proof of funds to submit the offer. And the majority of the banks will want a minimum of a $500.00 earnest money deposit and there are a lot that require $1000.00 or more. Along with this most banks will not pay for a new survey. It is also had to get them to pay for FHA and VA non allowables. Normally sellers are willing to cover these closing costs and people with VA eligibility can purchase the home with zero down, or if someone qualifies for a FHA loan the sellers will pay these cost so the buyer can purchase the home for a very low down payment.
For more information about foreclosed properties feel free to contact me. 
feel free to search for foreclosed properties .