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More than 400,000 homeowners are set to breathe easy with President Bush signing across the dotted lines of the “Mortgage Relief Act”. A $7500 tax benefit for first time home owners with a repayment time period of 15 years is one amongst many other things that the bill brings forth. $3.9 billion dollars in grants is to be given to local communities to help foreclosure properties.
Statistics gathered by E-Foreclosuresearch show that Fremont had 250 new foreclosure listings in May 2008. Alameda County on the whole has seen 3564 new listings for the same time period, while Oakland heads the list in Alameda County with 1238 new listings for May 2008. With these many homes in foreclosure on the Fremont Foreclosures market, investors see this as a good time to invest in property. This is also a good time for families going in to buy their first home.
Auctions are seen as a good opportunity by investors because of the high profit margins. However, if you are looking to buy your first home at an auction, make sure you have gone through the property thoroughly. You wouldn’t want any surprises once you’ve bought the house. What is also a good idea is that you sit through an auction before you decide to start bidding.
Bank owned properties that are being sold by banks or estate agents are a safe bet, you can be assured of there being no past arrears on the property. Besides, banks do spend a considerable amount of money for the maintenance of properties under them.
Buying directly from homeowners of a property facing a foreclosure is also a good idea as these properties have been known to sell at 20-50% of their market values across the country. Do check for existing liens on the property and also any unpaid taxes.
Lists of homes in foreclosure can be readily available with banks. Apart from banks, you could also approach estate agents or simply go through newspapers or the internet. Irrespective of your budget, do make sure you study all available options before making that final call.
