Reasons that New York Foreclosures for Sale Make the Best First Homes
Published on July 10th, 2009.
New York foreclosures for sale make the best starter homes for new buyers for many reasons. These include the low price that you can purchase them for, the fun project, and the equity or investment that you have in the long term.
Many people qualify for a loan from a bank and run out to purchase the first home they find in the price range they qualified for. They assume that all homes are comparable and they have to spend the amount of money the lender says they qualify for. The problem is that most lenders qualify people for the highest amount of money possible and then the borrowers live paycheck to paycheck barely making it from day to day. You don’t have to spend the total amount. You could probably find a house for half of that if you consider looking at foreclosures for sale. The prices are rock bottom which can give you a low monthly payment so you can enjoy life and your first home without having to live paycheck to paycheck.
Not all New York foreclosures for sale require a lot of work to be done in damages and repairs. The goal is to find a house that doesn’t need to much at all. However, you might find a house at an amazing price that needs an extensive amount of work that you and your spouse absolutely love. The great thing about finding houses like this is that they are a lot of fun to work on them and make them yours. You personalize your home by working on project houses and they tend to mean so much more than a brand new house.
Buy New York foreclosures for sale are an amazing investment because of the prices. You can have a house paid off in half the time that you would if you purchased a new home. The great thing is that because they are so low priced you walk in with instant equity and as you pay off the house the equity only increases. This means that later on you have a house that is an amazing asset. Having a house as equity is the perfect thing because then credit no longer is an issue for you when you need to obtain a loan from a bank for anything. Buying a foreclosure is a great idea because the market is going to improve again and the houses are going to be worth so much more money in just a few years.
Filled under Foreclosures For Sale.
New York Bank Foreclosures - A Wide-spread Housing Crisis on August 27th, 2009
[...] New York bank foreclosures, like foreclosures throughout the nation, are on the increase. So much so that it has been said there is a wide-spread housing crisis occurring at present. Home owners who have their mortgages linked ARP’s are losing their homes to foreclosure left right and centre as they have no equity in these homes and are no longer able to afford them due to increases in the interest rate. [...]