In a good financial position? Now is the time...
If you ever wanted a vacation home, 2nd home, rentals, etc. and are in a good financial state--meaning 6-9 months of monthly living expenses in savings, decent credit, etc. now is the time to buy. Banks are dropping reo (real-estate owned homes) for pennies on the dollar. They recover these homes versus selling them on foreclosure in an effort to recoup some of their investment. You can still get a hellacious deal on them.
If you are looking to buy your first home, these are a great option for many people simply because the bank is going to sell it cheaper than a regular person looking to unload their home.
For example, one bank has a 2 bedroom condo very close to the strip in Las Vegas for less than $35K...
so you have a vacation home for less than $400 month and can easily rent it out via Craig's List/Managment Company etc. for $500 or more a week.
There are tons of homes all over the country but especially in Nevada, Florida, California, etc.
Some of the sites:
BOA
http://bankofamerica.reo.com/search/default.asp
Countrywide
http://www.countrywide.com/purchase/f_reo.asp
and a great site with multi state/company info:
http://www.all-foreclosure.com/foreclosures.htm
If you are looking to buy your first home, these are a great option for many people simply because the bank is going to sell it cheaper than a regular person looking to unload their home.
For example, one bank has a 2 bedroom condo very close to the strip in Las Vegas for less than $35K...
so you have a vacation home for less than $400 month and can easily rent it out via Craig's List/Managment Company etc. for $500 or more a week.
There are tons of homes all over the country but especially in Nevada, Florida, California, etc.
Some of the sites:
BOA
http://bankofamerica.reo.com/search/default.asp
Countrywide
http://www.countrywide.com/purchase/f_reo.asp
and a great site with multi state/company info:
http://www.all-foreclosure.com/foreclosures.htm
Hello To You!Wow!i! Thanks so much Babygirl, for sharing this,really appreciate the info. Most Active
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