Archive for January, 2009
Growing Foreclosure Lists
President Obama wanted the Senate to quickly pass the economic stimulus package. Obama himself was exceedingly glad the House endorsed the bill earlier this week. The Republican’s did not want to back it though. The President appealed to them and asked that they vote yes on the 800 billion dollar package when it comes to them. They finally pass it and this is a good thing because it mean that there will be $275 billion in tax relief offered to the lower income families. It included business incentives to spur job creation as well.
What does this mean for the growth of the foreclosure lists. It means that many people will have a shot a purchasing some of these distressed properties and making a good profit.
The jobs that are going to be created should put lower income families back to work. This will give “some” a means to be able to afford a home. Here’s how you can do this. It’s almost like flipping a home, but instead of estimating when the fixer will be complete and then selling it, you live in it your self.
This is an opportunity for some people to get out from the renting station of live and get into a home. You living in it while you pay the mortgage and fix it up and when you can, sell it for a profit and move on. By the sale of the home, you will get a profit out of it to put back in the bank.
A single person or married couple can do this and make a good start a retirement if they play this one right.
Am I saying that you are going to be able to sell the property right away. Come on now. We are in bad economic times. Do you honestly think that you will sell that house in 90 days or less. NO!
What I am saying is that the purchase of a foreclosed home is going to be very low. Now, if you can afford the mortgage, is the time to get into a house. You don’t have to live in it forever unless you just want to. This economy will not be this bad forever. We will recover!! When we do, you will be upright in your mortgage in a home that you more than likely will owe less that the home is worth. This is how you will make your profit. Through time.
It’s a simple principal that I have seen in my years as a title abstractor. You can benefit from a foreclosed home. There is no reason you shouldn’t. It helps everyone in the long run by taking a foreclosure off the market.