I am not talking about a cattle auction or the usual auto auctions that take place around the country every day. What is auctioned are brand new homes that Builders have a tough time selling.
The Washington Post (www.washingtonpost.com) reports in today's edition that many Builders are in fact doing just that. Lately, these sellers were using incentives such as upgrades, closing costs assistance and low interest financing through their networks and sometimes their own lending affiliates.
Folks, that tells us what we already know: things are getting tougher. The wave of foreclosures combined with the tightening of lending guidelines have pushed buyers off the market.
How can you take advantage of this situation?
First and foremost get your financial picture in order: does your credit profile reflect your true condition? Are there items such as old judgements, delinquent accounts, high balances and errors corrected?
Those glitches can prevent you from buying that property that just on the auction bloc for tens of thousands less than it was listed for. The article from the Post gives an example of a property that sold for $429k, it was listed for $536k!
Auctions are also conducted by individuals and lenders. Do not limit your search to listed properties, check the net and the paper for deals, just make sure that you are ready to pull the trigger.
No comments:
Post a Comment