Real Estate Blog – Condotron

Now that we have touched on why buying a bank-owned home might not be the best idea in the world, let’s move onto another reason why and that is the down payment.  Typically, when you purchase a home, that is something that you can talk about and it is typically like 5 to 10% down, however if you are buying a bank-owned home it is usually 20-25% down.

This is money right off the bat for a home that you do not know if it needs repairs.  Is it worth it?  To me, it is not.  Only because I think that there are is a lot of other options and I think that home owners are flexible with their price and if you give them a fair price they will give you a fair deal.

Keep this in mind whenever you are out looking for a home – I can promise that if you rush into the decision you will regret it.

Purchasing a home is a very, very big decision and it is one that should never be rushed into and never taken lightly.  However, that seems to be exactly what is happening to a lot of people, they are actually rushing to get the very best rates and the lowest mortgages, however it is not exactly the best plan.

In the next couple blogs, we are going to talk about why you do not want to take advantage of the prices that bank-owned homes are giving off.  For one, you never know exactly what you are going to be getting, as you can usually just see the home from the outside as you are bidding on it.

Stay tuned for some other reasons, you might be extremely surprised!

Buying a home after filing for Bankruptcy is something that many people have no idea how to do.  Filing for Bankruptcy is a serious thing and it truly does mess with your credit score – your credit score is the thing that will allow lenders to trust you enough to lend you enough money to purchase a brand new house.  Your credit score will go down immensely when you file for Bankruptcy, but that does not mean that there is no way to recover from it.

Bankruptcy is not the end of the world, however – it will mess you credit up for quite a while and the first thing that you need to do, is make sure that you make all of your payments on time.  Showing the lenders that your payments are on time every month will help your credit get back in the green instead of the red.

Also, when you file for Bankruptcy, it depends which chapter you file for, but you might have to wait anywhere from one to three years in order to purchase a brand new house.