{"id":309,"date":"2021-10-05T08:38:10","date_gmt":"2021-10-05T12:38:10","guid":{"rendered":"https:\/\/mnm.vandykmortgage.com\/?p=309"},"modified":"2021-10-05T08:38:10","modified_gmt":"2021-10-05T12:38:10","slug":"what-are-the-benefits-of-buying-a-foreclosed-home","status":"publish","type":"post","link":"https:\/\/mnm.vandykmortgage.com\/?p=309","title":{"rendered":"What are the Benefits of Buying a Foreclosed Home?"},"content":{"rendered":"\n<p class=\"has-text-align-center wp-block-paragraph\">Buying a foreclosed home can be beneficial to home buyers in a variety of ways. The main one being \u2013 it\u2019s attractively low price. With most sold well below market value, foreclosed homes could be a great option for homebuyers on a budget!<br><br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>What is a Foreclosed Home?<\/strong><br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A foreclosed home is a property that has been repossessed by the bank or government after the homeowner stops making payments and defaults on their loan.<br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Types of foreclosures:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Pre-foreclosure<\/li><li>Short sale<\/li><li>Sheriff\u2019s sale<\/li><li>Real estate owned<br><br><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>How to find a foreclosed home?<\/strong><br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Potential homebuyers who are looking to purchase a foreclosed home can look to some government-backed websites or simply take a drive throughout different neighborhoods, as they would for any other home. Another option is speaking to a real estate agent who may be more knowledgeable of foreclosures in the buyer\u2019s preferred neighborhood.<br><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">What are the bene<strong>fits of purchasing a foreclosed home?<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\" id=\"block-e08ec5f1-b15c-46e8-9744-524cd68241a5\"><li>Lower than market value price<\/li><li>Lower down payments<\/li><li>Lower interest rates<\/li><li>Elimination of appraisal fees and some closing costs<br><\/li><\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">A foreclosed home is typically set at a <strong>lower than market value price<\/strong>. This is a great option for those homebuyers who are looking to purchase but cannot afford many of the homes on the market. Along with this, foreclosed homes tend to have <strong>lower down payments<\/strong> and <strong>lower interest rates<\/strong>, making them even more affordable. Lastly, when purchasing a foreclosed home, buyers can <strong>eliminate appraisal fees and some closing costs<\/strong>, making the home buying process just that much simpler.<br><br><\/p>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\">To learn more about foreclosures and the process of buying one, contact a VanDyk Loan Originator today!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buying a foreclosed home can be beneficial to home buyers in a variety of ways. The main one being \u2013 it\u2019s attractively low price. With most sold well below market value, foreclosed homes could be a great option for homebuyers on a budget! What is a Foreclosed Home? A foreclosed home is a property that [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":310,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[61,63,64,7,8,9,10,11,26,38,27,12,14,46,15,16,25,62],"class_list":["post-309","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage-news-matters","tag-financing","tag-foreclosedhome","tag-foreclosure","tag-homebuyer","tag-homebuying","tag-homeloan","tag-homeowner","tag-homeseller","tag-homevalue","tag-loanofficer","tag-loanoriginator","tag-mortgage","tag-mortgageloan","tag-mortgageloanoriginator","tag-realestate","tag-realestateagent","tag-refinance","tag-refinancing"],"_links":{"self":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/posts\/309","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=309"}],"version-history":[{"count":0,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/posts\/309\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=\/wp\/v2\/media\/310"}],"wp:attachment":[{"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=309"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=309"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mnm.vandykmortgage.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=309"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}