This economy sure has turned some of the conventional lending industry wisdom on its ear. This morning I met with several friends, one of whom was overjoyed to report that after 13 years of renting, she and her husband had just gotten word that their offer on a local foreclosed property had been accepted.
She went on to report that they were getting a great deal on the house, and that their offer had been accepted over several other much higher offers because they were renting and would be able to move into the home within 30 days.
This says a lot about the cost to banks of keeping foreclosed properties on their books and just how willing they are to negotiate price if it means getting out of the real estate business. It also tells me that there are some great opportunities out there for renters looking to become owners!
Are you renting and looking to own your next home? You, too, could own your home if you’re ready to move quickly! Zero in on foreclosure listings in your area with our search tool! And if you need help knowing what kind of mortgage you’d qualify for, be sure to visit our mortgage partner!
