Buying Distressed Properties

In today's market it seems there are plenty of distressed properties to chose from. If you are looking for a home to occupy you have the advantage. Many programs put a hold on investors offering on distressed properties. The standard time frame is 15 days from the time the property becomes available on the market. If you are looking for a great deal on a home to call your own there are a couple of things you should do. First and foremost is speak to a lender about getting qualified for a home. Most large lenders will not loan on amounts below $40,000 so you may want to speak to a local small bank or credit union. Once you have your financing commitment from a lender, speak to a Realtor and explain what you are looking for. That way as the properties become available they can notify you. The advantage of being a owner occupied buyer is these programs will sometimes allow you to purchase the home for less than they would an investor. The key to any of these homes is to have good inspections so you know exactly what you are getting into. These can be great buys and keep monthly payments very low. Just remember the probability is you will have to do some repairs and renovations. Hope this helps and if you have questions just let me know.