Goleta, CA (PRWEB) June 24, 2006
While homeownership reaches historic heights, the rate of home foreclosures is also breaking records, reports AP9 Bargain Network. As interest rates continue to rise and economic conditions continue to be uncertain, AP9 Bargain Network predicts that foreclosures will continue to be a popular option for savvy buyers interested in owning their own home or investing in property.
The price of existing homes has leaped a whopping 48 percent since 1999, causing home buyers to become more creative in how they shop for property. The median home price is currently $206,000 — a 15.5 percent increase in the last year. Bottom line, the cost of homeownership is disproportionate to median household incomes. Families are finding it more and more difficult to buy homes with manageable mortgages, notes AP9 Bargain Network.
Buyers can save as much as 50 percent on real estate, including foreclosure homes, HUD homes, For Sale by Owner listings, auction properties and more. While the purchase of distressed property -- foreclosures, bank auctions and the like -- can offer terrific deals, locating them and purchasing them oftentimes can be difficult.
AP9 Bargain Network aggregates 600,000 property listings throughout the United States from many different sources, making it easier for members to bargain hunt. AP9 Bargain Network listings are updated daily. Most importantly, AP9 Bargain Network does not accept compensation or advertising for their listings, so program members know that they are receiving unbiased information.
For those interested in purchasing foreclosures through a bid auction, AP9 Bargain Network offers these pointers:
-- Start by finding a licensed real estate agent. Foreclosure bids must be submitted by an agent.
-- Have your financing in order. Potential buyers are encouraged to pre-qualify for the amount of a bid for a foreclosures property. Failure to obtain financing will result in the cancellation of the offer.
-- Do your homework. Ordering a Neighborhood Property Report will provide you competitive home sale prices, local crime rates, median household incomes, school rankings and much more -- all valuable information for you to take into consideration as you assess the potential worth of the property. Make sure you know the current condition of the property, too.
-- Placing a bid. Once you’ve done your homework, it’s time to place a bid. Your real estate agent will have you complete and sign a real estate purchase and sales contract and obtain your earnest money deposit.
-- Winning the bid. At the end of an auction period, the lender will usually accept the highest bid or extend the auction period on a daily basis until an acceptable bid has been received. If your bid has not been accepted, you may submit a higher bid through your agent.
Cautionary note: AP9 Bargain Network advises that before you begin bidding on a property, decide what’s the most you’re willing to pay and stick to it. If the bid goes beyond your self-imposed limit, then it’s time to continue your search for a property that meets your requirements.
About AP9 Bargain Network
AP9 Bargain Network is a unique membership service that provides consumers with best price information on significant purchases such as homes, vehicles and consumer products. Because Bargain is a membership service, it does not accept any advertising, or compensation from merchants, so consumers receive unbiased, impartial and complete pricing information. After a free trial membership members pay a low monthly fee to enjoy the benefits of Bargain Network. Go to http://www.bargainnetwork.com/ to learn more about AP9 Bargain Network.
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