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However, making savings on foreclosures for sale is one thing, but making even more savings on a fixer upper that is a foreclosure for sale will mean even greater saving.
And let's face fact, with all the foreclosure proceedings going on right now we would not want to see ourselves get into the same boat.
One of the major causes leading to foreclosure is people buying homes that they already couldn't afford and with climbing interest rates, this has exacerbated the problem.
Buying a fixer upper will ensure that you are buying a home that you can afford and any saving can be used to make the necessary repairs you need.
It bears mention that you will need to be prepared to dedicate time and hard work to fix your home and make it the best it can possibly be.
Fixer uppers are often in disrepair because of the foreclosure process, owner are no longer interested in maintaining them if they know they are not going to own them for much longer, and banks certainly don't play landlord once they own foreclosures for sale.
Also bear in mind that foreclosures for sale can be subject to vandalism if they remain vacant for an extended period of time and they are sold as is.
If you are an industrious buyer who wants a cheap home that is a challenge then a fixer upper could be the right option for you.
The mortgage repayments will be much lower than they would be on the perfect dream home, and you will still be able to make your property into the dream home you desire.
It is very important that you see the property first, this is the only way in which you are able to assess its condition.
If you are not aux fait with home repairs then you can always contract a professional property inspector to asses the house.
He will tell you exactly what has to be done and give you an estimate as too how much it will cost.
At best only buy a fixer upper that has cosmetic damage, any major structural damage will cost a fortune to fix and lose you any savings you might make.
Never buy foreclosures for sale as fixer uppers if the project is not manageable, it is preferable that you are able to live on the property while you are fixing it as this will save even more money.
Remember that the cost of fixing the house must never outweigh the savings benefits.
Not only are fixer uppers financially rewarding, they can also be a very satisfying project to take on.
It is a great feeling to look at before and after photos and know that you were responsible for this change.
All you have to do is be willing to put in the effort.
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