Are you a "project person?" Love all those "HGTV" shows? Want to start investing in real estate? If you've answered "yes" to these questions, this offer may be right for you. CNN Money verifies what HUDForeclosed already knew. Foreclosure properties are selling dirt-cheap and even when you've factored in all the costs of renovation, these properties are amazing deals. Here's an excerpt from their recent article, describing the benefits of investing in "fixer-upper" foreclosure homes:
These houses are almost always small fixer-uppers. Wiring, plumbing and heating systems have to be replaced, walls and ceilings sheet-rocked, plumbing and light fixtures installed and new kitchen cabinets and counters put in. Few come with working appliances.
Often buyers are legally required to rehab these homes to bring them up to code. In Detroit, buyers are required to sign Affidavits of Compliance Responsibility, which obligates them to make repairs outlined in an inspection report. Only after that can a certificate of occupancy will be issued, which makes the house legal to live in. But even factoring in these costs, they're still bargains. And as the housing crisis drags on, there are more and more four-figure listings popping up, as lenders try to unload their repossessed properties.
Cleveland is another city with many incredibly inexpensive homes. On Ardenall Avenue, in East Cleveland, McMullen Realty has a listing for a four-bedroom, one-and-a-half bath house for $1,900. It's been vandalized inside, but the outside is in good shape. It features a deep front porch with Doric columns, double dormer windows and a separate garage. It's an excellent opportunity, according to agent Tonya Stoudamire.The last time it sold was in March of 2008 when it went for $16,677, according to Zillow. "
East Cleveland has a beautiful housing stock," she said. "These houses just need someone to come in and love them a little." Another property for sale in Birmingham Ala. is priced at $1,900. The one-bedroom, one bathroom home was built in 1923 and has major fire damage, according to its listing broker, Tom Murphy Realty.
The listing states that "Rooms are hard to distinguish." But it's on a nice-sized lot, about 0.38 acre, close to downtown and transportation and has all utilities. Nearby, comparable homes in good condition sell for about $100,000, according to Zillow.
By the way, if you didn't already know it, HUDForeclosed has thousands of foreclosure properties online right now. We are an equal opportunity listing provider, so you can just as easily find the perfect home of your dreams --or the perfect fixer-upper of your dreams --right here on HUDForeclosed.com!