Buy a Home with Less than $10,000

Buy a Home with Less than $10,000

It is possible that an average person can buy a home with less than $10,000 in their pocket? In this day and age of renting, many people actually have the capacity to purchase properties at very low prices if they have the knowledge and desire to act quickly when the opportunity presents itself.

This is because despite the boom in home sales, there are still many properties that are quite inexpensive that are getting overlooked. In fact, there are more expensive homes that ordinary people can purchase if they get a little creative in their approach. All it takes is a little preparation and knowledge for you to take advantage of good offers.

Credit Score

If you have credit score of at least 660, you should be able to obtain a good mortgage for homes that are priced upwards of $230,000. To have $10,000 for the down payment will means getting a mortgage with of over $220,000 while having to pay less than $1,000 per month which is often considerably less than what you would pay for rent.

Of course, for those who may not have that kind of credit rating, there is still seller financing or peer-to-peer loans that may offer the same terms. You can also choose to go with a lease option if you are not quite ready to buy the home. This can come in handy if you want to take advantage of today’s rates, but simply are not ready to settle down into a permanent arrangement.

Real Estate Auctions

One of the best places to find a great deal on a home or property is a real estate auction where many sell for very low prices. This is because many auctions are for foreclosed homes or those that have tax liens. Inmany cases, the amount that is due on the property can be as little as $10,000 or even less depending on the circumstances of the debt. Basically, if the owner does not pay their mortgage, property taxes or other liens that are applied to the home, the property can be auctioned off in order to raise the money needed to settle the debt.

The downside is that you purchase the property “as-is” which means that it may need repairs or updating or may even have other liens, so be sure to check it out if you can so that you can make the best informed decision.

Act Soon

The opportunity to buy a home with less than $10,000 will not last very long as interest rates are destined to go up in the near future which will make getting mortgages more expensive. And, the number of cheap homes that are found at real estate auctions will become far more competitive when others seek them out to save money.

So, you will need to act soon if you want to take advantage of this unique time in the real estate market. The faster you can get organized and move on a potential deal, the quicker you can get the home of your dreams and save money in the long run.