John Hart, a recent graduate has just bought a house in Milwaukee through a foreclosure auction. The house was sold for $27,000, which he took from his savings during the short time he has been operating his own internet marketing business. Hart, 24, is among the many first time home buyers who have taken advantage of the tax cut provided by the Obama administration. Any new home buyer is eligible for an $8,000 tax cut. A new home buyer is regarded to be someone who has not owned a home during the last three years. “I just had to buy it today, it is a gorgeous house and was only going for $217,000” said Hart. Milwaukee County has seen an increase in the number of foreclosed property in recent months. Realty companies estimate that there are over 4,000 foreclosed houses on sale in Milwaukee. Moreover, about 6,000 more are in pre-foreclosure state. With all these houses in the market, banks are lowering their asking price as they want to close the books on the foreclosures. As a result, they are accepting lower prices as the weeks go buy. Foreclosed properties are being sold for as little as $1000 to as much as a few hundred thousands dollars. This depends on the condition of the property and the amount that bidders are willing to pay for the house. Realty companies say foreclosure business is booming in Milwaukee. Most of the buyers are recent graduates and college students. There has been an increasingly high number of first time home buyers in the foreclosure market. Most of theses are taking advantage of the $8,000 tax cut to own their own homes. Some are buying the homes cheaply through foreclosure auction with an intention of renting them out or reselling them in 3 or more years when the housing market makes a comeback and prices will be high.
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At a foreclosure auction, you can get a house for well under $1000. Some of these houses were selling well over ten times than what they are currently being offered at.
Joseph Smith has been educating buyers on the finer points of foreclosure auctions purchase at ForeclosureRepoAuction.com for over five years. Click here to visit and read more advice on finding Nevada Repossessed Homes.
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