Washington DC bank foreclosures – High Foreclosure Rates in Washington State Attracting Buyers

by on States

Off late, I have been advising some of my friends to invest in Washington DC bank foreclosures. Although a tricky business, real estate investing is safer than investing in the stock market really! With Washington DC bank foreclosures down to the 23rd spot in America, there is now a large inventory of foreclosure homes allowing buyers and investors alike to grab this opportunity with both hands.

The foreclosure listings for the state of Washington show that a large number of good homes are up for grabs at almost 20-30% less than their actual market value. I don’t think there can be a better time for purchasing real estate or starting your own real estate business in the city. Further on, Washington DC bank foreclosures trend indicates that Washington is recovering from the ill-effects of the high number of subprime loan non-payments slowly but surely.

Now I tell my friends that Washington DC foreclosures can be a great investment either to buy, improve and sell the property or to rent it out for regular income. And the best thing is that you don’t have to invest from your own pocket. Speak to your local bank, and work out a line of credit to purchase these foreclosures. Line of credit is simply a pre-approved amount of an unsecured loan type that you can avail of due to your good credit. Typically, you should use such an unsecured loan type for making the down payment on your choice of Washington DC bank foreclosures. After this, you can get a conventional mortgage loan to complete the balance payment as the interest rate will be lower and hence more affordable.

And how do you find foreclosed homes? Simple. Search the Internet for some reputable and regularly updated websites on foreclosures that provided exhaustive and detail listing of foreclosures not just in DC but also in the neighboring areas.