Get Rich, Rich and Richer With Saint Louis Bank Foreclosures

by Donald Hanz on cities

Having retained its position as the 17th highest foreclosures states for America for two times continuously, Missouri bank foreclosures are a fantastic way to get rich by making investments in real estate. Among many cities of Missouri, the two cities that have been most hit by high foreclosures are Kansas City and St Louis. Saint Louis bank foreclosures have been dramatically increasing due to subprime loans.

For buyers and investors, foreclosure homes are a sign of golden investment and money making opportunities. Here’s what you need to know when you buy bank foreclosures or government foreclosures.

The most important thing is money. You need to get a pre-approved loan even before you start browsing the foreclosure listings or the classified ads in the newspaper. So head to the nearest bank, and get yourself an already approved housing loan. You will probably need to furnish your financial records and make sure you stay away from the subprime culprit!

Next, you need to begin your search. A wise way to search Saint Louis bank foreclosures would be to either browse listings of foreclosures over reliable realty sites or then meet with a reputable and experienced realtor who can provide you with latest foreclosure listings. These listings often have some of the best bank foreclosures in Saint Louis that are going to be sold for below market value. While you are searching for your dream home, also do research on the area where the home is located. Check out facilities like schools, shops, real estate market, parks etc.

Next and perhaps a very important step is to inspect the foreclosed property. Check on structural damages, any other damages, paint, flooring etc. Also check the title deed and/or property claims if any on the home. After all, you don’t want to pay for any Saint Louis bank foreclosures that may not have a proper title.

All these tips will help you in your search for excellent St Louis bank foreclosures and help you strike a bargain and become rich!