Lubbock Bank Foreclosures are a Wise Investment

by Peter Vernon on cities

When looking to purchase a home, one of the first things people may think of is price; Lubbock Bank Foreclosures can help you get more home for your money. Foreclosures can be purchased at below their market value in Lubbock. Foreclosure homes are properties that have been repossessed by the bank, when the owner has defaulted on their home loan. This means a great savings for you and can possibly allow you to purchase a bigger home than what you have imagined.

The statistics surrounding Lubbock bank foreclosures are startling. Over the past few months, the number of Lubbock foreclosure homes has skyrocketed to well over an average of 100 per month. While this number is very high, it means that if you are looking for a home in Lubbock, the foreclosures are ripe for the picking. These homes can be found in various neighborhoods and on many different price ranges. Current foreclosure market prices include homes from 920 square foot homes priced around $25,000.00 to 2,059 square foot homes priced at $113,000.00. Lubbock Texas has a strong and growing economy. Lubbock’s economy has taken its boost from the higher oil prices, the regions growing cattle market and moderate lending ethics. These factors make for a great investment opportunity.

You do have to consider that the Lubbock foreclosure listings that you are thinking of purchasing might need repairs. While it is extremely possible to find foreclosure that need little to no repairs, the amount that you might be out fixing repairs should still be on your mind. If a foreclosed property is in extreme disrepair, you need to consider just how much it will cost you to fix the home, add it to the price you are paying and then weigh out the cost. The idea when purchasing Lubbock bank foreclosures is to save money, if you end up spending a large amount on repairs, this may not be possible.

Another consideration is the area that the foreclosed property is in. You will want to do some research on homes in general in the area. Find out how long homes in the area stay on the market before being sold. Look into the market values of the homes. These things can tell you if you are really getting a bargain with the Lubbock bank foreclosures you have selected.

Purchasing a home is a big achievement, one that some never get close to. Take the time to gather information before you purchase the first home that you come across. In the long run, this will help find Lubbock bank foreclosures that are a good fit for you and your family.