Beyond the financial benefit of a foreclosure purchase, another benefit is the ability to have a quick closing. Unlike waiting for a thirty, sixty or even ninety day closing date, foreclosures can allow you to move in quickly.
If the home isn’t in move-in condition, this can be especially helpful. The sooner you can get it in great condition, the sooner you can either move in and make it your own, renovate it to rent it out as an investment or renovate in order to flip that house and make a profit.
Beyond foreclosure sales, you might also want to consider a short sale which involves a home thats in the stages before foreclosure which means the seller wants to sell quickly to meet financial obligations such as an impending foreclosure. This can also mean you can move in or take possession quickly.
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