The Ultimate Guide to Finding a Cheap Home to Buy


Did you know a lot of people are buying homes right now? If you want to learn how to find a cheap home, we can help.

There are many factors to consider when you’re looking for the perfect plainfield homes for sale which is both affordable and meets your needs.

First off, let’s talk about what exactly qualifies as “cheap.” In reality, there isn’t really such a thing as a house priced at $0-$99k because most mortgages require some money upfront. For this article, we’re going to say that the cheap housing market starts at around $70k because this is a pretty standard down payment.Within this range, you can expect to find homes within commuting distance of major cities- typically 30 minutes or less. The best place to start your search for cheap homes in your area would be online. Sites like Zillow and Better Estimate have filters you can customize to only show properties under a certain price point.

Another thing to do is set your budget before searching for homes that meet your criteria. You’ll want to include real estate taxes and insurance into that number so there are no surprises down the line with monthly expenses. Once you’ve determined an appropriate price range, it’s time to start shopping! The best way to find affordable properties in any given area is by contacting local realtors who can show you homes within your budget. Click the following link to find out the best deals on homes for sale Sandwich MA.

In this guide, we’ll go over steps on how to find a cheap home that’s affordable.

Want to learn more? Keep reading.

Look Into Down Payment Assistance Programs

A down payment assistance program (DPA) is independent and different in states and counties.

Every DPA program will have its own offerings and regulations. Eligible buyers could receive thousands of dollars toward closing costs and down payments. Ask a professional if you need to learn more about visit the site.

Check out the DPA programs in your area. You should apply to ones that could help your situation.

Will the Lender or Seller Cover Closing Costs?

Closing costs can be around five percent of the mortgage amount. First-time home buyers may have only budgeted for the down payment.

If you need to come up with cash for closing costs, you could always negotiate seller concessions. The seller will need to pay some or most of the buyer’s closing costs.

Seller concessions are common in some areas. Yet, sellers don’t have an obligation to help you. If a seller’s eager to sell their home, and you’re the only buyer, they might make a deal.

If your offer is higher than the others, they also might make a deal with you. Consider finding an experienced real estate agent. Explain that you want to find a cheap home.

Look at Older Listings

It would help if you targeted homes that have been listed for a long time. Homeowners with houses on the market for months will make a deal with most buyers.

Is the buying season in your area coming to a close? The seller will need to move soon and may make an excellent deal with you.

What About Short Sales?

A short sale is a home sale when the seller heads to foreclosure. The owner has worked with their lender to sell the home at a loss.

Short sales could be risky if the bank initiated the sale. If the seller doesn’t move out, you might have to cover eviction costs.

Banks will collect and hold on to different offers. You might get held in limbo for a few months.

You should search court records for pre-foreclosures in your area. They get listed online, and you could go to your county clerk’s office. Call agencies that specialize in short sales. Ask to get put on the mailing list.

When you make an offer on a short sale, you might deal with the bank and the current owner. Negotiations can be a challenge. Work with an experienced real estate agent. Learn how to buy a house under 10k.


With a foreclosed house, the bank owns the house. The advantage of a foreclosed house is the previous owner is no longer in the home.

Foreclosure auctions will vary depending on your state and county. Some cities will list the foreclosures online. Others ask the banks to publish listings in the newspaper.

With a foreclosure, you will need to get the property in advance. Unfortunately, you won’t see the interior.

A homeowner might take down everything of value. Sometimes, they will even remove the copper pipes.

If you do win an auction, you can have an inspection done. Yet you can’t change the price after the inspection. You can walk away, but you won’t get the inspection fee back.

Get familiar with local laws before you choose to bid on a foreclosed house. There are judicial states and trustee states.

A judicial state needs more steps to foreclose. You might need to wait six months, and the previous owner can go and reclaim the property.

Banks will refer to the houses they have repossessed as real estate owned (REO). Look for that term when you start shopping.

Bank-owned properties already went through the auction. You might be the only buyer interested in the house. You’ll have a chance to tour the house and estimate repairs before making an offer.

Government Programs

There are government-sponsored programs to help you find affordable houses.

Some developments will sell single-family homes to try and revitalize areas. They will offer a 50 percent discount.

You might need to be a teacher, firefighter, or law enforcement officer to qualify for the program. If approved to buy a Good Neighbor Next door house, you’ll need to sign a Second Mortgage.

It will be for the discount amount, and you’ll need to stay in the home for at least three years. After three years, the second mortgage will get discharged.

What About HUD Dollar Homes?

Low-income families can apply for a program through HUD Dollar Homes.

Homes get put up for sale for one dollar. These are REO houses that haven’t sold in the last six months. Also, they have a market value below 25,000 dollars.

You need to meet the income requirements. Apply on your state’s website. You can find available homes there. Take advantage of government programs if you want to find a cheap home.

Find a Cheap Home Today

We hope this guide on buying a cheap home was helpful. Consider checking out different homes that have been listed for longer than a year.

It would help if you also considered foreclosed homes. Look up various government programs, as well.

Are you looking for more home buying tips? Check out our resources on the blog.


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