by Cecile Cinco
There are several ways to buy real estate. Traditionally, you buy a land and build your house on it. The land can be pre-owned or from a developer, turning it into a subdivision and you buy a parcel of it.
Paying can be in cash or installment, depending on the available schemes. Normally, buying cash gives you discount. If you can afford it, you get the property cheaper. Going installment means your out-of-pocket is less but prolonged for a number of years, in which case you are charged an interest. If you calculate the total, it would be much expensive. But hey, you’re taking a loan so that interest rate is just the charge for the loan for you to be able to get your property sooner than later.
There is a cheaper way, if you have the cash anyway. Cheaper in the sense that you get more for the your money. Go for foreclosures. They are mortgaged and the owner cannot pay for it anymore so he’ll sell at a much cheaper price so there could still be some left for him after paying the bank where he mortgaged his property. If he doesn’t sell, the bank will just take his house. That’s the general idea of it.
Try for example, Outer Banks foreclosures, and look around.
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