Nebraska Foreclosures

Written by Rachel Arieff
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Nebraska foreclosures are helping many families realize the dream of purchasing their own home. Like other Great Plains states, Nebraska offers calm, serene living with a lower cost of living than other states. For this reason, the Nebraska real estate market has more possibilities for middle-income and even low-income Americans. Homes will be priced far lower in Nebraska than, say, in New York or California.

One way to find affordable homes is to simply keep looking until you find them. However, a more effective way is to consider Nebraska foreclosures. Foreclosures are homes that are being taken back from the owner by the lending institution because of default on payments. These homes need to be resold immediately, and thus are offered at a far lower price than they're worth.

Buying Nebraska Foreclosures

Nebraska foreclosures can be purchased either from the owner directly (in the pre-foreclosure stage, before the lender takes it back), through bidding at a public auction, or from the lending institution once the home is out of the owner's hands. Generally, there is no need for a realtor. You as the buyer deal directly with the owner, foreclosure attorney at the auction, or the lending institution.

The exception to this rule is if the foreclosure in question is a government property. You'll know this immediately if the lending institution is a government agency such as Fannie Mae, HUD, or VA. In this case, though listings are available to the public, you can only purchase government foreclosures through a realtor.

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