Rockford couple benefits from buying a foreclosure - WREX.com – Rockford’s News Leader

Rockford couple benefits from buying a foreclosure

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By Katie Nilsson

ROCKFORD (WREX) -  A Rockford family feels like they got much more home for their money because they bought a foreclosure property.  Ben and Pik Vongsiri have been in their home for just over a year now.  They say they have no regrets and estimate they saved themselves thousands of dollars.  Ben Vongsiri advises other families to check out foreclosed properties if they're looking for a home.  "These were the ones that we wanted to see because we knew that it was an opportunity for us to get the most out of the dollars that we earned."

Vongsiri says the home he and his wife bought is valued at $157,000 but, they paid more than $40,000 less than that for it.  They wanted a home with at least 3 bedrooms, 2 living areas and a big kitchen.  Ben says they got exactly what they were looking for. "You think about like when something's too good to be true, maybe it's too good to be true but in this case it really worked out for the best."

Agents say there are hundreds of foreclosed and short sale homes on the market right now.  Short sales are property that could be headed to foreclosure.  Some are fixer-uppers; others are in move in condition.  If you're in the market to buy, agents advise you to look at both foreclosures and existing homes before you make your decision.  "You just go look at what's on the market in the area that you want to live and in the price range that you can afford and then you make your comparison," says Century 21 Country North President Jan Mansfield.

Mansfield suggests if you're looking at foreclosures and short sales, that you have an inspection before you buy because most of the time the homes are sold "As Is".  Mansfield reminds us that the $8,000 first time home buyer and the $6,500 existing home sale tax credits expire at the end of April.

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