What Are Some Ways to Buy Houses for Extremely Low Prices?

Ways to buy houses for low prices include buying foreclosures, looking for short sales and applying for housing grants, says The Stir. By shopping for a foreclosure, you can potentially find a low-priced home that does not need an extraordinary amount of work to make it habitable. Furthermore, many foreclosed homes are available in desirable neighborhoods. Since most foreclosed homes are sold as-is, it is crucial to make a thorough inspection before finalizing the purchase.

Short sales are typically affordable, but can involve long waiting times before finalization, reports The Stir. This is due to the fact that, although they are not foreclosures, each short sale requires final approval from the bank that originated the mortgage. Buying a home through a short sale can save you a moderate amount or a large amount, depending on the circumstances.

Grants for home buyers are used to bolster neighborhoods that need improvement, according to The Stir. Though these programs enable steep discounts, they typically require people to reside in the purchased houses for specified time periods. HUD's Good Neighbor Next Door Program is a related program that enables 50-percent discounts for eligible buyers, as of 2015, though they must agree to reside in their newly purchased homes for at least three years. Buyer's agents are good resources for securing affordable home purchases.