should i buy my first house from a tax sale?

Question

im planning to go to a tax sale in two weeks were a house that i grew up in is being sold i dont really no if it would be worth my time and money because its in a different city from where im at now. and its pretty old but i really want it

Answer 1

With the purchase of your first home you'd qualify for a First Time Home Buyers loan (FHA) which is a loan with a really low interest rate. If the home you're interested in purchasing is worth investment, and you may stay there for a while, it'd be worth it. The house will have to pass and FHA inspection, however, which is fairly critical of homes that have not been well kept, in the hopes that First Time buyers will not be suckered into purchases that will, in essence, become money pits.

And if you are willing to move and have the money to do so, this could be a great step in your future. But be wise, don't purchase the home simply for sentimental reasons or the memories you had as a child will be replaced by memories of maintenance and contempt at the expense you've gone through trying to live in your sentiments. Sometimes memories are better as such...

Answer 2

Only experienced real estate investors should participate in tax sales. You need to contact a trustworthy real estate broker in the city where the sale will take place and ask him to represent you. Make sure you undertand the terms and conditions of the sale.

Answer 3

Depends on your experience and abilities. Do you plan to live in the house? If so, you should plan to apply sweat equity, fix it up, live there for two years, sell it and buy another distressed property, fix it up, live there two years, sell it and so on.

Answer 4

If it has sentimental value and you can afford it... go get it. You could always fix it up and sell it for a profit if you decide you don't want it later.

Answer 5

ONly with money you can live without.