2007-11-25 17:07:51 · 4 answers · asked by jemq129 1 in Business & Finance ➔ Renting & Real Estate
My experience with foreclosure properties is that they are overpriced for what they are.
They are usually in very bad condition. They can often require $100,000 to $200,000 in repairs.
the prices may look cheap but that is because you are often geting a house with so much damage that there is little valur in the house. The only thing of any value is the land itself.
2007-11-25 17:21:29 · answer #1 · answered by Anonymous · 3⤊ 1⤋
Hello jemq129
Yes you can buy foreclosures as a first time home buyer.
Work with a good lender who can qualify you before you purchase and work with a good Realtor who will guide you through the process of finding a property.
The great news is that there are a lot of foreclosures available right now.
I will add my own perspective to what mike has offered.
Yes many foreclosure properties are in poor shape when they finally reach the marked, and that is to be expected as it is a distressed owner who was usually the last to occupy the property and they are usually not in the frame of mind to be concerned with "maintenance issues". But there are some that are okay and others that are refurbished to a certain degree by the bank that foreclosed. As for being "overpriced" that depends on how you look at it and what your investing goals and strategies are.
And by the way. There are a lot of great bargain priced properties available in the category of "pre-foreclosure"
Definitely find a good Realtor to show you his/her inventory of properties that are not yet foreclosed but are in default. These properties are going to generally be in better condition and are going to be easier to purchase (and are more likely to have warranties) than foreclosed properties. And you may be able to negotiate a price comprable to a foreclosed property but in much better condition.
Good luck
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thin~Q
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2007-11-26 02:07:41 · answer #2 · answered by whoopswhatever 4 · 0⤊ 1⤋
Yes.
2007-11-29 22:30:34 · answer #3 · answered by !!! 7 · 0⤊ 0⤋
Yes, if you have a lender and are pre-approved..and the house you are interested in isn't condemned, you can buy whatever you want.
2007-11-26 01:11:29 · answer #4 · answered by colley411 4 · 0⤊ 0⤋