Are foreclosed homes a good idea for a first time buyer?

initially there were a lot of forelosed homes to choose from but today things have changed and people have gone in there to buy in bulk (many homes) and are flipping them, that is increasing the price to buy and gaining a profit. Hopefully they are cleaning up and updating the foreclosed homes they are selling. Anyway, homes here now are selling within 24 hours by a new technology, so say 6 people say they want the home well 5 are going to be disappointed. So when you go looking for a home all the I's need to be dotted and all the T's crossed (be approved by a bank, be ready to move in immediately, be ready with your deposit and doenpayment, don't ask for any changes to be made by the seller, ready with money for closing, etc. and submit your paperwork quickly by fax to your agent or drop it off timely). The problem I see with this new "flash" selling is that "buyer beware" because you won't know a lot about the home or property and could get stuck.

A person who has not purchased a home before needs to know everything they can before buying "any" home at all.

I suppose you mean by foreclosed property a property that has been through the foreclosure process by the mortgage lender and the former owner is not the owner of the property i snow owned by the mortgage lender called a Real Estate on Hand (REO).

In some instances you might find a bargain by purchasing a REO. There are some potential problems in the purchase of a reo property. Normally a mortgage lender would not do any repairs to the property even if there is damages that would need to be repaired prior to you being able to move into the property immediately.

There is a FHA mortgage program that would offer you repair money if there are a few minor damages found in the property. These repairs must be annotated on the FHA appraisal and once finished reviewed by the same or another FHA appraiser to guarantee the repairs were done in a workman like manner.

There are many good bargains, however, you must be diligent in your seeking of a good REO property to purchase.

Before you would look at any property you would want to find a mortgage lender and become pre-approved to purchase a house. Prior to a real estate agent assisting you in locating any property to purchase they would send you to a mortgage lender to be pre-approved if you are not prior to meeting them.

Call a local mortgage lender, there are items you would need to bring to your first meeting with your mortgage loan officer. He/she would inform you of these items.

I hope this has been of some benefit to you, good luck.

"FIGHT ON"

in case you at the instant are not in a rush and go searching at foreclosure in the stable factors you will be waiting to discover a good deal. % a realtor that makes a speciality of foreclosure and short sales as they understand the matters and delays linked with those kind of sales. stable luck

no