When is it a good idea to buy a foreclosure?

There would be varying answers depending on the details of your question. Are you a first time home buyer? are you looking to pay cash? Typically foreclosed homes are sold at auction, and the buyer has to pay for the home within 48 hours of their winning bid. This can only be done with cash, since lenders have a whole underwriting process before funding a loan.. if you have investor experience, then this is a good avenue to purchase a home below market.. If a home is foreclosed, and the bid wasn't high enough at auction to sell, then the property becomes a Bank REO (Real Estate Owned) property... these homes can be in complete shambles, or they can be in near new condition... you just have to go and look at them... There are also HUD homes, HomePath homes, and Pre-foreclosure or Short sale homes.. I've been a real estate investor in the metro Phoenix area for over 25 years.. I would be happy to advise you.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

If you have the time and patience to actively look for good deals on foreclosures and the experience to know how to handle them once you've bought them, they can be worthwhile. But they are usually not ideal for new homeowners. There are many problems that can occur with them and a new homeowner does not need to be exposed to the risks involved.Sharon

I agree with Sharon that they can often be problematic and unsuited for a first time homebuyer. That being said, if you have access to a trusted friend or relative with experience in the area that is willing to help you it could be something to consider very cautiously.... I'm happy to help with the financing or just give you advice. So if you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address is: http://www.loansfromrob.com/quote/ Email is rhanson@gladewaternational.com and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Buying a foreclosure is a great way to buy a property under market value, since most foreclosed or vacant homes will be in need of some repair FHA has a great program with the 203K, which allows a buyer to roll in all construction up to the county loan limit for your area. in a nut shellyou buy the property and hire an contractor to complete the work, it is a relatively simple processErnesto Marezemarez@thefederalsavingsbank.com , 301.535.2912