I get so many calls everyday asking me questions like, "Kelly, with this economy should we buy some of these foreclosures"? Well let's think about this for a moment shall we? First, the rates. Never in history have the rates been so low. I can remember buying my first home at 10% thinking "Wow, I didn't have to pay 13%"! So now being offered rates as low as 3.75% on a fixed 30 year mortgage is impossible to ignore. Then we add in the new programs like the Fannie Mae Renovation Program which allows all borrowers, including investors, to borrow up to 50% of the estimated completed value to repair these foreclosures and what can you say to that? And believe me, it is no big deal to qualify for it; I write 3 of these a day! And finally, the renters market is becoming flooded because of the inability to qualify. Where are these people who have lost their home going to live? They are going to rent from YOU! In your new home that you already have established 30% or more equity in, and they are going to pay rent well over your mortgage payment. Now what? Now with the Fannie Mae Multiple Home program, you get to do it all over again.

So my answer?? Are you kidding me? YES BUY THE HOUSE!!!