is buying a foreclosure a good option? what are the conditions?

There are some nank owned proeprties in great condition and priced below market while there are some that are overpriced or in poor condition. You may find motivated home owners who are selling for lower price . It all depends. You should work with a good buyer agent and tell the agent what you are looking for. You should also look at HUD homes. There are some good buys in many areas.

Hello Rebecca, Buying a foreclosure to be used as a primary residence is a great way to build equity fast because usually foreclosures are deeply discounted in price. They also can be in need of repair or updating. A great loan for this type of situation is a FHA 203(k) loan. This loan allows the borrower to purchase the home and obtain funds for the repairs and updating – all in the same loan. If you are interested in finding out more about this type of loan please contact me.

Foreclosures can present excellent properties or they can present nightmares. If you pursue this venue, hire a Realtor to assist you.

Rebecca, There can be some good deals on foreclosures. Generally speaking the conditions are a pre-approval from a lending institution and/or proof of cash needed for settlement, a short window for settlement, and the willingness to purchase the property with the seller (Bank) having no direct knowledge of the history (defects) of the property. Homes foreclosed by HUD can be great options as well. Feel free to post other questions, if you need more specific information. Thank you.

I really comes down to the market area the foreclosure is located in. Is the market area rising in value or declining. If the market area is still declining it may not be a great value at the present time. The second item to consider is, what is the current condition of the home. Is it move in ready or does it need a tremendous amount of work to meet code. Keep in mind all items that need to be completed to meet code are normally not covered by the lender unless it is a 203K FHA loan. I hope that helps. Feel free to contact me directly for more information. Christopher Luckowski

Yes it can be in some cases. The condition of the homes can be different for each foreclosure. Let me know if you need any assistance or if you have any more questions. Bill Gero

There is a great article on the Consumer Affairs website that I would recommend for you. You can simply google "foreclosures, what you need to know".