I am considering buying a foreclosed home. Does anyone have any advice from experience that they can give?

Currently, I live in an expensive market area and feel as though it would be a little bit cheaper to buy my first home from the foreclosed market. I want to know how should I get started on the procedure. Would I need to get a realtor immediately or should I just check the listings on my own? Has anyone ever been in this situation? Please share your experience.I am considering buying a foreclosed home. Does anyone have any advice from experience that they can give?
be sure to have a professional 3rd party inspection done before signing on the dotted line or you may end up with a headache you can't handleI am considering buying a foreclosed home. Does anyone have any advice from experience that they can give?
If you are a future buyer then start by learning about buying your first home (foreclosure or not). This is an excellent time buy because if you are qualified then you can call the shots. Start by sitting down with a lender, the larger company the better, and see what you are qualified for. Then interview a couple realtors (they should be frothing at the mouth to serve) and then look. Look alot before you make any offers so you know what the values truly are.





If you want a shortcut consider taking a first time homebuyer class offerred by a non-profit in your area. They are set up to education and not sell you anything and are offerred in most big cities. Check with city hall to find out what is available.
I caution you and your thinking. Most of these homes while may appear inexpensive, may have some unforeseen and costly repairs needed. Do you really think when people are forced to leave their homes, that they leave them in good condition? I had a question on here earlier, asking if they could take the appliances and garage door opener! OMG What are these people thinking? I know of two in my area that were foreclosed, one left the water running downstairs in the basement - in winter! The other a unique home - round, left all the windows open - in winter. Can you imagine what they found? Huge MOLD problems! While you think you may be able to get a deal, I wouldn't count on it.





My best advise find a Realtor that knows both markets and know how to deal with the lenders. Because you have no idea what to expect and they do. Oh and by the way once you find that bargain, hope you like waiting for answer from the lender. I still don't understand that one, but for some reason they sure take their time in answering an offer. Make it a good offer or forget. They aren't interested in what you think the place needs, the price they are asking is to recoup their costs and cover the balance of the defaulted mortgage.
A realtor has better access to foreclosures, HUD homes and short sales than you could ever have on your own.


You have to be VERY careful, they're not all good deals. Many of these homes are in terrible condition because the previous owner destroyed it before leaving.


Be VERY careful, make sure you have a thorough inspection before agreeing to buy anything.


A lot of them sell by auction so that means you shouldn't get too terribly attached to anything, you may have to bid on several before your bid is the highest. Auctions can also bring in more than the market value for a house, so do a LOT of research!