Brenda: You have the "option" of paying for it with a mortgage that may be harder to obtain or cash, assuming the risks involved with a distressed property and the option of making the minimal repairs needed to satisfy local ordinance and the option of fixing it so you are happy to live in it. You will also be faced with the attendant risk of finding that those repairs may cost a lot more than your original estimates. You have the option of determining that most of foreclosures are in lower income areas, with the attendant problems of neighborhood direction: decline or revive?

While there are also foreclosures in “better,” upscale areas, they are much fewer and usually, the lender-owner knows more than you will about how much the place is worth. It’s a game best played by commercial interests.

Bill Holt
Licensed in NJ & PA

Hi Brenda, I guess you're talking about financing. Does the home need alot of work, can a Certificate of Occupancy (CO) be obtained without a great expence? If so you could go for a traditional mortgage, they require a CO. If you go for VA, FHA, or USDA loans their inspections are more in depth and might require more dollars.

Speak to a mortgage rep, speak to several. There are a number of programs that might be available to you that are specific to your location and situation.

Laura Giannotta
Keller Williams Atlantic Shore