Please see my blog for tips and advice on buying bank owned homes.
There are a lot of options so I would not limit myself to only foreclosures. I would look at all that meets my criteria and price range. The first step is to find a Realtor that is ready to work with you and give you guidance. They will also put you in touch with a lender and should be able to wak you thru the enitre process. I would love to chat with you further. Feel free to contact me.
Although you can get a great price, sometimes, on a foreclosure it can be extremely risky business. As a first time home buyer you should make sure you have the resources in case something comes up after settlement you didn't expect. Foreclosures are sold AS IS, the bank will not warrant anything and they will not fix anything. You can have a home inspection performed, but home inspectors can not find everything, and when a home has been abused, neglected, vacant and unmonitored for a period of time, (6-12 months or more) a lot can go wrong. And unfortunately you might not know until a few months into living there. it can sometimes take a little while to work out the kinks on a unit that has been vacant and dormant for a while. The equipment: hvac, water heater, etc are made to be used regularly and although when the utilites are turned on for a home inspection they may work, after a few weeks you might find there are residual problems.
Foreclosures can be a great deal, but they can also be a money pit and you need to make sure you have the resources to take care of any problems that arise.
Also you might not want to limit yourself to a foreclosure. The most important thing is to get the best house for you! That might be a regular sale, a short sale, or a foreclosure. I would look at everything available to make the best decision.
Please e-mail me. There's a lot of information on foreclosures and short sale that a first time homebuyer should know before purchasing. I also want to make sure I can answer any questions you have. I specialize in first-time homebuyers, so I certainly think I can help you. I look forward to hearing from you!
Coldwell Banker Residential Brokerage
If I can answer specific questions or be of further service, please feel free to contact me.
Kimberly Barton, REALTORÂ®
A.H.W.D., C.R.I.S., Short Sale & Foreclosure Certified
Champion Realty, Inc.
There are some great programs out there that can help with first-time buyer programs. Most of them can contribute any where from $4,000 all the way to $10,000. If you would like to discuss those program reply to this thread and I will post the websites that will help you with the process.