Gail is right. Foreclosures are a good deal if you are all cash. If you need a mortgage, most banks won't give you one because the property has to be "mortgageable", meaning plumbing, heating, and electric have to be working. With foreclosures, you can't tell what's working unless you go through the trouble of turning them on for the appraisal. Even banks that are foreclosing on a home won't give you a mortgage on that same home.

Instead of chasing price, look for value. What good is a house that's cheap if it is too far away, too small, or bad condition. Sit down with a Realtor in the area you are looking and tell them what you want. Get a buyers agent, so they help you buy a home instead of trying to sell you a home. Buying a home is a complicated process, Instead of trying to do it on your own, get an expert to help you and you will be way ahead of the game.

Carol Bromm, SRES, CBR
Associate Broker
Prudential Douglas Elliman
631 860-1312

In order to purchase a short sale, you must be in a position to wait 6-9 months for the bank to finally approve you and then you may have only days to be ready to close.

Most short sales end up at selling at current market prices, so why not purchase a home in the classic way at current market values.

Foreclosures generally need tons of money to get them back to liveable conditions. Folks who are being foreclosed on are angry and take it out on the house before they leave.

Contact me at Gail@GailGladstone.com and I will give you a free Listing Book account that will help you find what you are looking at ... at a price you can afford.

In order to purchase a short sale, you must be in a position to wait 6-9 months for the bank to finally approve you and then you may have only days to be ready to close.

Most short sales end up at selling at current market prices, so why not purchase a home in the classic way at current market values.

Foreclosures generally need tons of money to get them back to liveable conditions. Folks who are being foreclosed on are angry and take it out on the house before they leave.

Contact me at Gail@GailGladstone.com and I will give you a free Listing Book account that will help you find what you are looking at ... at a price you can afford.