I'd strongly suggest the first thing you do is to talk to a qualified lender. They will be able to look at your personal situation (debt, income, etc.) and be able to tell you if you'll be able to obtain a loan and what price range you should be looking in. This will save you a lot of heartache! I see it all the time where buyers fall in love with a property without talking to a lender first and find out later that the house is out of their price range. It's very disappointing and I don't want that for you.
Once you've done that, the process of buying a foreclosure isn't really that difficult if you have a good agent working on your behalf. The key to it is knowing what to expect and having an agent that communicates with you almost daily so you stay on top of everything.
If you want, check out my website at http://www.gingerlightburn.com. I've posted a few articles about how to buy a foreclosure (and a short sale in case those are of interest to you as well).
I think you're smart to consider buying but make sure that you can truly afford it and try to buy something you love below your means. Remember, you're just getting started in "life;" don't over-extend yourself on this first home so that you set yourself up nicely for the future. :)
Best of luck,
Solid Source Realty, Cumming, GA
Every individual's circumstances are different and so is the circumstances of the foreclosed home and lender's involved. I would suggest your first step to be finding a lender and become pre-qualified so you know what you can afford and borrow. Then contact a realtor, such as me, and begin your search.
Please contact me with any further questions:
Kathleen Rastetter, GRI
Keller Williams Atlanta Partners
Actually the process for purchasing a foreclosed home is rather easy. It is really no different than buying any other home, in fact many of the companies that "own" foreclosed properties offer special financing for buyers of foreclosed properties to make them more attractive than other homes on the market.
The key issue with a foreclosed property is the condition of the property itself. Probably 30% of our closings involve foreclosed properties and the property condition would be the most common reason that buyers back out of buying a specific home. This makes sense because a person that leaves a foreclosed property is not going worry about the condition of the property and in many cases may do things to harm the property condition.
So my suggestion is to find a good realtor who knows the area where you want to buy and has experience in evaluating and negotiating foreclosure home sales. Remember the seller pays the realtor's commission so you should take advantage of their counsel. A good agent will help you distinguish between the properties that will require repairs and the ones that are move in ready. The great news is there are move-in ready properties that are being sold at a significant discount to the market value.
I have linked to a site that list foreclosed properties that offer special financing incentives. There are many more that I can send you but it is important to look at these with an experienced agent. We work with many first time homeowners, I would be happy to prequalify you and provide you with an experienced agent who can assit you.
Timothy Brown | Managing Broker
Academy Residential Mortgage, Inc.| firstname.lastname@example.org
11380 Southbridge Pkwy, Suite 200 | Alpharetta, GA 30022
678.468.5626 x110 | fax 678.935.1156 | cell 678.467.9959
Buckhead Home Realty
It all comes down to a good mortgage person and real estate agent both working for you.
Give me a call and i will be glad to work with you and help you through the process.
Thank you and I look forward to talking with you soon.