first time buyer

Asked by Zekhu, Chicago, IL Thu May 3, 2012

I am a first time buyer, Is it a good idea to look for foreclosure single family home as it will be cheaper than others?

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Bill J Delig…, Agent, Naperville, IL
Thu May 3, 2012
#1 Gather up the Cash or get Pre Approved for Financing
#2 Work with a Realtor - this will make your search much more efficient
#3 The perfect home may be a foreclosure or it may be a short sale or regular sale.

Look at purchase price + the cost to rehab the property (if needed). ...then compare the homes on your list.
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Sohail Salah…, Agent, Chicago, IL
Thu May 3, 2012
It depends on how to plan to purchase, cash or financing. I can explain to you all the pros and cons about foreclosures.

Sohail A. Salahuddin | Broker Associate | Visionary

Innovative Property Consultants Team l Sales and Leasing

Jameson Sotheby’s International Realty

425 W. North Ave. | Chicago, IL 60610 

O: 312.929.1565 | C: 312.437.7799 | F: 847.805.6030

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Matt Laricy, Agent, Chicago, IL
Thu May 3, 2012
Sure, just know what you are getting into with it. I would hire a good buyers agent to walk you through the buying process. Its free to you. Interview two or three agents and go with who you mesh best with. Id be happy to help.

Matt Laricy
Americorp Real Estate
Managing Broker/Partner, e-PRO
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Jose Campove…, Agent, Chicago, IL
Thu May 3, 2012
Dear Zekhu

There is a good deal out there for you, it could be a foreclosure, short sale, state sale, or could very well be a regular sale, It all depends on the type of financing you are trying to go with, if it is an FHA then your opportunities may narrow down a little bit, because you will have to find a property that will pass all FHA guidelines, like plumbing, electrical, peeling paint, roof, all of these items have to be in good condition, over all the house needs to be in move in condition. So you will find very few foreclosures that will pass those requirements, but I would hire an experienced local agent, who knows what the market is like right now, and explore all your options. Again there is a great deal out there for you, there could be no better time than now, low interest rates, very inexpensive homes, just a great deal.

Good luck on your search.

Any question or to receive a daily free list of properties directly from the MLS of all active listings in your area, please email your request to

Jose Campoverde
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2411 N Clybourn Ave
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Don Tepper, Agent, Burke, VA
Thu May 3, 2012
No. It's not a good idea.

As noted already, you might (or might not) be able to find a property that you can purchase for less. Odds are, though, that you'll have to put more money into repairs. So it'll certainly cost you more out-of-pocket. And, depending on its condition, you may not be able to get conventional financing for it. On top of that, while some foreclosure purchases go pretty smoothly, others are a big hassle.

Not a very good idea for a first-time home buyer.

Check with your Realtor for more information.

Hope that helps.
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Philip Sencer, Agent, Chicago, IL
Thu May 3, 2012
As stated it probably will be cheaper than a non foreclosure, but it might also have issues that need $$$ to fix. If you have the money and are willing to deal with it then fine. You might also find a short sale. I would not focus on any of these, but just look at everything within your budget and areas of interest. Have an agent set up a search and start sending you all the listings that qualify based on the criteria you want.
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Lucid Realty…, Agent, Addison, IL
Thu May 3, 2012
There are foreclosures and there are short sales. You can sometimes get a good deal on short sales because of the pain-in-the-ass factor. Foreclosures (bank owned) are usually not that great of a deal. But I always tell my clients not to focus on the status of a property because there might be regular sales that are also good deals.
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Tony Guisto, Agent, mokenA, IL
Thu May 3, 2012
Hi Zekhu,

It may be cheaper on the inital purchase but it may turn out to be more expensive if repairs/updates are needed. Plus if yoiu have not done, know how to or have family/friends to assist you in these things it could end up costing you more. If you want a quality house cheaper contact me and I have homes that I buy and fix up and then sell for a profit. If you come to me this way I can discount because I will not be paying a realtor commission. However if you want to look at various homes please also let me know and I can refer you to a quality agent who can assist you in purchasing your first house.

Tony Guisto
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