I have never owned my own home and would like to purchase one. I have heard that foreclosures can be a real ba

Asked by Eviee, Lemoore, CA Sun Jun 15, 2008

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Pacita Dimac…, Agent, Oakland, CA
Sun Jun 15, 2008
As a first time buyer, you will need all the help you can get. And buying foreclosures will be even more challenging.

Yes, you can find good bargains among the foreclosed homes. But be sure you are going in with your eyes wide open. Remember that as homes are being foreclosed, the owners are being forced out. Their unhappiness may be reflected by not taking care of the property. Some trash it, or strip it.

Are you prepared to tackle repairs on your own?
Are you prepared to buy the property AS IS?
Do you have a substantial downpayment?
Are you preapproved for a loan? Some lenders refuse to lend money unless the property meets their requirements.

If you haven't engaged a realtor yet, I suggest you do. You need professional guidance in what may be the most important and biggest purchases of your life. Make sure you have an advocate on your side. A realtor can guide you through this very convoluted process.

Extra! Extra! Read all about it!.Here's a link to an article (and there are more on this site) on buying foreclosures

Good luck!
3 votes
Rick Hogg, Agent, Duluth, GA
Sun Jun 15, 2008
It is true that foreclosures can be a great deal, BUT they can also be a real headache and not the deal you had hoped. Foreclosures are not what they used to be; often times they are overpriced and the banks are not easy to deal with. It's very unpredictable from bank to bank how they will react to or treat an offer. If you are not in a hurry, don't get emmotional and have a good team of an experience agent that knows a lot about complex real estate transactions as well as extensive construction knowledge and/or a great home inspector, lender and attorney you have a much better chance at success. Your best bet would be to find an agent that has this team in place. It might just cost you a lot NOT to have this type of team behind you!
4 votes
Janis Johnson…, , Fresno, CA
Fri Jul 25, 2008
I am working with several first time home buyers who insist on a foreclosure. They are under the misconception that this is the bargain property. Many others are watching the late night tv gurus. We are experiencing some foreclosed homes with multiple bid/offers and therefore higher prices. The sad part is just around the corner there is a home for sale that is not a foreclosure, priced right, move-in ready, and no one is looking. That home is priced $25,000+ or at least 30% from what the peak of the market price was. They are in good condition, and should be considered - especially by a first time home buyer. Not all, but many of the foreclosures I see need to be inspected very thoroughly for damage, deferred maintenance, totally relandscaped, and often repaired extensively. Add up those things and compare the cost and time, and foreclosures are not the bargain. The bargain is the home that is listed for sale by the caring homeowner who just needs to move (Lemoore is a town with lots of people who move often because many of the residents are in the Navy). You need to be assisted by a good Realtor who will take the time and patience to show you what's available, and to put you in touch with a good mortgage agent, who knows which home buyer program is available, and what would be best for you, and you will then be prepared and ready "to go find your home".
2 votes
Frank Diaz, Agent, Honolulu, HI
Sun Jun 15, 2008
You have additional challenges in Lemoore, such as pesticides from cotton farming that were never cleaned up, an unstable water table, and poor water in Hanford.

Personally, I would look to Fresno, Gilroy, or east in Kern County or in areas that are between farmland and city.
1 vote
Nenette Bett…, , Hanford, CA
Sun Jul 20, 2008
Yes, it is very true foreclosures can a bear but not impossable. The first thing you need to do is get with a lender. Reason for that is realtors need to know info. when writing offer. if you need closing cost ect...If you need more info. about buying a home please fill free to call me.

Talk to you soon!
Nenette Bettencourt GRI
559 707-8103
0 votes
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