I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.
Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.
There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.
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Give me a call and we can discuss your home purchase more in detail.
Have a great day,
Heather Paul, Broker Associate, Realtor
CALL: Gail Mercedes Cole
Lastly, don't limit yourself to just foreclosures. There are far fewer of these and those that exist tend to sell for top dollar. Take a look at all homes in your market that might appeal to you.
The #1 word when purchasing a foreclosure is "inspection"... Never purchase without having the necessary inspections completed.
Foreclosures can be a jewel that just needs a little polishing... or a Rock that needs a full demo... Only way to know is to complete inspections... which cost money.