Question:
My husband and I are looking into buying our first home. We have been looking into buying a foreclosure per someones advise. I am not sure how to go about doing it and I am not sure as to some of the language they use. Like we found a house that says suggested sales price is 123,000 and then it says Median price is 539,000. So are they selling the house for only 123,000. Like I said I am not sure how to go about doing this, anyone have any suggestions?
Foreclosures are historically not known for being taken care of. However, if you do find one that was taken care of, you can sometimes get a good deal since the mortgage company usually only wants what is owed on the home. If the home needs fixing up, this is where you need to be careful. When buying a home regardless of situation, always get a home inspection. A home inspection should inform you of any serious defects such as foundation. For any fixer up, get a trusted builder or someone who does remodeling to examine the home and get an estimate regarding any fixes and repairs. After this, you may realize the home is not so good a deal. If the figures work out, have fun remodeling the home to your taste.
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