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| Wednesday, May 09, 2007 |
| Tips for Buying a Foreclosed Home |
ABCNews.com has some Tips for Buying a Foreclosed Home as well as some warnings. Bottom Line
"If you're a first-time home buyer, I would not recommend auction for you," Hobson said. "I think that gets too tricky. There are too many risks."
Hobson recommends sticking with the pre-foreclosure sale property where the seller is very motivated to sell, or try the real estate-owned property that's owned by the lender. My first real estate purchase was a foreclosure. I purchased my condo at an FDIC auction and had no idea what I was doing. It was the biggest impulse purchase of my life, and so far has been one of the best investments I ever made. However, I purchased my current home the traditional way (not a foreclosure) and doubt I will purchase another foreclosure property. I am pickier now about where I live and how I live. |
| posted by Boston Gal @ 3:09 PM *
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