Unfortunately, there are many more foreclosures on the market than ever. These homes can be very good buys for investors or people purchasing their first home looking for that great deal. However, these homes are also usually sold "as-is" meaning you are also buying all of the problems, too. Foreclosed homes are usually priced well below market value and many people think they can handle anything they may run across and skip the inspection since the mortgage holder (usually the bank) won't repair anything anyway. This can be devastating to people without thousands of dollars in cash reserves to fix serious problems before they can even move in!
We want you to make an informed decision before you buy a foreclosure. To know what it is you may be getting yourself and your family into. Here are some things to consider.