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Can a first time home buyer purchase a foreclose home?

if yes what is the difference vetwwen short sale and forclose?
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August 19 - Englewood
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Answers (5)

Of course as a first time buyer you can purchase any home on the market if you or the home are in compliance with the requirements.

If you are buying with an FHA loan the property condition needs to have certain requirements under the FHA rules.

Some homes are only sold to veterans, so you to be a veteran. I think you get the point.

A foreclosure property is owned by a lender. The previous owner defaulted on their loan and the lender started the Foreclosure process and received the property back.

A short sale is when the current owner of the home needs his lender to approve paying of his mortgage less (short) than what is currently owned.

Good luck and consult with a local Realtor (not all real estate professionals are Realtors) to assist you in your purchase.

Annett T. Block
Florida Connects Inc. 

 
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August 20
yes! Anyone can buy a foreclosed home. Make sure that you understand the process completely and you're working with an agent who is well versed in short sale foreclosure and bank owned properties. short sales and foreclosures can be extremely challenging and a very long process.
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August 20
Yes! Anybody can buy a foreclosure property but you have to make sure that you know what you're getting into. Remember that foreclosure and short sale properties are "buy as is" and there are hidden stuff/damage that nobody knows about it. You have to do your due diligence in buying a foreclosure property. 

If I were you -- why don't youfirst  check out properties that are in your price range before jumping into foreclosures. You will be bit surprise to find properties that are in great shape for almost the same price. Weigh your options out and if you think that foreclosure is your best bet, make sure you get an agent to represent you and walk and help you through the process. 

Good luck!
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August 19
Short sale --- lender/bank accepting less than what is owed on the house. (kind of like if you owed $2000 on a Macy's card and they said "We'll take $1500 and call it even").

Foreclosed --- lender "repossesses" the house from the homeowner (much like Toyota would repossess your Prius if you failed to make the payments)

Anyone can purchase a foreclosure. A foreclosure is UNlike a regular sale in several aspects including condition. The bank has never lived at the property so they don't always know what's wrong with it.

Do your due diligence and you'll do fine. Just remember that just because a bank owns a house doesn't mean you're going to get the deal of the century.
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August 19
Profile picture for Dan Tabit
Yes, but it's not always a wise choice.  Some foreclosures can be a good deal, but others are not.  Some have been repaired by the lender and put on the market in reasonable shape.  Others have hidden damage and need more than cosmetic work.  
A first time buyer is making a huge decision and chasing the elusive "steal" in the market is not what you should be focused on.  It's a consideration, but you're forgetting some important issues.  A home you got "a deal on" that you don't like, can't afford to maintain or repair or commute from is not a good deal.  
Focusing on one type of property is a common first time buyer mistake.  Start by creating a list of everything you hope to have in your next/first home.  Prioritize the list and break it out into three groups; must have, would like to have, and don't expect but would love.  
Consider all the homes in your price range and adjust your list based on what you find.  If the best match is a listed foreclosure, fine.  If it's a listed conventional sale fine.  Just be aware that short sales are long term propositions with no guaranteed outcome.  Best of luck. 
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August 19
 
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