Zillow Advice: Buying a Foreclosure - Foreclosure homes bad idea as 1st home? http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ Zillow Advice | Zillow Real Estate On top of what others said ... http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ On top of what others said above, as long as it's going to pass your lender then go for it. It needs to be livable to make it lendable to the eyes of your lender unless your are getting a rehab loan. Remember..let say you are coming in with 5% down that means your lender will have 95% risk whether they will give you the loan or not. Mon, 14 Oct 2013 16:56:00 GMT http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ 2013-10-14T16:56:00Z [Off topic deleted by Zillow ... http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ [Off topic deleted by Zillow moderator. Please see our&nbsp;<a style="text-align: right;" href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>&nbsp;for posting guidelines.] Sat, 12 Oct 2013 12:16:00 GMT http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ 2013-10-12T12:16:00Z It's important in this type ... http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ It's important in this type purchase to get a thorough home inspection from a competent, certified inspector. I recommend finding one in your area through American Society of Home Inspectors (ASHI) at www.ashi.org.<br/>Good luck. Tue, 22 May 2012 19:26:00 GMT http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ 2012-05-22T19:26:00Z Buying a foreclosure is like ... http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ Buying a foreclosure is like buying any other property. It all depends on the condition of the home just like private sales some foreclosures are in top shape and some are not. Do not worry about the label of the home . Worry about the condition of the home and its location. Does it offer what you want? What about schools and resale possibilities? Best of luck. Mon, 21 May 2012 17:28:00 GMT http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ 2012-05-21T17:28:00Z Hi--I wouldn't say buying ... http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ Hi--I wouldn't say buying a foreclosure is necessarily a bad idea for your first home if you are handy and not panicked about buying a house in the first place. The other important thing is to work with an experienced agent who knows what they are doing. A foreclosed property or REO (bank-owned) is generally sold in "as is" condition. You need to know where to look for information and the bank or lender owner usually has forms that they use. If you have any specific questions, get in touch.Regards, Mary Ann Laurita Mon, 21 May 2012 17:13:00 GMT http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ 2012-05-21T17:13:00Z It all depends on your location. ... http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ It all depends on your location. In some of the cities I work there are very low foreclosure rates and the majority of inventory is going to be through a traditional seller.<br/><br/>On the flip side some cities with the highest foreclosure rates tend to have the cheapest homes currently. Either way a foreclosure does not always mean a dump or fixer upper. You can get ugly foreclosures and ugly traditional homes anywhere in the country.<br/><br/>What you need to do is first get pre-approved financing from a lender to find out what you can afford. There is no sense looking at homes when you don't know if they are out of your price range or what not. If you elect to use a buyer's agent they tend to work with the best loan officers and can get you a referral.<br/><br/>If it is like Minnesota the seller pays us buyer agent's fees. So, you should be able to receive all the help you need from an agent without paying them much if anything.<br/><br/>Once that happens you give the Realtor your wish list for location, type of home, price point, beds/baths, etc... and together you take a look at the current inventory on the market. If you do not have a lot of money for repairs, etc... this will factor in to the type of home you decide to look for.&nbsp;<br/><br/>Your realtor should also be able to tell you the differences between short sales, REO's, and Traditional homes. For example, if you want to move within the next 2 months short sales won't really fit your timeline. They tend to take 3-6months on average to close.<br/><br/>That should get you started good luck and happy house hunting!<br/><br/>~Chris Mon, 21 May 2012 14:37:00 GMT http://www.zillow.com/advice-thread/Foreclosure-homes-bad-idea-as-1st-home/443600/ 2012-05-21T14:37:00Z