First time home buyer and interested in a Foreclosure property?

Question

I fell in love with a foreclosed property, and would like to make an offer. Is there anything that I need to know about buying a foreclosure property, any hidden fees or costs?

Answer 1

can be a long involved process

is it in foreclosure, or has it been foreclosed?

if it is in foreclosure you can purchase from owners and do a short sale

if it has foreclosed, then you are buying from the bank

it can be a bargain, but it can take a long time jumping through hoops

if it has been foreclosed and owners are still in possession, there may be problems, you may not get in to see the house, they may trash it, they may refuse to move out, etc.

Answer 2

... or take all the cabinets, appliances, fixtures, carpet, etc... with them when they leave.

And of coarse, leave all their c**p behind.

Answer 3

you need to know usually they are an as is sale, and there could be lots of damage. You need to have it inspected, which you will have to pay, as usually a foreclosed property will not supply an inspector. Also you need to make sure ALL liens are cleared off the property, because its foreclosed, some liens follow the property and not the person. Make sure the taxes are not too far behind. Some times they are  great deal, but sometimes there are things that will bite you in the butt...Just do your homework, I am sure there are sights that give you a list of must before buying a foreclosed home! Good luck!