Theres a foreclosure house for sale? Is this investment opportunity good to go?

Question

and emailed the agent about the property and I got her respond. Tell me what do you think and should ask her?

"Presently, there are no offers pending or in the works on this property. It's been on the market 9 days so I'm sure at the price there will be investors looking at the property. On foreclosures when there are repairs done, it's usually only the minimum so the shingles that were replaced would be only to stop a possible leak, etc. The entire roof would not be replaced. Are you possibly looking at this property for a home or an investment? "

Thanks!

Answer 1

If you are experienced in real estate, look into it.  Buying foreclosed properties is not for the novice.

Answer 2

Take a quick look through it yourself. If you are unsure of your knowledge of structures and home repair etc, bring along someone who does know about them. Also, take a quick look around the neighborhood. If it needs some serious repair work done or is in a questionable neighborhood, you will want to think about not making the purchase.

Answer 3

Well, first ask her if she can give you a comparable market analysis (CMA) this will tell you what other properties like it are selling for in the area, or even better if it has been appraised recently. Of course you'll have to get it inspected, at your own cost, to really know what has to be fixed, you never really know, maybe the foundation is bad, the whole roof needs to be replaced, and there is extensive termite damage. Whatever needs to be replaced you should be able to tell if the price of the house And all the repairs makes it worth buying. You sound like you wouldn't know how much each repair would cost so be careful even if you ask a professional they can tell you don't know much and will try to rip you off so get at least three estimates for each problem you come across.      You can make and LOSE a lot of money in real estate so don't rush into anything, if this one gets away then maybe it is for the best. Plus, most real estate agents are like car salesmen so don't trust every word they say, don't let them rush you or make you feel uncomfortable