Hi, My name is Charlise Gibson and my husband and i want to buy a home. Is buying Foreclosed homes a good idea, and how do i start?

Hi Charlise, I am certified by the National Association of Realtors as a "Short Sale and Foreclosure Resource". Ninety percent (90%) of my business is foreclosures. Some of the BEST deals I have ever made for my clients has been foreclosures. They can be GREAT! If you really want to go that route, you can save as much as 50%! And that translates into real money. You asked how to get started.....This is what you do, you find a REALTOR in your area that has the "SFR" designation from the National Association of Realtors. That designation means that your agent is certified as a "Foreclosure Expert". Since I am NOT in your area (I am Triangle and Crystal Coast of NC) I can refer you to someone who is qualified to assist you. And you should really let me do that for you because you are looking for a "buyer agent". And buyer agency in NC is FREE to the buyer. That's right, you DO NOT pay your agent. The SELLER pays the agent. So, don't be shy....let me (or someone) find you an agent that deals only in foreclosures. Click "contact me" and I will email you several agents in your area that deal only in foreclosures.

Get in touch with a local Realtor who knows Foreclosures; I could put you in touch with 3 TOP local pros, With enthusiasm, Meir Aloni & Team CRS (Certified Residential Specialist) CDPE (Certified Distressed Property Expert) RECS (Real Estate Cyberspace Society) Successfully selling Broward County since 1986! All Star Realty Inc.

Charlise, as one colleague mentioned here, you want to make sure the property you choose is in safe and sound condition. Also keep in mind that the foreclosure purchasing process can often take as long as six months as the bank holding it must approve the sale.

Charlise, there are different types of loan programs available. Some will require little or no downpayment, but it just depends on which type of program you qualify for. You can shoot me an email on here or my website if you'd like a couple of recommendation for some lenders that are great with first-time buyers.

As everyone has said, its a great time to buy and a foreclosure can be a good investment, however it can also depend on you and what your plans are. Are you wanting to live in the home, are you interested in flipping a home, or are you buying it for investment purposes? The question is a broad one and it can depend on many factors. Also, it can depend on the type of loan you are looking to get. If the home is in need of repairs, it sometimes will not qualify for tradional loan types. If you need additonal information I would be happy to help!

Hi Charlise, Buying a foreclosed home can be a good idea, just don't expect the fantastic low bargains that people associate with foreclosures. I would recommend that you focus more on your price range and see what falls into that range. Like any house purchase, you would want to consider all of the inspections that would be available to you to help you identify any potential problems. As stated previously, speaking with a lender would be your first step to find out exactly how much you qualify for. Good luck and let me know if you have any more questions.

Hi Charlise- As previously mentioned, plain and simple, now is a great time to buy. The rates are attractive and there are a variety of homes available. However, after making the decision to buy you really need to find a Realtor you can trust as well as get a referral for a good lender so they can get you prequalified. The lender will let you know if there is a program that will benefit you more than another and inform you if there are any "surprises" on credit reports that could have been handled prior. If your credit is already in good standing, you're on your way to home ownership. Wishing you well and if I can be of assistance, don't hesitate to contact us @ 910-624-8077.

Hi Charlise- As previously mentioned, plain and simple, now is a great time to buy. The rates are attractive and there are a variety of homes available. However, after making the decision to buy you really need to find a Realtor you can trust as well as get a referral for a good lender so they can get you prequalified. Often times there are "surprises" on credit reports that could have been handled prior. If your credit is already in good standing, you're on your way to home ownership. Wishing you well and if I can be of assistance, don't hesitate to contact us @ 910-624-8077.

Buying foreclosed properties can be a great way to get the most for your money. You should keep in mind though that they are generally sold as is and the lender/owner will not make repairs unless they effect the habitability of the property. I am also an appraiser and can guide you in your decision making with my expertise in defining a market area for you and also providing the appraised value of any homes you are interested. This is a service I provide to buyers and sellers I have contracts with. Thank you.

That's complicated to answer. Some foreclosures aren't a good deal. It's a great time to buy with interest rates low. You'll find motivated sellers in the market eager to work with you. Call an agent and start by getting prequalified for a mortgage.

Hi Charlise. When buying a foreclosed home you have often the opportunity to enter homeownership with upfront equity - that's always a good thing. The downside is that many foreclosed homes need a lot of work. Sometimes that would just mean cosmetic updates, new flooring, etc., but sometimes the work required would be more extensive and you'd need to seriously weigh the costs of those repairs. There are many foreclosures in our market that would probably not pass a bank's appraiser's "safe and sound" requirements to qualify for financing, so those would only be available to cash buyers. There are some governement programs that allow for rehab loans, but only on specific properties. A good agent can help you weigh and sort through your options for foreclosed homes vs. other homes that are on the market. Best of luck!

Buying a foreclosure can be a great investment depending on the amount of work it needs and/or the amount you want to put into it. You can find some fantastic deals! The first step is to get pre-qualified and depending on the type of loan you qualify for you can buy a home for as little as 3.5% down or even 0% in some cases. Let me know how I can help you! Marci Densmore Keller Williams Realty 910-273-9304