Investment Foreclosure
Wise first-time buyer foreclosure investment??
My husband and I have found a foreclosed home listing for about 40K less than the home is worth. It is in a very ritzy neighborhood and the exterior is beautiful, much more than we could ever afford. However, we have estimated the repairs inside to be about $4,000 and have not had the house inspected yet. Is this a good thing to step into, or is it too good to be true? Any advice would be greatly appreciated as to how to handle this big first-time investment for us!
In this market, $40,000 less than the home is worth is not too good to be true, if you mean less than what it would be a strong market. If you are willing to make the repairs, put an offer on the home, but make it contingent upon the inspection being acceptable to you.
By the way, I am assuming that you are going to live in the house and it will be your home. If you are purchasing this with plans on renting it out, I wouldn’t do it. Good renters are hard to find, and even good ones are notorious for destroying the property they live in.
Foreclosure Friday and Investment Weekly
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