You get what you pay for! Many times with foreclosures, there are problems that are deaper than what the eye can see. I have three suggestions.
1 - GET A HOME INSPECTION! Although many foreclosures are sold in "as is" condition, and the seller will not do any repairs...get a home inspection, it's for YOUR knowledge! If there are problems with the house, big or small you need to know those things! Also, make sure you know the seller's guidelines for home inspections, although the local sales agreement says one thing, the bank addendum could have different time frames and guidelines.
2 - If after the home inspection, you still want to proceed; consider how much it will cost to make the home you're purchasing the nicest house in the neighborhood. Remember to always round up (it always costs more than you think it will).
3 - Know the market, and by this I mean look to see what other homes are available in the neighborhood and how they compare. This goes back to making the home you're buying the nicest home when you're ready to sell. Don't just act on impulse, as a professional, I'm here to help! I want you, as a buyer to be confident in your purchase and know that you're getting the "best deal" for YOU!
Happy house hunting and good luck!
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