If you had the money to buy foreclosed homes - would you?

Thanks for your response Coffeebreak. You must be in an area where the market is doing well. I don't know anything about the areas you're interested in or what the asking prices are but you should contact a Real Estate office and ask if there is a inhouse Agent that works strictly with foreclosures. You may get their Assistance which is okay. Ask if there are any properties in the area or zipcode you would like to look at. Ask how the agent or assistance how fast are the properties moving and what are the requirements to place a bid on one. Agents are all to glad to assist a buyer-as long as the buyer knows what they want or have an idea about what they're looking for-most important is that the Buyer has been qualified or is willing to get qualified for a home loan before taking the buyer out to visit properties especially in this economy we're living in. Also, most foreclosures(bankowned, Hud) will need lots of work, you can occasionally find a few that are in move-in ready just needing some paint and flooring. If this isn't what you want to deal with,then try looking at new construction-right now the builders are taking big hits and offering good buyer incentives. Take an agent along with you to help negotiable a asking price(yes, you can present your own offer-but no low-balling) Ask the agent to prepare a market analysis sheet for you. If thats not your cup of tea, try being flexible with your location, size of home. You know the amount of monthly payment you want to spend each month,so shop within your means. You can also be more flexible with your asking price-Everything is Negotiable. So if you look at home asking $345k you could offer less based on the market values in the neighborhood. Sold price is based on what the buyer and seller has agreed to. Just incase you're wondering-yes, I'm in RE agent in Texas. Good luck to you and be flexible but firm, learn to understanding as much as you can about buying a home-especially if this is your first. Agents are willing to represent and assist you with buying your home as long as you are willing to work and cooperate with them. Let them do their job as the professional,since you are hiring them to assist you for their services, which in the end the seller actually pays the commission. Tip:If you contact an agent that is hired by the seller, you should get your own agent who will represent you 100%,

Yeah, I know all that...thing is while I buy a fixer upper - I won't have the money to fix it up! Yes, I, of course as my life goes... after 30 years of FINALLY being able to buy a house with income, credit and job all lined up for the first time ever for me.... I live in one of the very few areas that the recession/foreclosure has not hit - well, it hit the upper million dollaer homes that had inflated property values anyway, but in the price range I can afford... nothing. I can't even find a loan agent to look deeper for me and I have been through 5 of them already! Most of the time I know more than they do! Las Vegas is most likely the place I will have to buy - a mansion for about $150k..but I have to move from my kids for which I do daycare for their kids.. that they can't afford to pay for as day care is hugely over priced!

Thanks for BR, by the way!