Buying foreclosed/government ceased property good idea or bad idea?

Colonel style house - Buying a home is serious business and an big investment.
@apples99 (6564)
United States
July 18, 2009 5:59pm CST
If your a first time home buyer would you consider buying a property that has been foreclosed on and put back on the market, or a property that has been ceased by the government? I'm not so sure that buying a home like that is such a good idea, I think its better to go through a reputable real estate agency instead of buying one thats been ceased or foreclosed on. but whats your views on this do you think its a good idea or bad idea to buy government ceased property?
1 person likes this
2 responses
@tdemex (3547)
• United States
19 Jul 09
There's a lot of ifs in this! Do you plan on living there for a long time? Is it just for investment? Can you afford to sit on it til the market improves? I had a friend in AZ but he was rich his wife was in real estate, and I was in construction, she would find these and he'd buy them thru a company he formed. She got commission for the buy and the sell, I'd fix them up, and give them lots of curb appeal, she'd sell them and we would divvy up the profits. We made a lot of cash doing that but the market was different. If your planning it for your self my sure you get it inspected for no surprises. Do a search on taxes and the going rate for comparable homes in the area, price wise. Set a limit on your bid and go for for it! tdemex
@apples99 (6564)
• United States
19 Jul 09
Well if I were to purchase a home it would most likely be my permanent resident's I would be looking for something thats move in ready not something that would have to sink in a lot of money into, becuse I'm not rich but I'm doing ok lol, that might be somthing to consider later as means of earning extra money, but I'm not so sure I would want to buy a government owned or ceased home to live in for life.
1 person likes this
@tdemex (3547)
• United States
19 Jul 09
In todays market there's a lot out there. but I've never seen one that was move in ready. You'd be hard pressed to find one that required no repairs! But hey you never know! Good Luck! T-----
@echomonster (2228)
• Greenwood, Mississippi
6 Aug 09
You can get some good deals on foreclosed properties so I think it's well worth considering. You should go into it anticipating that there will be problems with the property. Do what you can yourself, but also be prepared to call in the experts to do some difficult repairs and anticipate that those costs will be just as real as what you actually pay for the home.