Upcoming Foreclosures - what is the best way to buy and afford a nice cheap house?

what is the best way to buy and afford a nice cheap house?

example : auctions, foreclosure, HUD, pre-foreclosure, etc. example : auctions, foreclosure, HUD, pre-foreclosure, etc. And what ever answer is giving, please explain why? thank you

Public Comments

morgage
They are all good ways, but all require a bit of research so that you understand fully what you are getting into. Also in the US, if you make below a certain amount of money , and it is your first home purchase, you may qualify for a first time homeowners loan.
You probably need to have the money up front for a foreclosure or auction...HUD...is I believe when someone has a fanny may loan, and defaults on it...then, the house becomes a HUD...(which by the way, I feel is corrupt) and, i will give u an example....i have a neighbor who purchased the HUD house. Well, it now is being used as a vacation home...this is not what the HUD program was supposed to be...you are to live in the house year around... anyways, your best bet is to find an area that is expensive to live, and, find a cheaper home in a nice neighborhood.
I have never heard of HUD selling in vacation areas. There aren't many HUDS available. I am looking to build a low income apartment complex and have been trying to find help from the HUD website. What is best for you really depends on your circumstances and what you are looking to do. I buy strictly to invest and have cash so auctions work for me. The foreclosure homes can take MONTHS to acquire, so they are not a good investment, I simply can't have my money (they are sold for cash as well) locked up doing nothing for very long. If you are looking for a place to live, or you are new to investing, your best bet is going to come from a really good real estate agent and a good, FIXED mortgage. Don't go for the subprime game, just look around, they are loosing everything.
The best way to find an affordable home is to go to www.exitbrian.com leave your contact info and I'll have a local agent help you out. Buyer services are FREE to the buyer.