Upcoming Foreclosures - First Time Home Buyers?

First Time Home Buyers?

My hubby and I are ready to buy our first home. We just want to make sure we don't get taken advantage of or screwed over in the process. Any advice on this? We are not too concerned about the loan process b/c he is in the Air Force and we are getting a VA loan at a low FIXED rate. Any tips on finding the perfect house? We have seen a lot of HUD foreclosure homes, are those bad to get into? When I think of HUD I think of assisted living, but come to find out the previous owners just had FHA loans and they foreclosed and the homes went to HUD. Any tips/advice at all will be appreciated! Thanks!

Public Comments

Foreclosed homes can be good deals, but something is almost always wrong with them. You can expect to pay a lot of upfront money just to bring the living conditions up to standard. It would be helpful to take a first time homebuyer course. They are inexpensive and can be completed in just a few sessions, but the advice is priceless and will save you thousands. See if your county or a neighboring county offers such a program.
yes I have advice on this; interview on the phone or in person, 3-5 exclusive buyer's agents at real estate offices and if none exist, settle for the most knowledgeable 'regular' buyer's agent. DO NOT allow the agent to show you any of their office listings! [that creates DUAL AGENCY legal concerns which can affect the service you get.] IF you need more help, let me know. also check out the annual county tax foreclosure sales via your county accessor's /treasurer's web site. and bank foreclosures.
Look at lots of places and keep an open mind, potential to make money on the place as he is in the airforce i dont imagine you will live there for many years to come. By cheap in a place that is going up in value. I just bought/am buying a house for 290,000 it needs work, after i paint, put up a fence and put in a car port i can sell the property for alot more than i bought it. Its a 723sq block but because it hasnt had that much care taken and little decorative stuff i got a good price. SOrry i dont know what HUD is or FHA but we got a shared equity loan with the government which we borrow 60 percent and they borrow 40 im in australia and as we fix things on the house the price of fixing things comes of the 40 percent. anyways just something im patienent about at the moment good luck and i hope you find the right place
I bought 2 HUD homes and they were fine. I had to spend a little more than i expected. I later realized that i paid almost exactly as much as i would have paid to have a pretty house in the same neighborhood. I think i would buy the nice house if i had to do it over again. The repairs cost me $7,000 and that was all cash. That is a lot after you've already used money for closing costs. I'm a veteran but i've never used my VA loan privileges. VA loans are more expensive than other loans. That doesn't mean they are bad. Their one good feature is that you don't need any money down. That is fine if you don't have any money. If you do have money , the other loans cost much less. But don't worry about loans. I think you have the correct attitude. Many people miss all the fun of house-hunting because they are "worried" about making a mistake. You will make lots of mistakes. That is guaranteed. But most people wish that they could have enjoyed the process. I hope you can. The world is yours.
Read this article on closing costs, which are the expenses you can expect to pay when you sign, also ask for a HUD-1 statement, the article explains everything, http://www.monitorbankrates.com/mortgage-closing-costs