Is buying a foreclosed home a good buy or is it usually more trouble than its worth? I've heard sometimes foreclosed homes can land up costing more. Is this always the case? How can you avoid bad foreclosure purchases?

Question:  Is buying a foreclosed home a good buy or is it usually more trouble than its worth? I've heard sometimes foreclosed homes can land up costing more. Is this always the case? How can you avoid bad foreclosure purchases?
Jack H. from Overland Park, Kansas


Answer: It really depends on the property, Jack. I recommend that a comparative market analysis is completed when looking at foreclosure properties. Complete an analysis in "As-Is" condition and in a fixed up condition. In addition have an experienced inspector who has inspected foreclosure properties inspect the property. If a buyer takes their time and do their due diligence, buying a foreclosure property should be very easy. If a home buyer cuts some steps, there maybe many surprises after closing. 


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