Need someone with experience with foreclosures - Buying a Home

[Regina Johnson]

Hello there,

I need someone with experience in my area in dealing with foreclosures because I would like to purchase a home. Thank you for any referrals anyone could share in advance!

[Ron S.]

You have obstacles in front of you. The first one may be the misnomer that you are going to get a bargain. The second one may be a component of the first one. IF there is a bargain available, chances are it will have deferred maintenance and you would be very limited in what you may be able to purchase with a loan, as a first time homebuyer. If its in foreclosure, and has any deferred maintenance of a material nature, you'll have to either pay cash or do something like a 203K loan which would not be available in 99% of the circumstances, due to time required to facilitate that kind of loan. The foreclosure will more than likely beat you to the finish line and the lender will more than likely not be able to push it ahead any faster. The third issue is, you would be competing with professionals waiting with cash.

Why not look for an open market home for sale?