Is it a good idea to buy a foreclosure property as a first investment?

I'm pretty sure they won't as it's foreclosure.

Lots of times banks just let properties sit or even start foreclosure and never finish.

Is there a potential risk where a bitter owner might trash the house upon closing--or does that generally happen more with foreclosures?  

If there are no takers for the property, you may want to ask your mortgage holder about a deed-in-lieu of foreclosure. 

Hi All,Just getting my feet wet in the foreclosure Auction business and had a question.  

I saw a HUD foreclosure in my hometown today and ended up making a cash offer.

They have done a loan mod and they want to keep their homes.Maybe you mean people in preforeclosures or those who got a lis pendens or those who have received Summons to Foreclosure?

Is it possible to do a contract deed purchase on a property that is in foreclosure in Florida?

Northeast of Los Angeles.My investment career wasn’t looking so hot.However, rattled as I was, I was an avid fan/reader of Warren Buffett (still am as a matter of fact).I was confident that times of panic were the best times to look for golden opportunities.Ok, I was fairly confident.If I would’ve been REALLY confident, I would have bought up everything I could get my hands on.Instead, I stayed the course and stood by my plan.I kept contributing to my IRA and 401k, and began looking for another property to purchase with the intent of living in it while stationed in the area and renting it out when I moved.Now, looking back, I realize that I made another rookie mistake.When searching for the property, I did not educate myself and become an expert in my new market.Granted, it’s a little more difficult for military members to accomplish this as we only get about 8 – 10 days to find a place to live.However, I could have started the process from Ohio.Anyways, for those that know the area, I found a foreclosure in a great neighborhood west of highway-14 in Lancaster, CA about 40 minutes for base.The previous owners had purchased the property at the peak of the market for ~$450k.It was now being listed at $195k.If I were in their shoes, I think I would have taken the hit too and walked.Well, probably not due to my security clearance, but I digress.