What are risks , benefits of buying forclosed home. Buying 1st house with plan of moving to bigger in 3 yrs. Will be flipping or renting the 1st home. Will this work or foreclosed home is 2 much work

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Many things you’ll need to consider. Sometime in foreclosures people tend to trash the home before leaving it. So there may be a lot of work.

Moreover I may be wrong but from what I’ve seen fixer uppers are not for first time home buyers. Get a home you can be in for 3-4 years then upgrade.

When you live in a home you’ll understand how much of work a house is.

Construction guys out here are similar to India - they never complete on time and always go over budget.

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I highly recommend before you buying the house to get the opinion of a contractor to see how much work the house would need to be up to code and how much $$ it will cost you.

Buying a foreclosed home is a hit or miss.

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Depends. I’ve seen some foreclosed homes in great condition while others have been left in shambles because the owners knew they were getting foreclosed on. I believe you buy as is. Bank not going to do any repairs prior to you buying, but you’ll get a great deal on the house. If you’re willing to fix it up, could be worthwhile.

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