So for some context, I found out I was pregnant back in December so my fiance and I are really trying to find a place to call home. So we don’t have to fit 2 dogs and 3 of us in a tiny room.. (early 20’s)
We both work, but in northern Indiana apparently anything under 200k is in horrible areas.
I don’t need perfect as I’m due later this year! I would love something affordable with some remodeling to make it a home.
Would foreclosed be a decently affordable option?
Looking to buy as a First Timer!
byu/Existing-Vacation-89 inRealEstate
Posted by Existing-Vacation-89
3 Comments
First step is to find a knowledgeable local realtor and ask them to refer three local lenders to talk to.
Find out what you can comfortably afford.
Foreclosures are generally not for FTHB’s. Lots of investors bid on them cash and most need work. Do you think someone that wasn’t paying their mortgage was paying for regular maintenance?
>but in northern Indiana apparently anything under 200k is in horrible areas.
So you want to spend more to have a better location?
>I would love something affordable with some remodeling to make it a home.
Understood.
>Would foreclosed be a decently affordable option?
No. Not sure why you would think that. Professional investors are always looking for opportunities like that. And they have CASH.
As someone who used to work for foreclosure law firms, and worked on the REO properties…make sure you get full inspections done, is all I can say And don’t buy sight unseen.