Buying a home is most likely one of the biggest investments you’ll ever make. Even if you are an experienced condominium owner, the experience of buying your first single-family home will be an exciting and possibly challenging time.
Buying a foreclosed property is often plugged as a way to get a terrific deal on a property although the foreclosure industry is tightening up with today’s relatively strong job market. There are two ways to purchase a foreclosure property – at auction, or, if sale is unsuccessful at auction, after a bank has taken ownership. These types of homes are also known as REO, or real-estate owned homes.
Buying a home is an emotional process and it is easy to get caught up in the excitement. It is important to avoid pitfalls when making a home selection and to make as many rational decisions as possible. Buying a home is also a significant financial decision and often requires you to differentiate between what you want and what you need. What needs to be in existence versus what can be added later is another financially based train of thought. What do you look for while house hunting?