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I am planning to purchase foreclosed home as I have heard that they are quite cheap. Is there anything that I should check out before buying a foreclosed house?

Buying a foreclosed home is a good way to either make money or gain immediate equity in a home.

The first thing to check is the neighborhood. Don't go any further until you've done this.

Second, check to see how close schools are to the neighborhood your house is in. Other amenities to consider are shopping, parks, and possible neighborhood upgrades. Is shopping close by? Is there a park for the kids near-by? Is the city going to revitalize this area of the city? All of these issues will have an impact on how quickly you can sell the house and for how much. All of the points mentioned above will either bring value to the home or take value away.

Sub: #1 posted on Wed, 12/01/2010 - 10:53

paulcahill80 paulcahill80

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