Ask Dr. Fil

Dear Dr. Fil,

I have recently started a search to buy a home. Money is definitely the biggest hurdle but I want to get my feet wet, get the process started and own my own home. I don’t mind putting in work and doing renovations, or buying a less desirable looking home. My friends keep telling me to look into foreclosed homes but I am not really sure if that’s the solution for me. To be honest, I am not even sure what a foreclosed home is. Thank you in advance for your advice. My mom is a big fan of your column so she is asking me to say hi!

Thank you,

Dazed and Confused

Dear Dazed and Confused,

Thank you for taking the time to write and ask your questions. And please do say hi! to your mom. I always do seem to make good impressions with moms.

Real Estate questions are seldom Yes or No. This one is no different. So let’s start by chatting about what exactly is a foreclosed home.

A Foreclosed Property is, typically, one that has been repossessed by the mortgage lender/bank. Sometimes, buyers are unable to keep making their mortgage payments and enter into foreclosure process. The Lender will initiate a long process before the home is finally put on the Market. Most foreclosed homes are sold at auction with the intent to recover the Bank’s investment, but they may also be listed in specialized sites or with a local Real Estate Agents. Many times, they do have very attractive price tags.

The most important questions I may send back your way is: How much risk are you willing to tolerate?

Foreclosed homes may come at attractive prices (some), but they can be a riddle. You don’t always get to walkthrough and check the interior of the home, you have no idea the legal state of affairs. You will be competing with cash heavy investors.

Since you are a FTHB with limited funds I would assess that your tolerance for risk is somewhat low. (Without a personal consultation is absolutely impossible for me to determine that as a fact).

Foreclosures are not taboo, nor should you be afraid of seeking more information about them, so thank you for your letter.

Real Estate is a great vehicle of understanding ownership, business, tax laws, land and even yourself. Never stop the Pursuit of what makes you happy to be alive.

Talk soon,

Sincerely, 

Dr Fil

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Are you or anyone you know at risk of Foreclosing? Contact today!

*The following advice is intended for mature audiences. The purpose of the column is to both inform and entertain. Any similiarity to reality is pure coincidence. Woman portrayed not a real doctor. Please use your own discretion when taking any advice

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I am Real Estate agent licensed in the State of NY with Keller Williams of Greater Rochester.