Are buying home forclosures a good idea?

we are looking to buy our first home,%26amp; stop renting.now we live in one of yhe MOST EXPENSIVE areas to buy a home,palm beach florida.home forcloseres are on the rise in florida because of people unable to make their insanly large mortgage payments.anyways i found some very cheap beautiful homes that were forclosed on and i was wondering the pros and cons of buying these.Are buying home forclosures a good idea?
I suggest you look at REO properties instead of foreclosures. The difference is REO(real estate or bank owned) have titles that are clear. Foreclosures can have back taxes,liens and other items attached. Buyer Beware....Are buying home forclosures a good idea?
What hollywoodmelody means is to be careful about buying a house ';at the courthouse steps';. That's when the trustee for the bank offers the house for what is owed to the bank - but there may be other liens owed. So that's for people with experience, and maybe some money to risk in case of surprises.





What you can buy is any of the three kinds of foreclosures - REO (Real Estate Owned, by a bank), HUD Houses, and VA foreclosures. On all three of these, you can get a title policy to ensure clear title.





I've sold all three kinds of homes and have had the best results with the HUD houses. With the rise in foreclosures though anything is possible. Banks do not like owning houses.





Good luck!
If you can afford it, buy it.