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Buying a Foreclosure? how is the process different


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So ive got some cash saved up for a dp on my first home, also have someone whos willing to go in with me on the purchase as an investment in both myself and the property that being said how is the process for buying a foreclosure wither it be bank owned or not? I am looking for a place my fiance and I can work on so im expecting it to have some issues. Any advice is appreciated.

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problem is where i live buying cost less then to rent...example...

 

rent assuming you want a place with out bullet wholes in the door will be 750-950 for a 1 bedroom

 

many decent places to buy in the 75-85k range on a 30 yr fixed including taxes...is not going to be over 1k a month...not to mention the deposits which in most places you dont get back are around 1500 so might as well save up for 5k and make a down payment on a place.

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I live in a condo. I bought it 4 years ago for 59k--1,000 sq ft, 2 bedrooms, 2 bath. Plenty big for one person. They built a research park up the road, so the value of the condo has jumped to about 77k now. Living in a condo, you'll have to pay condo fees every month, mine are $100, but that's more or less depending on the association. But you don't have to worry about building upkeep or mowing grass, you know? Some times the fee includes other things like water or cable(mine doesn't, but the condo I lived in before this one included water). Both condos I've lived in had pools.

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