Hello Everyone - My first post

[cbook]

I am looking to buy a house. I am fairly handy and wonder about the practicality of pursuing foreclosed houses. Is the hype worth it? What are the consequences or sticking points in getting involved with these houses?


Thanks for reading - this is an awesome forum!



Cheers,


Charles

[Malok]

Welcome to Real Estate Forum.


Foreclosure laws vary significantly from state to state. Not all states are investor friendly, and in fact, some are quite anti-investor with things like rights of redemption, etc.


Also, you need to know what your market is doing: is it appreciating? depreciating? whats it expected to do -keep going up/down?
Some markets are fairly well known to be hurting (like areas in Florida, Michigan, etc). And others seem to be on a real boom (like Austin TX, etc).


I'd recommend getting with a COMPETENT REALTOR that does investment properties in your area, that can provide you guidance.

[cbook]

Thanks! I appreciate that reply - how do I choose such a realtor? Things I have noticed are this:

1.) I live where Ft. Benning is located and there is going to be a huge influx of troops here in the next 2-3 years due to the base realignments and closures.

2). There are a gob of houses for sale here. All kinds.



Charles

[cbook]

Well, we decided to just move in with my GF's parents for a year and save some dough. We are going to be dropping about 1800-2000/mo into a savings account of some sort. Any suggestions on a where to put this money we will be saving?


Thanks,

cb

[Hannigan]

Well, we decided to just move in with my GF's parents for a year and save some dough. We are going to be dropping about 1800-2000/mo into a savings account of some sort. Any suggestions on a where to put this money we will be saving?
I'm not sure why Malok advised you to seek guidance from a COMPETENT REALTOR about foreclosures. If you had sufficient industry knowledge to distinguish competent agents from incompetent agents, you would know more than most agents.

I'm not sure what the criteria of competence are either. Typically real estate agents don't profit by offering dispassionate, objective information about foreclosures to lookie-lou bargain hunters. Expect most 'competent' agents to attempt to build a relationship with you, and eventually steer you toward buying listed properties through them.

This might not be the worst thing for you. Market trends, financing, job security, your personal tax situation, all factor into a decision of when and how to buy.

However, your situation isn't complex. If you like your GF, save your relationship and spend the $1800-$2000 on rent or a mortgage. ;)

[cbook]

Sorry, I should have been more specific...I meant what kind of account should I put this money in? High yield savings, money market, or something of that nature. Thanks, cb

[IggysListing]

First of all, I am not a financial adviser.
However, I recently put some money in an online savings account
with HSBC. They were paying over 5% with no minimums. It just
dropped to around 4.6%, still pretty good.
Etrade and a few others have a similar program.