Buying a foreclosure can be a good idea. But remember one thing before you make this move: you may need to put in some work. Most foreclosures are beat up ? Some worse than others. Once an owner knows that their home is entering foreclosure they give up on it. In turn, by the time a buyer comes around it has often times been damaged and is in need of some major upgrades.
So, are you willing to put in the time, money, and hard work? Since you can buy a foreclosure well below market value you may be open to all the work that needs completed. Before you decide, make sure you know who will be doing the work. Will it be you? Or will you hire professional help? This is important from a budgeting perspective.
For some investors a foreclosure is a dream come true. For others, this is not what they are looking for. No matter what, make sure you know the pros and cons of buying a foreclosure. Also, take note of how much as well as the type of work that needs to be completed. This way you will know for sure what you are getting yourself into. Investing in a foreclosure can be a great move as long as you know that you will probably have to make some repairs.