The increasing price of housing had made it difficult for some people to own a home. Factoring in the cost of utilities, taxes and other expenses that go into owning a home or condo the foreclosure market may be the best chance anyone has at owning a home.
There are risks of course that the person may not be able to get a loan or that their job may be phased out or lost. Though taking a chance and buying a devalued property could be a great opportunity for someone.
If you are considering buying a foreclosed property, try to find one that is not one on a block of foreclosed homes. The more there are together the greater the problem may be for the neighborhood. When there are only a few foreclosed homes in the neighborhood there will be more stability in the community.
The emotional trauma for some would make it difficult for a person to consider buying a foreclosed property from someone who possibly had to lose their own family home, not all foreclosed properties were family homes, some were owned by investment companies that went bust or couldn’t turn a profit. So, for people who think that they were “stealing someone else’s home” that isn’t always the case.
Just like any other purchase, make sure you know what you are going into. A bank owned property or REO may cost more but need less work done to it. Not all foreclosed properties are the same. There are those who will trash the house before they leave it, or that are vandalized while empty so there are some problems that potential buyers face but realizing that what you buy may not be move in ready or that you might be able to get more value than you could have afforded two or three years ago is what makes the foreclosure housing market appealing.