Buying a foreclosed house can be a very rewarding experience if you do your research diligently. I know because I was lucky enough to purchase one in the summer of 2010, after many months of house hunting. A new property is a huge investment for most people and as such, should be considered carefully.
In this article, I’ll summarize some of the key questions to think about before deciding to sign a purchase contract for a foreclosure. I’ll also add some of my own personal anecdotes and share parts of my experience. If you’re interested in buying a foreclosure home, these points are important to consider and can help you build a healthier financial portfolio.