As a first time homebuyer, there are a lot of things to consider when purchasing a home and many people will recommend that you stay away from foreclosures but I think that they can be some of the best bargains in this market.  There are other bargains of course including motivated sellers that have been in their homes for a length of time and have a good amount of equity, people who are in a divorce situation, or people relocating out of the state.

Some foreclosures are not for the faint of heart, this is true.  But most of the foreclosures we're seeing in todays market were just sold between 2005 - 2007 and were in geat condition when they were purchased by the previous owner.  Many people who have lost their homes are not trashing them.  Some are angry and damaging walls and taking appliances, but some almost look like model homes - it's true! 

You will want to make sure you are pre-qualified so you know exactly the price range you're going to want to look in.  You'll want to research the areas that you are thinking about living including types of homes and prices so that you'll know when that bargain hits the market.  You'll want to have your Realtor put you on an automatic e-mailing so that every single day as a new home with your criteria is listed for sale, it will be in your e-mail box and you'll have the information right away.  The best deals are going under contract in less than a week in most cases so you'll need to be ready make a decision quickly.  And that quick decision can get you a home with thousands, many times tens of thousands of dollars in instant equity, even in this market!

There are some potential pitfalls when dealing with purchasing foreclosures, but get yourself a good Realtor with foreclosure experience and they'll school you on the process.  Remember, the bank will even pay for your Realtor so you'll have an expert to help guide you through the process!

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To list your property for sale or to purchase a property in Maryland, call Lisa & David Webber, ABR, Licensed Realtors®.  For more information on our services, please visit our profile or our website. 

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