A big Thank You to Ross for going over how he just purchased a foreclosure.
- He figured out what he could afford and asked for referrals from people who had great experiences with a Realtor and great experience with obtaining a mortgage.
- He visited over 40 foreclosures before deciding.
- He purchased his home for six figures lower than comparable houses.
Everyone will have an opinion.
- It's time to buy.
- It's time to sell.
- It's time to wait.
You need to figure out what is right for you.
Personally I think it is a time to wait.
Ross has proven it's a time to buy.
Everyone is at a different point in their life.
To play it safe you should:
- Buy when you intend to stay in the home for at least 5 years.
- Have a good credit score of above 700.
- Have at least a 10% down payment.
- Six months worth of your costs in cash.
- Make sure you aren't stretching yourself too much.
Here is a Spreadsheet to help you figure out what you can afford.