Foreclosures! They have unique issues, not just for the person losing their home or for the lending institution that now owns and markets the home, but also for the person buying a foreclosed home. Everyone thinks that buying a foreclosed property is the way to go in this market so that you can save a heap of money, but in reality it doesn’t work as well or as often as you might think.
Let’s take a look at the foreclosed property for a minute. First of all, we have a property that has been someone’s home and was probably pretty well cared for or possibly, it was a rental and has seen better days. Either way, the owner was not able to make the payments for whatever reason and when they stopped making payments, they probably also stopped with their upkeep of the property. So, most often, you have a home that has been vacant for a few months with an absentee owner (a bank or mortgage investor) that is unwilling to put any more money into the property than they already have invested.
The home could be in need of a new furnace. It might have carpet that looks like the former owners had cows for house pets or it might have a roof that is barely keeping the rain out. Are you prepared to make those repairs as soon as you buy the home? It may or may not still be a good deal as long as you do your homework. Number one on the homework list of things to do is to find a good lender that can help you with an FHA 203k Streamline loan so you can get those repairs done. Take a look at this recent post about this the 203k Streamline.
*This is not an offer to lend. 
Obama Refinance Plan For San Jose Homeowners AnnouncedHome Affordable Refinance Program Update Harp 2 Bay Area San Francisco California March 2012 Guidelines for Purchasing a 3 to 4 Unit Property with FHA Financing in Alameda, CA8 Year Fixed to 30 Year Fixed. You Can Choose Your Loan Term In San Jose
