Although foreclosures can be a good deal, they are fraught with many potential issues and dangers many first time home buyers are not prepared for. Make sure you understand exactly what you are making an offer on.
Before you start looking at a home with a real estate agent, understand exactly what you can afford. Ask for a pre-approval based on your income and assets. The broker will look at your income and debts to determine what you can afford.
Know the real estate agent
Make sure you find a real estate agent that is looking out for you. Although most agents make a commission, it doesn’t mean they don’t have your best interests at heart. The best agents are the ones that take the time to go over the risks associated with each potential property and helps to weigh them with the benefits.