In a buyer’s market, I feel like an opportunity is slipping through my hands by continuing to rent instead of trying to buy a home. Problem is I don’t have cash for a down payment and was wondering if it’s easier to buy a foreclosed property with little to no money down?
3 thoughts on “Tired of paying rent, but not enough funds to pay down on a home- is it easier to buy a foreclosure?”
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No, it is not easier.
I wouldn’t worry too much. You are likely to many opportunities to buy over the next several years. The housing market in most of the US is dire and not likely to improve for at least 18 months…and more likely 3-5 years.
It is difficult to exaggerate the extent of the disaster. If you are over the age of 45, the housing market is unlikely to ever be "normal" again in your lifetime.
Being a home owner is generally exaggerated on the up side and down played on the down side. Likewise, the advantages of being a renter are rarely celebrated.
The thing no one is ever going to tell you is that it is only a "no brainer" to buy a house rather than renting if you can put down 100%. It is only a no brainer to buy with a mortgage if you have a very stable job, have a family with kids and put down roots in this particular house for at least 15 years.
The investment potential of home ownership is and has been wildly exaggerated.
not possible
however, you can buy via a lease option or a land contract………..
I can guide on either if desired
Foreclosed properties can be a better buy but you have to be careful because some of them have not been taken care of very well. Having said that, loans are starting to get harder to qualify for now.