Buying a house

You're unlikely to find a foreclosure. Delinquencies are at all time lows. 91% of the county is under 6% on rate. Most of the country under 4-5. An absurd amount under 3.

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I will be a first time home buyer.

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Get a well conditioned home. Foreclosures aren't for the faint of heart.

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know this is probably been posted before but I'm looking to buy a foreclosed house

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FHA can require repairs and on foreclosed property, 99% of the time FHA appraiser would call some out and the bank isn't in the business of fixing up property.

I think in 2 years we'll start seeing some foreclosures with costs so high.

Rates are much better on FHA/gov loans but that also means those buyers are usually not as cash heavy to fix up a place.

I'd focus on a well cared for non foreclosure property on your first one.

I had a tip on a house in a very desirable subdivision near me. It's not in foreclosure, nor is it under actual distress.

Divorced woman with two kids. Having a hard time keeping up but has managed to make the payments. House in good condition would easily be worth $700k. Listed for $525k.

Had about $30k in damage that I could see. Rotten wood mainly. Landscaping was a disaster. Front door needed replacing. The story is she is barely making the mortgage and can't afford to make repairs. The HOA is fining her but has agreed to waive the fines if she sells the home due to her divorce.

I'm passing on this, but I'd look for a house like this.

Buying a foreclosure with financing is tough. Banks aren’t really set up for this. You really need cash or you end up paying an exorbitant interest rate if you can find financing. I’d look at Homepath property.