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MinistryofTruthAgent t1_iya2q3e wrote

It’s not a good time to buy a house. I think once the student loan moratorium ends, you’ll see more foreclosures. Keep an eye out for it then.

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ProspectiveHomeBuye OP t1_iya92lq wrote

Thanks for the advice. How difficult is it as a first time homebuyer to buy a foreclosed home? I haven’t done much research about it, but the few things I’ve read made it seem like it was risky and difficult to do if you don’t have any experience

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robertsousa4 t1_iycxqvd wrote

It can be tricky. Usually is the bank has the home on their books and is trying to “dump” it. The home could be abused by the old owners and the banks do very little to fix it up. You could get a perfect home and be lucky or get something where the pipes burst (if you live somewhere cold) and everything is broken, it’s a gamble sometimes.

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