how to: buy a home

Ready for a new nest? Whether you’re looking for your very first place, or it’s time for an upgrade, we’ve got guides on renting or buying a home that will help ease you through the process. Start with the basics -- condo, co-op, or house? Our home buying help will give you the pros and cons of every option. After deciding what you want, you’ll need to settle on where to live. Our tips on how to find a home will help you pick the right neighborhood and even tell you how to give it a test drive! If you’ve already narrowed in on a neighborhood, you’ll want a real estate agent, and we’ve got the questions you must ask before you hire one. Once you’re on the house hunt, our Q&A can help you through every step of buying a home. From dealing with agent fees, how much to bid, managing mortgages -- even when it’s smarter to rent. You’ll find home buying help for every sticky situation. In addition to tips on buying a house, we’ve also got advice on selling your old one. Take a peek at our advice on organizing an open house, the dos and don’ts of selling it yourself, and our handy selling your home checklist. Our tips on buying a house will take you right through to the end, from dealing with inspections to making an offer. Once you’re ready to make your move, check out our moving checklist and the first things you should do in your new space. Welcome home!

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Q&A: Buying a Foreclosed Home?


Is there any advantage to only looking at (and buying) a foreclosed home?


The Nest Q&AYou can get a pretty good bargain on some points, but don’t ever think you’re going to buy a house for a ridiculously low price. The bank is still involved in the foreclosure process in court, and they have a certain dollar that they’re owed.

Say the bank has a house in foreclosure and there’s $100K still left on the mortgage. Even though there’s more inventory, a bank will still likely bid up the price to the amount of the mortgage to recoup their losses.

Unfortunately, there is a big problem with buying foreclosed properties. You can’t get inside the house, so you have no way of knowing what’s going on inside. You could love the outside, but once you buy the house and finally get inside, you could find that the previous owner ripped out all the piping to sell the copper inside because he or she was angry at the bank. Suddenly, you don’t just have a $125K house; you have a $125K project.

Nestpert Jeff D. Opdyke, author of Financially Ever After: The Couples’ Guide to Managing Money

-- The Nest Editors

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