As a person who recently purchased a foreclosed home, I am familiar with the search, sale and work it takes to make the house a home. Most foreclosed properties do not spend much time on the market due to the money saving deals on them. And most will require some work.
Take for example the home I purchased. The basement had been flooded, the plumbing missing, the furnace broken and all the rooms required painting, drywall and new carpet. The money it took to repair the home was and still is a lot. But you can't deny the incredible deal in a desirable neighborhood in Jackson Township.
To save money, we did most of the work ourselves only hiring outside contractors when it was absolutely necessary. In the United States, one out of every 666 homes is in foreclosure. And, according to Realty Trac, there are 2,305 homes in Stark County that are currently foreclosed and available for sale. In Canton alone, there are 1,177 homes listed in foreclosure. These statistics are still high but there are beginning to be signs of improvement in the real estate market.
So is buying a foreclosed home worth it? There are many things to consider. You have to take the time to do the research, you can't be afraid of home repairs and you have to have the stamina to work hard and prepare for unforeseen problems. But with a lot of hard work and perserverance, the initial investment can result in a money windfall or a beautiful home for you and your family.