im considering buying a house... there are a lot of foreclosures around that look pretty nice for really cheap... ive never done this though-- dont really know how to go about it...

and i have stopped following the economy... how are the banks doing now? how does the loan process work?...

basically, any advice would be great...

First get a copy of all three of your credit reports before you even start. It's surprising how many mistakes they make.

Most foreclosures have been neglected; unless you have a good back and a handyman or yourself to do the work, it's not that cheap.
Spend extra money to get a house thoroughly checked for plumbing, electric, structure, windows, roof.
Be aware of the taxes and school district. You have a child, if it's not the best can you afford private school?
You'll need to buy appliances, lawnmower, etc.
I don't know you're financial situation, but this is a buyer's market. If foreclosures aren't the best, try for a small starter home, you can always move up.
Sellers are in a bad place now, not buyers.
Good luck.

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Thanks for the information. I am also considering buying a house that's very affordable but comfortable to live in..

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I also don't have good experience about this. But when you want to buy property then loan is the first compulsion for you. Many banks provide you loan with low interest. You may take advise from RE agent.


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For Home buying advise, you get all this information at website with all brokers and real estate agents. They provide the complete facility for buying or selling property.