 TITLE: Should I Buy a Foreclosure for My First Home? CONTENT: Benefits and Risks of Buying a Foreclosure for Your First Home\n--------------------------------------------------------------\nThe main benefit of purchasing a foreclosed home is savings. Depending on market conditions, you can purchase a foreclosed home for considerably less than you'd pay for comparable, non-foreclosed homes.\nThe main risks come from the degree to which a foreclosed property can be a mystery to the buyer. Foreclosed homes are sold in \"as-is\" condition, and are typically unavailable for a walk-through before purchase.\nForeclosures may have sat unoccupied, without heat or air conditioning, for weeks or months prior to sale, and past owners may have neglected or even vandalized them. If you succeed in purchasing a foreclosed home, you'll likely need some cash (or available credit) to get the property to move-in condition.\nDo-it-yourselfers may see this as a golden opportunity for savings, but less-capable (or less ambitious) homebuyers might consider putting that repair budget toward a down payment on a more conventional purchase. END