I have a trust fund worth $60,000 that i get when im 18, and im set on buying a foreclosed home or apartment, but what is the best way i can go about doing this? im planning on paying in full, but will i be taken seriously because im only 18?
definitely contact a realtor... and if you dont want to go about paying one... then the best bet i can also tell you is look in your local paper...watch for forclosure listings..go look at the property..since the downside of buying a forclosed property w/o a realtor is that you cant look around the inside of the house before you purchase... most the ones in the paper are sold AS IS... you can drive by and see the outside.. but when the auction starts and you buy..its sold however you bought it. One more problem on your hands is that most realtors scoop up forclosed properties for themselves..they buy it through the company... mark it up and sell it for twice what they paid..they might pay $100,000 for a $500,000 home.. then sell it back for $500,000. A Realtor once told me they do this because the companies get the foreclosure list WELL BEFORE.. the public ever sees it..so they usually get the properties.. thats why you see A TON.. of homes sold by a popular real estate group
find a realtor an go hunting in your price range. Since paying cash you will not need a mortgage
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