Recommend you take that initial look to see if you like the house, condition and price range. Get comparible pricing to make sure it is not overpriced and in fact because it was foreclosed, it should actually be under current market values. While you are out there, drive around the neighborhood to see what it looks like and if there are any concerns in the area. Then it is all about the condition of the home, so you can make an offer subject to an inspection. May be best to hire a professional home inspection company to get a full report unless you are experienced in the building trades, then you may be able to do the inspection yourself. At any rate, you want the electrical service panel checked and to have 200+ amps, double pane windows, the plumbing needs to be copper, the roof is a big deal--- are there any signs of leakage, is it a flat (bad), low pitch (better), or standard pitch (best) roof and will it certify with at least 5 years of remaining life? You will want to crawl around in the attic to again see if there are any signs of leakage. Then in to the crawl space to look for any unusual settling, standing water, rodents, etc. Look for any wood to earth contact that may promote rot and any insect infestations. Check to make sure all of the wall outlets work along with the appliances. You need to make your offer subject to qualifying for and receiving a mortage loan of X amount at X interest rate by X closing date. I just got a 15 year refi at 3.375%, but expect the rate on a 30 year loan will be higher. Be sure to have a discerning & objective friend or family member with you for a second set of eyes. Best of success.
