Foreclosures Intrigue Home Buyers Looking for Deals

Last spring, in the waning days of the first-time home buyer tax credit, Stephen Ploski made an offer on a foreclosed home in Farmington Hills, Mich. He said the 1,400-square-foot home was livable, but needed serious updates. He was willing to do the work, and take the risk. In exchange, he got a deal. The three-bedroom, one-bathroom home was his for $49,000. He lives in the home with his wife, Ashley and their daughter Lana.

“I wanted to buy a home because the market conditions were right,” said Ploski. “This is my first home for my family. But if you do it with an investor’s mind instead of getting emotionally attached, you can get money out of it.”

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