Upcoming Foreclosures

is it wise to buy a government foreclosure seven thousand dollars over its appraised value dispite the market?

built 2006,perfect shape only needs flooring replacement in the master.ok area,no flood zone.county appraisal is three thousand more than my bid.

Public Comments

1. Don't worry about the appraised value that much, it isn't a true indication of a home's value and will change over time. If you think it will go up in value over time, buy it.
2. Depends on the state it's in and the market. Also, why pay 7k over, and not appraised value?
3. I have a friend who is buying a 3 bedroom government forclosure. After 4 years of payments, his equity is under $4,000. He's paying 98% interest. No, it's not wise to buy anything from the government these days.
4. There is a declining value trend pretty much everywhere with few exceptions....even if you buy at the current appraised value (assuming the appraiser is competent) you will still "most likely" experience some depreciation in value, not guaranteed but most likely given the current state of the economy specific to housing. If your buying as an investment (flipping) I would advise against it!, but if your actually planning to use the property to reside in- just do it!- Just keep in mind that the markets are becoming very competitive with foreclosures and short sales, and there might be a better deal right around the corner- ...so be an informed buyer- you have already taking a step in that direction.