I am exploring housing options for the near future, looking to buy my first house and willing to fix it up in order to sell in 3-5 years. I would be living in the house as I fixed it up as well. Is there any differences in buying foreclosed or pre-foreclosed houses vs. buying a realtor-listed house that’s for sale and making a low (but not too low) offer? Will it be worth my while to buy the listed house at a discount or should I go for a cheap foreclosure in order to get the best deal?

What is the diffrence in buying a foreclosure then a regular home on the market?

There is a home up for auction in three weeks. How do I go about asking the owners if they would like to sell it to me before it is auctioned off? They owe $97,000
I want to offer $110,000 it will pay off there mortage and put a little money in their pocket. If I were to buy it before foreclosure auction it would look alot better on their credit also. How do I ask these people it is such a sensitive subject, and they are probably going through a very hard time right now.

Also can you help me understand what a tax lien property is and it’s buying process and foreclosure’s buying process, which is better?

I live in Dallas, TX. Will you recommend buying a foreclosure home?
What is the advantage and disadvantage of buying a foreclosure home?
Please help. I’ll pick the best answer later.