Your child may be looking at houses simply by driving around his or her desired neighborhood and looking for for sale signs with balloons hanging from them. If this is true, then your child is overlooking what could be a very good deal. Many times foreclosures are a great way to go for a first-time buyer because of how much cheaper they are. After the housing bubble burst, many homes were left to the banks, and somebody else's financial mistake could be your child's gain. Walk your kids through some foreclosure Web sites or check into local foreclosure auctions. These typically happen on the steps of the local courthouse on a monthly basis.