Q for the House Hunters........

Has anyone thought about buying a forclosure?? We are thinking about it to demolish and build on. Just curious if anyone has any experiences that they would like to share. Since house hunting ***** so bad

Re: Q for the House Hunters........

i know nicole, future mulligan, put an offer on a foreclosure. Its a short sale foreclosure. She might have more answers for you. I know theres more than one type of foreclosure, and i know somebody who did this and all i remember them saying is that they needed to have the down payment in cash that very same day

Re: Q for the House Hunters........

Our house that we bought in July was pre-foreclosure...it was a short sale...probably a bit different than a total foreclosure though...It took a LONG time...

Re: Q for the House Hunters........

i'm pretty sure rahana on the 08 board bought a foreclosure. she may have some insight for you.

Re: Q for the House Hunters........

we but a bid in on a foreclosure...they accepted, but then we had an engineer come in and check it out. it ended up being too much work so we backed out.....

I feel like we're never going to find a house!

Re: Q for the House Hunters........

We're going through this right now! We found a house we LOVE, it's a foreclosure and we're having a really tough time since we already own our co-op and would have to sell that first before they ever consider us. We're currently in the process of trying to get a 2nd mortgage just so we can get this house. We'll undersell our co-op, we don't care! But I think it just went on the market yesterday and the guy we spoke to said there's already 15 bids I HATE HOUSE HUNTING.

Re: Q for the House Hunters........

I bought a short sale. It took 7 months, if you have the time it might be worth it

Re: Q for the House Hunters........

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Posted by soon2bmrsVPT

I bought a short sale. It took 7 months, if you have the time it might be worth it

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Exactly...if you don't have a set timeframe, then short sales might be good to look at...but if you want to be in within 3 months or so, don't do it.

Re: Q for the House Hunters........

This is probably a stupid question but what takes so long??? We will be looking at bank owned foreclosure, im not sure if that makes a difference. I agree IT DOES S U C K

Re: Q for the House Hunters........

We actually put a bid on a house in St James, we bid 50K lower than the asking price 8 months ago! They turned it down. Guess how much less they are asking now?! They orginally wanted 425 We offered 375...its on the market now for 339!!!! Yeah so thank God we didnt buy it at that time. We ended up finding out it needed about 35K worth of work...the engineer said the entire house had to be lifted up and all of the beams and floor boards need to be replaced do to mold and mites! GROSS.....so ever since that we put a hold on the housing market. We are waiting it out....at least until the winter before putting another bid. Bank owned homes or a short sale can be time consuming because the banks are waiting for the highest bidder and there are more people you have to deal with, you also have to look into it closer because when you buy a short sale, the house is sold AS IS....and there is a transfer tax usually involved.

We look up houses here and there on the internet but we arent going crazy any more...it gets exhausting!

Re: Q for the House Hunters........

My own head was numb from the foreclosure end. I find the houses to need alotttt of work .. almost to much work. We were looking in Massapequa and Seaford a good majority of those houses were half finished, or the construction was stopped. Can't you imagine walking into a house with hardly any walls.. We have also noticed a big drop in the market.. (obviously becuase of whats going on ) and also because people are realizing that they are charging way to much for homes.. We are waiting until the winter to seriously buy.

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Posted by curiousgeorge

We actually put a bid on a house in St James, we bid 50K lower than the asking price 8 months ago! They turned it down. Guess how much less they are asking now?! They orginally wanted 425 We offered 375...its on the market now for 339!!!! Yeah so thank God we didnt buy it at that time. We ended up finding out it needed about 35K worth of work...the engineer said the entire house had to be lifted up and all of the beams and floor boards need to be replaced do to mold and mites! GROSS.....so ever since that we put a hold on the housing market. We are waiting it out....at least until the winter before putting another bid. Bank owned homes or a short sale can be time consuming because the banks are waiting for the highest bidder and there are more people you have to deal with, you also have to look into it closer because when you buy a short sale, the house is sold AS IS....and there is a transfer tax usually involved.

We look up houses here and there on the internet but we arent going crazy any more...it gets exhausting!

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Re: Q for the House Hunters........

I'm already in contract on a house, but I would def. buy a forclosure if the right one came along when I was house hunting. They are often hard to get there hands on since the banks own them and they sometimes go to an insider. We actually put an offer on a beautiful forclusre a few months back at a great price, but someone got it before us!

My view is a house is a house, A forclosure ususally just means you may get a better deal!

Re: Q for the House Hunters........

My parents bought a foreclosure - ultimately it was worth it but it needed a TON of work. People like my parents who are settled were financially able to do that, but if you don't have the liquid cash to redo things, you may not want to.

I work for a law firm where attorneys are often appointed referees in foreclosure actions. My boss has told me that he has seen beautiful homes foreclosed on and after the sale, the people refused to vacate. Then, as the new owner, you better have the $ to bring an action to eject them from the premises. Then, if they are resentful, they may do things like cut the pipes and flood the house, etc. Could you theoretically sue them for that? Sure - but these people just foreclosed so they're not going to be able to pay a judgment. Obviously this is a very worst case scenario, but they've seen it happen so I just wanted to mention.