Foreclosure

Has anybody purchased a foreclosure? It is a little scary because they don't let you turn on the water or heating to make sure it works and basically if anything is wrong it is your responsibility to pay to fix it in order to get a mortgage

hopefully everything will work out ok but maybe you can have an inspector look at the outside of the house (under wraps of course)- check for termites, look at the roof, etc- they might even be able to check the electric box if its outside

We didnt buy a foreclosure but we bid on quite a few of them.

We had FIL come with us to do all the inspections. He is really good with all of that stuff so that helped us determine what was a good buy or not. Best advice I can give is to get someone who is experienced in that area to inspect it.

Or hire an inspector to do but that can get pricey especially if you have not been accepted yet.

Also, all the foreclosures we bid on we had to be prequalified for a rehab loan (not a regular mortgage).

i would say have it inspected and if you can afford to fix all the *potential* issues that you can't have checked out (like electric stuff and plumbing)then go for it......i would just bank on it needing a new everything to be safe and overly cautious (like worst case scenario)....if its still affordable/good price even if you had to fix everything then i would def go for it....

The problem w/ a foreclosure is that when you can't enter the property, you don know if there are even walls inside. Pipes could be missing, etc. It's a risk, but you could get a good deal on it.

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Posted by kimNanthony

We saw the house yesterday, the inside also.

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oh so its REO, not bidding on a foreclosure? As long as you can see the inside and get an inspection, you should be ok. But, I have heard of people crushing glass and putting it down the drains and stuff like that. Some are perfectly fine though.

Just to clarify - You definitely are allowed an inspection. In fact, I can't imagine any mortgage company backing the sale without an inspection.

We just bought a foreclosure. And we saw the inside of the house several times before making an offer. We were also TOTALLY allowed to have it completely inspected and we were reimbursed for some repairs. I say some because were could not submit bills for any cosmetic repairs. But anything that would stand in the way of inspection or make the home unsafe.