Has anyone bought a house on a forclosure?

We looked into one - there are foreclosure notices in the newspaper in the legal notices or you can sign up on certain websites for more information.

There are good things and bad things - you might be able to get a great deal on a home but, you are buying it sight unseen (and many times the people are destructive before they lose ownership). Also, in some cases, they don't want to leave - so there are lengthy legal proceedings involved.

The house we were looking at, along with many others, actually didn't go to auction because the person refinanced beforehand.

A lot of people who are foreclosing though at this point might owe more than what the house would sell for on the market, since prices are dropping!

We did a lot of research (and my uncle is a lawyer who used to deal a lot with foreclosures).

The house we were looking at - the person only owed about $80k on his mortgage - in a great neighborhood - definitely too good to be true!!!

Also be careful with forclosure b/c from what I remember you have to pay for it upfront in cash... i don't think you can take a mortgage for it..

I could be wrong.. but i thought this was the case.

I didnt know you could do this-can someone explain this to me? because sadly I dont see us getting into a house right now with the prices