We are interested in knowing about all options in how to buy a home!
Is it worth it? Seems to me it's too good to be true because if it was such a great deal, everyone would be doing it. Unless you get a great deal on the house, but the taxes are too high to afford the upkeep.
Any info?
Thanks
sept20yay
Posted:
Member since
Re: Anyone purchase a forclosed home?
we looked into it, but our lawyer advised us not to buy one. A lot of times the people are bitter about being forced out of their house and take the attitude- if I cant have the house no one can and build up resentment toward the buyer for benefitting from their misery. So they sabotage the house and they could do it all they want according to the law as before you close it is legally their house. I have heard of cases where people pour cement down the toilets, break walls down, infestate the house before the new people move in. I did not want to take that chance.
Also you have to pay entirely in cash to the bank with no mortgage. That is rough for a lot of people.
boosh78201
Posted:
Member since
Re: Anyone purchase a forclosed home?
My next door neighbor had to foreclose on his house. He was really thick about it. He refused to leave up to the point the new homeowners had to call the cops to escort him off the premises.
Maribelle7777
Posted:
Member since
Re: Anyone purchase a forclosed home?
ok well then maybe not such a good idea. thanks
Fran M
Posted:
Member since
Re: Anyone purchase a forclosed home?
My BIL & SIL purchased their first home as a foreclosure. The house was empty when they bought it but it needed a TON of work. Luckily my BIL is very handy and over about a 5 year period he totally redid the entire house. They were then able to sell it, make a nice profit and move up. Just be sure the neighorbood will bring decent resale value. Be prepared to work.
janwinterbridejoy
Posted:
Member since
Re: Anyone purchase a forclosed home?
a friend from works son bought a foreclosed home in sound beach he payed like 130,00 for it and other homes in the area are going for alot more then that. the downside was that they had to evict the tenant that lived there but there wasnt a big problem with it. the also had to be a lot of work done and because my friend is in constrcution he was able to do alot of the work at a discount or cost. if your handy its worth looking in to. but he had to pay cash im not sure if that counts for all forclosed homes or not.
