Any thoughts on these. I friend of mine is a contractor, and he bought a forclosure in Huntington / northport area, for $500K and just sold it for $900 - what are your feeling on these. I am afraid of them, but there was another article about them in today's newsday.
Maribelle7777
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Re: Forclosures???
I posted the same thing. People replied that sometimes the people who the house was foreclosed on sometimes like to wreck the house before moving out, out of spite.
Plus you have to have the money up front. And no mortgage.
Kathy116
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Re: Forclosures???
I am all for foreclosures, especially if you or your husband is involved in the home improvement business.
I have a friend who makes a fantastic living at buying foreclosed homes, fixing them up (he's a contractor), and selling them quick. He usually has 10 homes at one time.
Sweetie2004
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How do you find out about foreclosures? I see all these ads, but they want $ and I'm afraid it's a scam!
MrsK-in-June05
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If you want to buy a foreclosure you have to put up a bond that can be upwards of $50k and a down payment on the house.
kptoys
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DH and I do this (hes a contractor). We had one property we bought for $40k(it was HORRIBLE!!). Put about $40k into the house. Subdivided the lot, sold one piece without a house for $17k. Rented the house for 2 years at 1200 a month and just sold it for $190k!!!
We made approx. $150k in profit... its SOOO worth it if you can do it!!!
Sweetie2004
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It sounds great, but how do you find out which houses are foreclosures? Do you work with an agent, or your bank or something?
kptoys
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We have a friend in the real estate bus.
allaboutthecake
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You can send away for the list of foreclosures and then you just call up the day before to find out if the foreclosure is still on. I believe that the list is published weekly.
thiadora
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Foreclosures. . . well, I work as a Title Officer. We have clients that invest in and flip foreclosed properties for a profit. It can be very profitable. And as a buyer, you could find a home at a good price.
However, I have also heard that the owners will sabotage the house sometimes. (Things like concrete down the toilets). And you won't know this until after the closing (i think). This won't happen to every home, but it's something to keep in mind.
MrsK-in-June05
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I am selling a house in foreclosure and I did not trash it. In fact, it only went into foreclosure because I don't want it and it is still on the market. Hasn't been lived in for 7 months. Not all people in foreclosure are evil. I just refused to pay the mortgage so that I can pay for a wedding, lol. Priorities, priorities!
skew
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Posted by MrsKinMay05
I am selling a house in foreclosure and I did not trash it. In fact, it only went into foreclosure because I don't want it and it is still on the market. Hasn't been lived in for 7 months. Not all people in foreclosure are evil. I just refused to pay the mortgage so that I can pay for a wedding, lol. Priorities, priorities!
i am confused, do you mean that you currently own a home and opted for it to go into foreclosure in order to pay for your wedding?
sept20yay
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Wouldn't that hurt your credit a lot? Not paying your mortgage to put the house in forclosure??? Did I read that correctly?
We looked into a forclosure, 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, as someone said, break the walls down, infestate the house before the new people move in. I did not want to take that chance. The unknown factor is how much money will have to be put in.
MrsK-in-June05
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Posted by skew
Posted by MrsKinMay05
I am selling a house in foreclosure and I did not trash it. In fact, it only went into foreclosure because I don't want it and it is still on the market. Hasn't been lived in for 7 months. Not all people in foreclosure are evil. I just refused to pay the mortgage so that I can pay for a wedding, lol. Priorities, priorities!
i am confused, do you mean that you currently own a home and opted for it to go into foreclosure in order to pay for your wedding?
Maybe I did not explain...I am the executor of the estate and I inherited it. It is on the market and it does not hurt my credit, it hurts the credit of the Estate. Bills come to the Estate c/o Moi. Saying I am paying for a wedding in less that a year, I am not paying for the mortgage and crap on a house that no one is living in. The only thing I do is pay to have the lawn cut.
