Foreclosed Homes?

With house prices the way they are, has anyone looked into foreclosed homes?
Any info would be helpful!

Do you know if it was realty Trac?

Please let me know...
Scott

Yes please post that.

I think there is also a county hotline that you can call for when the forclosed homes go up for bid. I remember calling once last year - but all the homes where in pretty bad areas.

Just a side note - my friend bought a forclosure and ended up spending a ton in repairs because the forclosed owners sliced up the sprinkler system, trashed the house and threw cement down the toilet. People are really animals sometimes

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Posted by Ronkonkomonga

Just a side note - my friend bought a forclosure and ended up spending a ton in repairs because the forclosed owners sliced up the sprinkler system, trashed the house and threw cement down the toilet. People are really animals sometimes

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Yes, be very careful. DH and I thought about looking into foreclosed homes, though an RE agent told me that many people will trash the houses when they go into foreclosure. It's the 'if I can't have it, no one will' idea.

That's not to say that you can't and won't find something in decent shape. But it's good to know the pitfalls, and you have to be even more careful. Good luck!

I bought a foreclosure almost 5 years ago - and I bought it knowing that I would have to re-do everything about the house. It's taken some time and money (thank god FI came into my life around the same time and we were able to do 95% of the work ourselves) - but we're close to having a beautiful house. It's not the house of our dreams, but the profit we'll make when we sell will make the house of our dreams an attainable reality.

As for how to go about finding one, it's tough. I happened to stumble on mine. Found the listing through realtor.com, and since it was in my very low price range, it was coincidentally a foreclosure. I was lucky.

We're always looking for other investment opportunities, but most of the foreclosures are snatched up before they become public info. Whether people have relationships with people at mortgage offices (FI's friend used to work for one and would tip us off as a mortgage was going into foreclosure - - doesn't work in that field anymore ) or if it's larger contractors who have an inside tip - - the market is so competitive that even those publications you can subscribe to aren't great info.

All that said, I don't have mush advice on how to pursue a foreclosure - other than to say that sometimes luck can be on your side like it was on mine a few years ago .

Good luck!!!

Hmmm this all makes alot of sense.
Thanks everyone!