Home Foreclosures

Home Foreclosures

Does anyone know how they work? I know the basics but not the details.

Re: Home Foreclosures

We just tried to buy 3 different forclosures. All three were cancelled cause the homeowner came up with the money or banks bought it.

Re: Home Foreclosures

There have been some posts on the home board about it. Basically the people who live there can do anything to the home and not get penalized since...well, it's already been taken from them! So some have had people put cement down pipes, rip out walls, etc. If the intention is to rip the house down and rebuild it would be OK, but I wouldn't trust it without knowing you may have to redo/repipe/re-electric the whole place.

Re: Home Foreclosures

At this point, it's basically an impossible market for foreclosures on LI. I bought a foreclosure 5 years ago - but if it were available at that price today, a contractor or investor would scoop it up before anyone else had a chance.

I just don't think it's even worth investigating, if you're looking on LI. JMHO.