For you girls that are house hunting, do you think its worth it to set up an appt to see a foreclosure when we dont even have the down payment $$ yet? Any of you know how exactly how foreclosures work? We stumbled upon a beautiful house with a good price for the area, but not sure if its worth looking at at this point.
IrishBrideASmiling
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Re: Need house advice...
Foreclosures may be worth it for you, but you have to be patient because it takes a long time.
I personally would not buy a foreclosure because of all the problems I have seen in foreclosed homes (holes in walls, pipes filled with cement, wiring ripped out, etc.) People being foreclosed on get very angry at the bank, and to get back at them, they will destroy the home. Usually its stuff you cannot see right away either. If the price of the home is worth it and you can afford to fix those things, then you might want to consider it.
My advice is to see as many homes as you can. You will get a better idea of what you and your FH want in a home and also possibly get decorating tips too.
AdriandSteve
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Re: Need house advice...
I'd be careful with foreclosures also.
FH told me a story about someone at work who bought a foreclosed home. Turns out they ripped out all of the copper wires in the walls, and there were no water pipes.
KerriJohnS
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Re: Need house advice...
Don't you still have an appraisal done?? How could they not catch those things?!?!?!?!?!?
Edit to add - I think you can get some GREAT prices with a foreclosed home. Just make sure you get a good appraisal done. I don't think you should rule out anything without seeing it first.
Even if you aren't ready to buy... just looking can be very very helpful.
GT143EA
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Re: Need house advice...
FH bought a forclosure about 9 years ago. He got an awesome price but he did have to do alot of work on it. If your FH is handy or you want tospend the extra $$$ fixing it up, I say go for it!
geegee827
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Re: Need house advice...
most foreclosures are sold 'as is,' so you may end up with a lot of problems. The sale could take a long time due to the extra paperwork involved. It is sometimes more difficult to get a mortgage for a foreclosed property than for a regular sale. Although I agree, it's worth it to look in order to get an idea of what you want in a house.
RitasEngaged
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I know that some forclosed homes they don't even let you look inside
debzy
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It never hurts to see what's out there. However, if you don't have the $$ now for a downpayment, I wouldn't waste my time looking at houses. If you find something you love, you'll just be disappointed that you can't buy it!
rebekahlw164
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Re: Need house advice...
I agree. FH and I bought a home that was in pre-forclosure. It wasn't in the greatest of shape but the owners had already moved out of state, so we knew that it really was as is, they wouldn't be coming back to take anything still there or destroy anything. We put the minimum down, but since FH is handy we now appraised at 20% above our purchase price after just one year! I would say anything is worth a look.
