I have wondered this for a while...i always see advertisements for them and they r so low...why is that what shoul i know? anything u ladies know would be great! Thanks!
ETA: Is it bad to buy a forclosed home?
cds58019
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Re: whats the deal with foreclosure homes??
Um....all I know is that when people cant make payments anymore the bank sells it for whatever was stilled owed on it. I dont really know anything else about them.
angl2001
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Re: whats the deal with foreclosure homes??
aaaaaahhhhhhhhhhhhh that makes sense........
blu6385
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Re: whats the deal with foreclosure homes??
its not bad it just a lot of forclosure houses can be runned down because people cant afford them so they arent really looking to keep them nice
smplynluv
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Re: whats the deal with foreclosure homes??
yeah thats pretty much it. but people start bidding on such low prices that it'll probably eventually get up close to 'normal' prices.
angl2001
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Re: whats the deal with foreclosure homes??
oooooh ok cool thanks ladies i always wondered if there was some kind of catch lol
Espo22
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Re: whats the deal with foreclosure homes??
you dont know alot about the home before seeing it so that can be hard but the thing about it is that when you go to an auction and buy it, they want the money then and there for the deposit so if somebody is interested then you need to have that cash on you when you go
beachbum05
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Re: whats the deal with foreclosure homes??
Its crazy! You can bid on one of those puppies and it gets up there in price!!
People think they're such great deals....but if they're in desireable areas, you are gonna pay the same (sometimes) as you would on another house.
GinaBambina08
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Re: whats the deal with foreclosure homes??
how do you find out about foreclosures?
MsBride0808
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Re: whats the deal with foreclosure homes??
yea . what everyone else says !!
we just got out into our condo in july and we almost headed that route... be carefull make sure you go with an experience license inspector before you even think about bidding... an inspector cost anywhere from 3- to 500 hundred dollars .... and make sure that all goes well your broker to make sure it was appraised right and that there are no taxes that the previous owners owed ....etc .... or even leins on the property. sometimes tho, as my stepdad saids you can luck out... and get a piece of crap but can be able to make it gold. in todays market tho, i would not recomend that unless you have the money and the time..... and or know someone that can do all the work the home might need .... you get the house as is. basically . =D
spanishitalian
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Re: whats the deal with foreclosure homes??
basically people cant afford therer house anymore and the bank sells them for what left on the note
MsBride0808
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Re: whats the deal with foreclosure homes??
a local news paper and online for ex. there are so many programs now to buy your first home or home ed classes ... if you go to lets say a remax they have home listings that are foreclosed .... next time you see a forsale sign outside check out the comps name check out their website and you can see if they offer programs and if they sell foreclosed properties
Espo22
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Re: whats the deal with foreclosure homes??
Posted by WinterBride08
how do you find out about foreclosures?
there are websites that show foreclosed homes, you usually have to sign up for those...but when you go remember that if you bid lets say 60,000 just as an example then you will have to give them 60k right then
Mrs. V 2008
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Re: whats the deal with foreclosure homes??
most of the time you may have to worry about repairs..because odds are if they didn't have money to pay for the mortgage they probably don't have the money to fix the house up either
Mici n KC
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Re: whats the deal with foreclosure homes??
If you are buying a forclosure, that's one thing. Auction's are completely different, as is pre-foreclosure and bank owned. I did a lot of research on this before and auction is the WORST way to go. You get the home as is. But yes, what the majority is saying is correct about what they look like but you still go through inspection processes just like you would for a regular home.
JeanetteandSteve
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Re: whats the deal with foreclosure homes??
Posted by Espo22
you dont know alot about the home before seeing it so that can be hard but the thing about it is that when you go to an auction and buy it, they want the money then and there for the deposit so if somebody is interested then you need to have that cash on you when you go
i got the same information. it seems like it's a pretty messy situation. you really can't see much of the house before you buy. sometimes the people who have lived in the house have been having money problems for a long time, and b/c of that they have not kept up w the house. they can be filthy and have LOTS of problems. and it's true, you have to have the cash right then and there at the auction. so how do you get a mortgage for a house you have no info about and aren't actually purchasing yet?
i hear that foreclosures are usually purchased by contractors who do have the cash, buy them, fix them up, and re-sell.
angl2001
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Re: whats the deal with foreclosure homes??
we are taking FHs parents house when the time comes that they pass on...they are in their 80's
we are moving into their basement right before the wedding...so i am not looking. but before we decided on this i was looking at houses just incase we hit lotto lol and came across alot of forclosure homes. Just figured id ask what the deal was!! Thanks ladies your so helpful!
Mici n KC
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Re: whats the deal with foreclosure homes??
Posted by JeanetteandSteve
i hear that foreclosures are usually purchased by contractors who do have the cash, buy them, fix them up, and re-sell.
Yes, this is true but it's mostly for auction. Someone FH works with bought a foreclosed home and it wasn't that cheap. His bid of $340k was accepted and he has so much to do on the house in terms of renovating. The house is structurally sound and everything as he had to go through inspections and all that other stuff you go through when buying a regular home.
Future Mulligan
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Re: whats the deal with foreclosure homes??
we want to look into foreclosures after the wedding - maybe fix up a house and then rent it out while we live in florida as an investment....but who knows what will happen
Jetfan1521
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Re: whats the deal with foreclosure homes??
We looked at one in Oceanside and put in a bid. It needs a tremendous amount of work...that was over a month ago and we haven't heard anything...the realtor was very shady like she had something up her sleeve...be VERY careful. They told me that I would not be able to have anything turned on if I had an inspector come...now why wouldn't you turn stuff on - electricity, gas and so on, if everything worked fine. FH and I decided against it because it seemed shady - and usually, if it sounds too good to be true - it usually is! This was in a very nice part of oceanside and the house was 80x100 - gorgeous gorgeous from the outside..they were asking $395,000 - VERY CHEAP for that area and that size house. The inside would make you sick..the people destroyed the house when they knew they were losing it. It's really sad to think that people would actually do something like that.
