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?
AS
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Re: whats the deal with foreclosure homes??
Does anyone have any sites for foreclosure houses? My sis has one and I use hers but she has to pay for it. I will buy a foreclosure house in a heartbeat. I heard you have to go to the auctions with cash
futuremrsfab
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Re: whats the deal with foreclosure homes??
Posted by Jetfan1521
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.
yea thats what i was going to caution- you cant see the inside & some people destroy the house or worse it has huge problems- like termites or roof leaks...
there is a government website (FREE) for foreclosures- I have it at work & I'll post it when I get to the office.
lkdrnw
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Re: whats the deal with foreclosure homes??
Ok, here is the deal The house can be run down or really nice--it is just the people did not make the payments and it goes up for auction. In my area, a list goes up Monday and the bidding is Tuesday---so you can go and look at the house before had if you get your hands on the list, but I don't think you can go in At auction, you are bidding against others and lets say the price is 400,000 in the end, you have to have 10% there to put down. You then have 1 month to pay the remainder-----no mortgages on foreclosures This is why mostly contractors go for this--they have the cash to flip the house
Future Mulligan
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Re: whats the deal with foreclosure homes??
i heard that people in real estate buy up all the good homes first b/c they know which ones are the good deals - then they hold onto them and re-sell them for a profit.....so really all that is left for us regular people are the crappy houses
its still something FH and I want to look into but I heard its really hard to get something good....
futuremrsfab
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Member since
Re: whats the deal with foreclosure homes??
Posted by Future Mulligan
i heard that people in real estate buy up all the good homes first b/c they know which ones are the good deals - then they hold onto them and re-sell them for a profit.....so really all that is left for us regular people are the crappy houses
its still something FH and I want to look into but I heard its really hard to get something good....
your best bet is to get to know people in banks- they know about the houses first- because the people default with the bank- real estate agents are the last to find out before the general public
Future Mulligan
Posted:
Member since
Re: whats the deal with foreclosure homes??
Posted by futuremrsfab
Posted by Future Mulligan
i heard that people in real estate buy up all the good homes first b/c they know which ones are the good deals - then they hold onto them and re-sell them for a profit.....so really all that is left for us regular people are the crappy houses
its still something FH and I want to look into but I heard its really hard to get something good....
your best bet is to get to know people in banks- they know about the houses first- because the people default with the bank- real estate agents are the last to find out before the general public
