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Anyone ever purchase a home that was a foreclosure?
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Mrs213
????????
Member since 2/09 18986 total posts
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Anyone ever purchase a home that was a foreclosure?
The DH and I found a home in our area that is bank owned and priced way under market value. Its not boarded up or anything but the bank already owns it - didn't make a sale at auction. Of course I'm a bit leery but the same time its the only way we could afford this area. Anyone have any experience with this?
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Posted 3/26/10 6:01 PM  |
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rileysmama
needing a vacation..!
Member since 10/09 2162 total posts
Name:
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Re: Anyone ever purchase a home that was a foreclosure?
you may want to FM Beth; she deals with bank-owned homes & knows a lot
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| Posted 3/26/10 6:31 PM |
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danielleandscott
My new 71 Super Beetle
Member since 5/05 13476 total posts
Name:
Scott
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Re: Anyone ever purchase a home that was a foreclosure?
Were you able to enter the home? With a lot of foreclosures, the buyer isnt allowed to see the interior of the home. Some people that go into foreclosure can try to destroy the inside of the home, electrical, and plumbing. I have heard stories of past owners pouring cement down the toilets.
If you are able to enter the home and see the inside and make sure there is no damage, then I would look into it.
I am not sure if you are allowed to have the home inspected, if it is a foreclosure.
I do know that the paper work for foreclosures goes a lot faster than short sales. Short sales can take months for the bank to notify the buyer that they got the house, and foreclosures take only around 2 weeks.
There is a foreclosure for sale on my house. We went to the open house a few weeks ago and were able to see the inside. It only needs a little bit of work.
Scott
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| Posted 3/26/10 6:33 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Anyone ever purchase a home that was a foreclosure?
Posted by danielleandscott
Were you able to enter the home? With a lot of foreclosures, the buyer isnt allowed to see the interior of the home. Some people that go into foreclosure can try to destroy the inside of the home, electrical, and plumbing. I have heard stories of past owners pouring cement down the toilets.
If you are able to enter the home and see the inside and make sure there is no damage, then I would look into it.
I am not sure if you are allowed to have the home inspected, if it is a foreclosure.
I do know that the paper work for foreclosures goes a lot faster than short sales. Short sales can take months for the bank to notify the buyer that they got the house, and foreclosures take only around 2 weeks.
There is a foreclosure for sale on my house. We went to the open house a few weeks ago and were able to see the inside. It only needs a little bit of work.
Scott
we weren't able to go inside but we walked around the property and peered in the windows. I'm pretty sure we can get an inspection and a showing since its by a real estate office but I would have to find out
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| Posted 3/26/10 8:00 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Anyone ever purchase a home that was a foreclosure?
I can help
you can call and make an appointment to see the house- just like a regular house
you can get an inspection- but it's not going to change the price- it is sold as is
you might need a 203k rehab loan - meaning it wont qualify for an regular mortgage b/c of damage or repairs needed
if you want me to help- FM me- 75% of the homes I sell are bank owned
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| Posted 3/26/10 8:09 PM |
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