Anybody here buy a foreclosed home before? Thoughts on the process?? does anyone know how you could view them online without real estate? Thanks
What's your intent for the home? To rent it? To live in it? First, you make an offer and the bank gets to take as long as they want to respond to you. It can take months. Second, these sales are generally "as-is", which to me negates all the financial benefits you may get purchasing a foreclosed home. Third, you are generally responsible for paying your own realtor. I happen to think they're shitty deals. I tried to purchase a small apartment building through BofA (where I have a relationship with some lenders) and the folks in the foreclosure office dicked around so much, I just finally walked away.
The intent is to live in, First-Home buyer im mulling over the idea because a lot of my family said it was a really good idea, so i dunno
You won't get much of a deal at all. I wouldn't waste my time. Now if you happen to run across a property you absolutely love that is a short-sell or a foreclosure, that's a different story. My only advice to you is to get a good inspector. Make sure the inspector used to be a general contractor. And if the property is older than 1995, have a drain inspection as well.
What about short sales? BTW, I heard most of the foreclosed properties and short sales are going to all-cash buyers right now. The property holders are also holding on to the houses in case the market rebounds a bit since it is probably at or near its bottom (i.e. housing prices are reflective to the value of the house, not their potential value)?
Short sales are a different matter. In that case, the title is still held by the seller/occupant. It works just like a regular sale with the exception that the bank has to agree to take a lesser amount than the amount owed on the note. You can have all the same protections you would have in an arms-length transaction. However, it can take months for a bank to get back to you on whether or not they're willing to accept that amount.
They want to auction my home in March........it's in good shape, but it will be fortified and full of bullet holes shortly............................... Come get 'er boys.
Many foreclosed homes that I have looked at with the possibility of purchasing have been trashed. I think you CAN get a good deal, but you have to be very diligent in trying to account for all of the extra hidden costs and expenses when comparing prices.
I think there are some of us who can walk through a house and who know enough about contruction and costs to be able to know whether something is a good deal or not. I don't think a first-time homebuyer who isn't in the trades should be enouraged to take that kind of risk.
My brother-in-law and my dad have a lot of trade/construction expirience, i wouldnt be going in blindly
