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| *Ostroff, Fair and Company>>>Renting & Real Estate |
Ever bought a home that was foreclosure? |
How cheap was it? Would you recommend someone else to do it? The house I currently live in is a foreclosed property. They're worth it, but you'll need to be ready to purchase when the time comes. Generally, most foreclosures occur at your county courthouse and they're sort of auctioned off. You'll need about 20% upfront, followed by the remaining balance within (I think it's 30 days) Basically, make sure financing is in place before hand. We ended up purchasing the house for about 100k below the price of others in the area. It's a lot of hard work, but you'll need to do research. Also, the houses are sight unseen, so you'll need to have a basic knowledge of the area where the property is located. You're government website would have a list of foreclosures in your area, which will give dates of the auctions. do some research and see what areas you like. good luck, Yes it was a great deal, and yes I would recommend it. Great Answer MARCUS79!!!!! I've sold homes that have been foreclosed on; as long as you do your "homework" on the property, it could be a good deal (you may inherit someone elses tax bill, water bill, bad septic or furnace) "Cheap" is relative, depending on how much work it needs and any costs involved. sometimes you can't even see the house inside when bidding on it, and very often there's a tenant/owner that may require eviction (which can be costly) Most often "nonpayment" is the reason for foreclosure (pay you stay, don't you won't) however under the mortgage note the bank can foreclose for a number of reasons: not keeping up the property, storing hazard waste, running illegal business out of it, non payment of taxes, insurance, and lots of other things. |
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