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206 Posts in 151 Topics- by 2186 Members - Latest Member: alkarnila

November 21, 2008, 11:28:54 PM
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Author Topic: Buying Foreclosures  (Read 3712 times)
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PlasticTropicalFish
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« on: January 13, 2008, 04:02:39 PM »

The difficulty in buying foreclosures is most people do not properly inspect foreclosures when they buy them or they are dismissive of the problems with the property.  You have to really inspect it and get real conservative estimates of how much the problems will cost to fix.
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Tanya
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« Reply #1 on: January 14, 2008, 06:41:37 AM »

We purchased a foreclosed house and without a lot of information available, the bank is no help at all.  You have to really dig and look and relook again at everything.  Even simple things.  Be prepared that there will still be things you didn't see or know about until afterwards.  Our biggest resource...the neighbors!!  Ask around Smiley before you buy, we were amazed at the knowledge total strangers had of our new home.
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ND
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« Reply #2 on: January 15, 2008, 10:35:02 PM »

Tanya,

Nice to hear from someone who actually bought foreclosed house!
Were you satisfied with the all information you were able to get before you closed on your foreclosed home?  After all your time and effort, would you buy another foreclosed home next time? 
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Leighdear
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« Reply #3 on: February 19, 2008, 01:45:06 AM »

My fiancee & I have bought several homes in foreclosure, and there's one tip I'd like to pass along to people when considering a specific location....

Call the local Sherrif's department, give them the address and ask how many calls they have had to respond to in the neighborhood in the last year....

This gives you a good indication of the crime rate and noise level of your target neighborhood....

While it's no guarantee, a heavy law enforcement call rate can be a HUGE factor in determing how safe your family may be in that "awsome" foreclosure....
 
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jaimesgirl
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« Reply #4 on: February 19, 2008, 02:16:47 PM »

My ex-husband bought a foreclosed home and actually got a great deal for not very much fixing up. That seems to be the exception rather than the rule, however; when my husband and I looked at homes there were none in our area that weren't almost trashed. My advice would be that if you are going to do this, be very careful and know exactly what you are getting into - don't trust the bank or anyone else to tell you anything - research everything thoroughly.
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