What should one know when buying forclosure?

fixerupper

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What should one know when buying forclosure?

« on: October 08, 2009, 04:41:58 PM »

I am looking at a foreclosure that I might try to buy. What are the pitfalls? Will i get a seller disclosure? How negotiable, usually, are the owners (bank that owns it).

anything else others here can fill me in on?

Amy

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Re: What should one know when buying forclosure?

« Reply #1 on: October 20, 2009, 06:02:15 PM »

They don't tell you much, your taking that little risk because you don't get to see the place live, but that also accounts for the heavy discounting.

It's a tricky business, I assume, but best of luck!

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janubibi

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Re: What should one know when buying forclosure?

« Reply #2 on: October 22, 2009, 03:05:56 AM »

Learning how to buy forclosure properties is one of the smartest things you can ... bank letting the auction house know that the funds are available through There are many things that you have to know before buying forclosure properties. ... that may attract your eye, but do not hesitate to buy the first one. ..Expert homebuyers know that forclosure auctions offer the best deals in terms of ... However, buying properties at live auctions is one of the least understood ways .

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badprincess

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Re: What should one know when buying forclosure?

« Reply #3 on: February 21, 2010, 05:24:31 AM »

You first need to know if it has a second mortgage, maybe you think you got the house for 300k not knowing there is a second mortgage of 100k.
then also check if it has a lien on it, buying forclose only gives you atleast 25 percent discount, But u wanna know something, maybe u gonna end up spending on repair, and some stuff to do to make it nice, so the money u actually save went on those expenses too. THIS IS JUST MY OPINION, PLEASE PEOPLE DONT HATE.

Just remember they are losing their home and they will benefit out of it somehow,

some tips for you
buy a house directly to the owner, before bank gets it.
that sounds better

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