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Miss Texas | Foreclosure homes??....? |
1. Are they cheaper than a regular house in the regular market?
2. Is there a "catch" to buying one? (for example: small print)
3. Is it smart to buy one?
4. Are there any precautions that someone should take before buying one?
Additional Details
Also, why do people "answer" a question with "I don't know" on here??? If you don't know the answer, then don't bother typing anything. |
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Andria S
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There is a big advantage to buying one. The smartest thing for you to do is go down to the court house and find out which property is getting ready to go up for auction. Before it does then you should locate the owner and have them sign a contract with you. You can find houses that have 20,000 50,000 left on them and were talking about 200,000 to 400,000 dollar homes. Just make sure they dont owe any back taxes or have leins on them. Some houses onl;y owe 10,000 to 15,000 on them. Thats all the bank wants is there money. If you can get a house for that cheap and offere the owner a money to relocate and not have a forclosure on their record it works out for everyone.
You get a very cheap house
The owners are not in the street and they have a little money to relocate plus they dont have a forclosure on their record.
The bank gets paid.
Remember no liens and no taxes owed. |
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Emily Dew
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Get the book The Complete Idiot's Guide to Buying Foreclosures. It will tell you absolutely everything you need to know in very easy to understand terms. Check your local library to see if they have a copy and if they don't, ask them to get one for you. The laws regarding foreclosures vary from state to state. This book will spell them all out for you. |
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atheism_and.rats
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1)Yes
2)Small print is always a catch.
3)yes
4)meak sure the copper pipes and plumbing havent been ripped out. |
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EK
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We just bought a house and we looked at a few foreclosures. Yes, they tend to be cheaper. It all depends on the house whether or not it is a smart move. Some of them are trashed or have lots of damage. Before you jump in and buy the first one you see, have a home inspection done to see just how much you'll have to fix. It may not be worth the headache to try and fix it up (and fixing things often times make the house cost just as much as a regular home for sale...) |
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wiseolguy
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Usually forclosed homes are put up for auction and some good deals can be found. You have to be careful what you attempt to buy. Do your own inspection or hire someone to take a look. Good Luck
BTW thats a nice pic I give you 2 thumbs up
You also need to find out from sales or realtors in the area how much home prices are comparitivly speaking in those areas. Try getting an average price per square foot then ask yourself how much do you want to risk |
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Eggplant
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1. yes, cheaper
2. always need to investigate the glitches
3. depends on the particular property
4. get it fully checked out |
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Joanie Pony
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cheaper, If you are getting it from the bank it should be OK In California, some houses are selling for at least 100,000. less and the banks are still taking a loss in there. |
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steves95008
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It totally considers the town that you are in. Some, there are great bargins, others it is pretty much the same deal you have with a few months or years off the mortgage. One stigma I have found is considering who previously owned the house and their relationship with the neighbors, you may be viewed as an invader to the neighborhood. Most foreclosed houses are typically rented out immediately so the owner doesn't have the deal with the neighborhood. |
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Jewboy
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1. Not necessarily. A foreclosure means that the bank has seized the property from a delinquent lien (mortgage) holder. While the bank may price lower than a homeowner would, they are often unwilling to budge on the price very much.
2. Yes. You don't know what could be wrong with the property! Make sure that you can get a home inspection. Often, banks will not fix anything wrong with a foreclosed house, so you'll be buying it "as-is."
3. Yeah. Ten years ago. Now the foreclosure auctions are so fiercely competitive, even in small towns, that there are no bargains left to be found. Sorry.
4. Make sure to have your offer conditional on a satisfactory home inspection, and don't overbid. Also, don't buy houses with serious structural problems because you will break your bank trying to fix it up.
You're better off finding distressed homeowners before they go to foreclosure. Trust me, the best deals I've gotten have NOT been dealing with banks, but sellers strapped for cash.
Andria (Two answers below me) has the right idea. Approach BEFORE foreclosure and you will be a very rich woman. |
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Val
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SORRY I DON'T KNOW!
I could'nt resist the one big catch is called LIENS most people facing forclosure have other money troubles also so there have been on many occasions numerous liens on the property. Also there could be 2nd and 3rd mortgages be very careful.
Val |
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garretts83
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Ok...bottom line is that, yes, they are almost always cheaper. In terms of small print, the only thing you need to worry about is the condition of the house itself. Almost all foreclosures are sold "as is" with no warranties. You won't need to worry about any liens on the property UNLESS you buy it through an auction at the courthouse. Those are not guaranteed to have clear title. If the bank takes it back and lists it on the market with a realtor, then they have clear title and it is safe to do so. These have no catch to buying them. It's just like buying any other house. It is actually better because the deed isn't just a grant deed, but it is actually a warranty deed meaning that the title is warranted against any clouds on title or liens. Again, the only precaution is to get it inspected, just like you would for any other purchase. I say....go for it! Good Luck! |
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godged
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I was tempted to say I don't know just for fun too, but they do it for the points. You get two points for answering a question, some try to rack up points with a non-answer.
#1 - Lenders obtain Broker Price Opinions and appraisals to make sure they are priced appropriately for the market. They are generally priced competitively with other homes.
#2 - Lenders require certain extra forms and such, mostly advising you that this purchase is in "as is" condition, you cannot sue them for anything, etc., etc. No catch.
#3 - Smart? Well, there are alot of good buys in most markets, so I wouldn't limit myself to looking at foreclosures.
#4 - Get a home inspection. That way you know what you are buying. I have a friend that listed a foreclosure and on the inspection, the buyer learned that the septic tank is caved in. Not a really pricey repair (the lender is fixing it), but it's things like that you wouldn't suspect until you had a big problem.
Go out there and find yourself a great deal. |
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Lady Louisa
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they are usually actioned by the bank,,, cheap ! |
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Briza
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1< Generally speaking. Especially in a soft market.
2< No catch.
3< If you are looking for a home to live in or flip it could be.
4< Check state laws. Remember that tax liens and bank foreclosures are two different things. |
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Franco
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If you do not mind the feeling of knowing, that you are getting that house cheap because the previous family lost theirs and are now homeless, go ahead, it is legal. And may such thing never happen to you. |
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lieutenant
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1. yes, cheaper
2. always need to investigate the glitches
3. depends on the particular property
4. get it fully checked out
and people type, I don't know because they want points! Duh |
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MyName
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thank you. |
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