who has invested in a foreclosed home, what was the upside, and downside to your purchase. how much $ down?

Answer 1

Every foreclosure situation is different. The upside is they are usually cheap. The downside is that they are usually trashed, and there's usually significant damage that you have to fix. Sometimes it's damaged enough so that no other lender will touch it.

Down payment depends upon your situation and at what point in the process you buy. It can be zero, if you're buying from the seller prior to actual foreclosure and you have good credit. If you're buying at auction, you need a substantial down.

Answer 2

I bought one last year.

Upside was it was CHEAP. I paid $35,000 for this house. 3 bedroom, huge master, huge utility, detached garage.

Downside? Major renovation. Have put as much $$$ into the house as I paid for it. Kitchen, bathroom, flooring, roof, a/c, etc.

Worth it? Absolutely! House is in a great location, and even with the repairs I have still put out less than half of what homes in this area are worth.

I paid cash.

Also, my Realtor showed me this house. I did not buy at auction. I knew what I was getting into before I made the offer.