I figure that buying a house up for foreclosure may be a good way to go!!! Maybe we can get a lot more house for less money! But I absolutely know nothing about doing this. Please give me the best information you have on this subject. I would hate to make a huge mistake. Do these homes go up for auction? Sorry, you see, I just know nothing!!!!! Help!!!
2006-12-12 05:05:14 · 7 answers · asked by peekie 3 in Business & Finance ➔ Renting & Real Estate
BE CAREFUL, GET A GOOD AGENT!!! 1ST AND FOREMOST HAVE PROPERTY CKED FOR ANY LIENS!!!!!! Not all foreclosed properties r such a deal u have to ck the market in the area giving u the average selling price for a home. Also there are hud listings that at times have wonderful homes for a great value your agent can get u all this, then u need to discuss type of loan, do not ever do a arm(adjustable rate mortgage) this is only a benefit if u r not going to live in the purchased home long. A ARM changes with the interest rates in other words it may sound great,for example they will say your mortgage will be real low, beware it more than not will double if not go up more! U may want to go for a FHA loan, the seller pays the closing cost, interest rates vary, I dont know what state u r in bit 6% to 7% is good I locked in at 5 1/4% Remember the agent is important if u can get a referral thats a great help, if not call real estate companies and ask questions, u will be boggled at 1st but u will learn alot and get the home u want for the best value,, buying a home is stressful but so worth it, so good luck u will get your home all good things do take some time, happy holidays!
2006-12-12 05:19:59 · answer #1 · answered by bodacious baby 7 · 0⤊ 0⤋
This is s cash only transaction that must be paid in full at the auction. The stuff you see on tv and in the newspaper is just BS. These are generally people selling a list that will get you nowhere. Go to your local county and sit in an a couple of auctions. It is the best way to learn the process. By the way, in this arean there is no disclosure and no recourse for the buyer. It is a court ordered sale so you need to know what youa doing before buying.
2006-12-12 05:47:41 · answer #2 · answered by emourelatos 2 · 0⤊ 0⤋
Get an agent for this. This is not as aasy as it seems. Make sure you ahve some time and not in a hurry to move in.
Your agent or you have to place a bid on the house you want (go to google and type forclosed properties and it will give you a list of website wehre you can place a bid. Find your property by state). You wait untill it it approved and it will be the highest bid. There is usually a specific time for bid like couple days, so it's alwasy risly someone can overbid you.
but once you have the highest bid (you can alwasy raise ti if you wish) the house is yours.
Be careful - !!! Lots of Forclosed properties are in very very bad shape. Make sure you have a good inspector and check everything before the bid or right after it.
Good Luck!
2006-12-12 05:34:56 · answer #3 · answered by Zora 1 · 0⤊ 0⤋
By the time most foreclosures make it to the market, prices will be at market level. They typically sell for a bit less than similar homes because they were not "prepped" for sale. There may be damage caused by the former owner out of frustration for being put out of their home. And there is often a lot of "deferred" maintenance as well.
If you're prepared to do some or all of the work yourself to put the home in good condition -- sweat equity as it's called -- they can be an excellent deal. If you're going to have to pay a contractor to fix things it may not save you much at all.
2006-12-12 05:18:26 · answer #4 · answered by Bostonian In MO 7 · 1⤊ 0⤋
alot of times a foreclosure home will go up for auction. And alot of times no one will bid on them. And if no one does then it goes for cheaper and you can make low monthly payments on them. I know this because we are buying one that was foreclosed and we are only paying 180.00 a month on a 4 bedroom home. And people that lost it was paying 600.00
2006-12-12 05:09:04 · answer #5 · answered by amber_myers16 1 · 2⤊ 0⤋
the finest way is to communicate with the owner, in case you could. once you've your geese in a row, you could create a win-win situation for you both. in case you could't communicate with the owner, a private loan officer (like me) or a realtor, or someone who works for a identify company can study the address and word if a word of default has been filed. it ought to take countless months to foreclose and once the initial word has been filed, this is really public counsel to the now hungry genuine property community. she'll get an excellent type of letters/calls/knock on the door. good that you'll chum up with her somewhat, in case you could, and only ask: have you ever seen promoting? i want to stay in this community ... that type of ingredient.
2016-10-18 04:19:00 · answer #6 · answered by dopico 4 · 0⤊ 0⤋
The only info I have is that these are stripped homes. Some have the interior walls ripped down & everything! Otherwise, I've never heard anything bad about these auctions.
2006-12-12 05:07:04 · answer #7 · answered by IMHO 6 · 0⤊ 2⤋