2007-06-07 05:49:23 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Buy the new house owned by a builder. You will have some sort of warranty.
If it is not a brand new house, I would still not buy the foreclosure because when someone can no longer make their payments they stop doing any kind of up keep- and some of the neglect may not be noticeable.
2007-06-07 05:53:44 · answer #1 · answered by glenn 7 · 0⤊ 0⤋
If they truly are identical, then you should purchase whichever better fits in your budget. The fact that one is in foreclosure says nothing about the house, only that the previous owner couldn't afford it. Make sure you have a full inspecton on both, and also make sure your lender doesn't take you down the same path the previous owner was led. Ask is the lender is taking yield spread, which doesn't have to be disclosed on the HUD Settlement Statement, but which will cause you to have a higher rate than that for which you qualify. Its basically a way for the lender to make extra money without you knowing, only now you will know. Good luck!
2007-06-07 12:57:26 · answer #2 · answered by KennyTheFixer 2 · 0⤊ 0⤋
Depends on the price. Some brand new homes go into foreclosure because the builder cannot make payments, go into bankruptcy, etc. It is hard to give you an answer because there is no price or condition. If they are the same, buy the non foreclosed house. You will not have to worry about right of redemption, future title issues, etc.
2007-06-07 13:05:14 · answer #3 · answered by Gusty Gulas 1 · 0⤊ 0⤋
It would depend on the price. But if that is identical as well, I'd choose the one that is not the foreclosure. If it's forclosed, the bank already owns it. I'd rather purchase the home from the seller, who is eager to sell their home. Also, I believe private parties are more willing to negotiate in the process, rather than foreclosures, which are often sold "as is."
2007-06-07 12:55:01 · answer #4 · answered by Jenni05 2 · 0⤊ 0⤋
Foreclosure for sure
Can get at a lower cost
2007-06-07 12:58:01 · answer #5 · answered by Mustbe 6 · 0⤊ 0⤋
Assuming both houses are in identical condition (wear, tear, damage) etc., you buy the one upon which you can get the best deal. Buying a foreclosed house isn't much different than buying one which is not. The basic difference is that the foreclosed house is forced into the sale position, rather than placed there voluntarily.
2007-06-07 12:53:29 · answer #6 · answered by acermill 7 · 0⤊ 0⤋
If the foreclosure is cheaper buy it.
2007-06-07 12:52:51 · answer #7 · answered by Kevin F 3 · 0⤊ 0⤋
Which ever one your mortgage company will "approve". Talk to your mortgage agent, and ask them if they have any requirements on foreclosure homes.
Good Luck.........
2007-06-07 13:10:22 · answer #8 · answered by Lissy 3 · 0⤊ 0⤋