Forclosed houses on the internet?

Question

The price that is listed on the net is that the price you pay to own the house or is that the amount of money that the previous owners got the house repoed?

Answer 1

Don't know what site you're looking at.

I've looked at HUD and VA repo'd homes sites. The dollar amount on those sites is the minimum bid. I know that if there are no takers that minimum bid amount will go down. I always assumed that amount was the defaulted loan amount.

So the number you're looking at could be both the asking price and the defaulted loan amount.

Before snapping up that bargain foreclosed house, be sure you are real handy at all sorts of maintenance work. These places tend to need lots and lots of work.

Answer 2

Be very investigative when buying one of these homes.Some are junk for a low price.Contact a Realtor in that town and have them find out the condition of the property if you are serious and how much it will take to fix it up.Be concerned about old wiring and plumbing,no foundation,dry rot,termite damage,septic or city sewer,and value of homes in the area.

Answer 3

i think you would get the answer on the following site http://realestatepropertynews.com/foreclosed-houses.html