If you take the proper steps in researching, and you are properly equipped, is it a wise investement? Any insights?
2007-09-23 14:47:14 · 7 answers · asked by Broncos Fan7 2 in Business & Finance ➔ Renting & Real Estate
IF you do all the proper research, then yes, it can be a very good investment.
Remember, foreclosures are usually bought "as is", so make sure you know what you are buying.
Also, there could be liens attached to it that you could end up being responsible for.
2007-09-23 14:54:37 · answer #1 · answered by mister_galager 5 · 0⤊ 0⤋
Yes it is a great investment. Make sure you do all the research that is possible and get it at a price that is ideal for you. You should also know that "as is" does not mean that someone can give you some junk. "As is" condition still means that all the defects of the property must be disclosed so that you may make an informed decision on whether it is something that you want to accept. Buying foreclosed properties is a great investment because you walk into equity without having paid for years to get it. Hope I helped.
2007-09-23 23:03:02 · answer #2 · answered by young2bballin 2 · 0⤊ 0⤋
We ae in a buyer's market in most parts of the country. Some Foreclosures are not the greatest investment right now. There is just to much money owed and even the bank taking a loss there are still other better deals on the market.
However now is the time to invest in Real Estate. You might want to take a little different approach. If you are working with a Realtor, tell him/her your requirements and budget for your investment. Have him/her search properties for you regardless if they are in foreclosure or not. Your Realtor has access to both, "normal" listed properties and Foreclosures. Now you will be able to compare and find the best "deal" on the market for you.
In a buyer's market most bankforeclosures are loosing their magic.
2007-09-23 23:16:06 · answer #3 · answered by Monika Wilson 4 · 0⤊ 0⤋
auctions are risky, you want to get it from the bank in there REO section. Understand that if you are not paying your mortgage you could probably not afford to keep up the house. Usually you can not inspect the property prior to purchase and you must try to get title insurance but you can not so you have to pay a title co to do the research but not have insurance. You can see all of the above can be very difficult at auction but quite easy from the bank. Either way, in this market it is a great way to buy a house.
2007-09-23 22:07:44 · answer #4 · answered by toledogolf 4 · 0⤊ 0⤋
Foreclosures have typically not been well cared for due to the previous owner not having enough income to care for the home. Some people in circumstances like this are destructive and severely tear up the home.
2007-09-24 00:35:08 · answer #5 · answered by divepassion 2 · 0⤊ 0⤋
I recently bought a foreclosure house.
It's more risky since foreclosure are sold "as-is". Sometimes, the cost of repairs can go above budget. You just have to be very cautious about your estimated cost of repairs.
2007-09-23 22:19:06 · answer #6 · answered by Phil 3 · 0⤊ 0⤋
I found a VERY (V_E_R_Y) good article about foreclosure here: http://buy-a-foreclosure.blogspot.com/ Good luck!
2007-09-24 14:25:46 · answer #7 · answered by Anonymous · 0⤊ 0⤋