what are the details? If I sold my home for 240K lets say and bought one for 50K.
2007-10-04 08:54:04 · 3 answers · asked by get dent 3 in Business & Finance ➔ Renting & Real Estate
Well first of all you could potentially owe capital gains taxes after that sale. I know the sound of $50,000 sound great for a home, but you have to consider the condition the home is in. Most aren't in very good condition. If it's bank owned you can put in an offer, my suggestion would be make sure you know what you're buying first. They may take sometime to answer you. And don't think you can offer less because of its condition, the bank is only trying to recoup what they have lost plus expenses. If it on the HUD list, then that is an auction to place your best offer and if you win, you still may have a waiting period for the original owner to redeem the property. There are tax forclosures as well and I believe they are done as a bidding action as well.
2007-10-04 09:15:14 · answer #1 · answered by Anonymous · 0⤊ 1⤋
there are real estate agencies that deal strictly with foreclosed homes. they will usually have listings of homes that have been foreclosed on. I have bought two foreclosed homes so far in my lifetime and I think it is the way to go. Most foreclosed homes have no electricity and no running water when you go to look at them, so it is important to get a home inspection and this can be quite difficult as sometimes they aren't able to contact the realtor to get inside the home. sorry don't mean to give you a story. contact a realtor and ask them.
2007-10-04 16:18:41 · answer #2 · answered by koifishlady 4 · 0⤊ 1⤋
Same as buying any other home.
2007-10-04 16:03:51 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 2⤋