Foreclosures
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I appreciate everyones input yesterday[to my house buying post]. Much to consider, and thankfully I have time to plan. Does anyone have any opinion on foreclosures? Too much trouble, for questionable gain? Definitely worth the search for an undervalued gem? Thanks, again. :) BW CP Member Homepages
"And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun" -
I appreciate everyones input yesterday[to my house buying post]. Much to consider, and thankfully I have time to plan. Does anyone have any opinion on foreclosures? Too much trouble, for questionable gain? Definitely worth the search for an undervalued gem? Thanks, again. :) BW CP Member Homepages
"And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun"If you're willing to put some time/money into it, there might be something worthwhile. I have friends who buy houses like that, renovate them, and sell them for a profit. If you are looking for one to live in yourself, the good thing is you can renovate it the way you want it to be, and improve the value of the house as you do so. Sometimes I feel like I'm a USB printer in a parallel universe.
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I appreciate everyones input yesterday[to my house buying post]. Much to consider, and thankfully I have time to plan. Does anyone have any opinion on foreclosures? Too much trouble, for questionable gain? Definitely worth the search for an undervalued gem? Thanks, again. :) BW CP Member Homepages
"And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun"In the US, forclosures can work out very well. BUT ... you have to have a bulk amount of money. Here, you pay a certain percentage when you take title of the property and then, depending on state laws, you have to stump up the rest of the entire amount within a defined period of time - which can be as little as a few days. I think it's 10 in illinois. At least this is according to a real-estate friend of mine who buys and sells this way!
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I appreciate everyones input yesterday[to my house buying post]. Much to consider, and thankfully I have time to plan. Does anyone have any opinion on foreclosures? Too much trouble, for questionable gain? Definitely worth the search for an undervalued gem? Thanks, again. :) BW CP Member Homepages
"And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun"From what I saw from a friend in real estate foreclosures are tricky at best. You get them in an auction type deal and cannot make a through inspection of the property before bidding. The dwelling is sold "as is". If there is any structural damage or the roof needs replacing or the foundation is bad etc.. it can be an expensive gambit. In general the lending institutions only put certain properties thru this procedure. If the value/condition/location of the home falls into a prime catagory the dwelling is usually bought by the lending institution and sold thru the regular process. Richard "The man that hath not music in himself and is not moved with concord of sweet sounds is fit for treasons, stratagems and spoils; Let no man trust him." Shakespeare
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If you're willing to put some time/money into it, there might be something worthwhile. I have friends who buy houses like that, renovate them, and sell them for a profit. If you are looking for one to live in yourself, the good thing is you can renovate it the way you want it to be, and improve the value of the house as you do so. Sometimes I feel like I'm a USB printer in a parallel universe.
I bought a Foreclosure form the bank myself and got a great deal on it. I paid 42,000 for a three story home in a very good neighborhood. I only had to come up with 4,000 down myself and then closing costs (ie: layers, etc…) but I think it was well worth it. I would recommend that you watch out for sales labeled as 'as-is' however. This basically says that the seller (bank) did not have to fix anything found in the home inspection I had done. I could ask all I wanted and all they would say is NEXT BUYER and I would be told to move on. For example, my house had a 6 foot long crack in the main sewer line that ran from the basement floor to the basement ceiling. The old cast-iron pipe had split. The bank told me that they were aware of it and they were not going to fix it. Above the as-is terms of the sale I still think I got a great deal.
Paul Watson wrote: "At the end of the day it is what you produce that counts, not how many doctorates you have on the wall." George Carlin wrote: "Don't sweat the petty things, and don't pet the sweaty things." Jörgen Sigvardsson wrote: If the physicists find a universal theory describing the laws of universe, I'm sure the asshole constant will be an integral part of that theory.
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I appreciate everyones input yesterday[to my house buying post]. Much to consider, and thankfully I have time to plan. Does anyone have any opinion on foreclosures? Too much trouble, for questionable gain? Definitely worth the search for an undervalued gem? Thanks, again. :) BW CP Member Homepages
"And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun"I've been looking for a house about 5 months now. I agree with Richard on forclosures. Some banks will negotiate but most do not. I know most of the forclosures I've looked at weren't even owned by local banks. Most were from New York, I am in Alabama. Some times the previous occupants left the houses ransacked. There was one house where everything had been taken, light fixtures, wall socket covers, light switch covers, carpet, counter tops. Fairly amazing. nay
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I appreciate everyones input yesterday[to my house buying post]. Much to consider, and thankfully I have time to plan. Does anyone have any opinion on foreclosures? Too much trouble, for questionable gain? Definitely worth the search for an undervalued gem? Thanks, again. :) BW CP Member Homepages
"And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun"I buy foreclosures to fix up and use as rental property. They are good deals but the best ones in the best neighborhoods are usually purchased by investors with cash. Banks will almost always choose a buyer with cash than one for which a mortgage would be required. Here in Indianapolis for example, most of the foreclosures are in lower-income neighborhoods where appreciation is low, but the potential for cash flow on rental income is good. Most of these require several thousands of dollars in repairs. Anyway, depending on where you are located this may be a good option for you with a little persistence and determination.
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I appreciate everyones input yesterday[to my house buying post]. Much to consider, and thankfully I have time to plan. Does anyone have any opinion on foreclosures? Too much trouble, for questionable gain? Definitely worth the search for an undervalued gem? Thanks, again. :) BW CP Member Homepages
"And then one day you find ten years have got behind you
No one told you when to run, you missed the starting gun"There are great deals to be found, but you can assume that any house up for auction has some serious flaws - otherwise it would have been purchased by the lender instead of auctioned off. If you plan on living in it for a while then I would think about going this route. You can fix it up while you live there and it is very conceivable that within a year-18 months your reappraisal could easily allow you to sell it and move to a bigger/better/newer house.
Glano perictu com sahni delorin!