bank owned homes any good info? (realty, prices, value, Realtor)
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Hi everyone,
This is my first time here, and I love this forum. I have a question, I don't know if its been asked before. I was looking to find my mother a cheap apartment,(she lives with my sister who is lets say not very nice). So my mom gets disability, not alot, I was looking for a apartment and came across a site realtytrac. com, and they had homes there that were "bankowned". There were prices for example 18,000-120,00 and plus. I was thinking maybe I can get a house for my mother instead. Wouldn't it be better than appartment (expecially if you try to find a cheap appartment usually its a bad neighborhood), of course I would help her out with the lawn and stuff if I got a house, and the utilitys I would pay for. The question is, could you really buy something for 18,000? We are talkin bout a good neighborhood too!! I am sure the 18,000 home is not gonna be great, but I guess cheap though for my mom. The thing is, I am sure I will have to pay for the documents and etc.. Is there more cost to this? It just seems why dont many people buy bankowned homes? Or do they, and I just never knew. I don't have that much money, but I thought I can help a little for my mother. I am just wondering if anyone has gone through this and is it easy buying a bankowned home?? are the prices wrong? is there something more to those prices? I tried to find info, but they all said the general info, not very much. I have never owned a home, so I am knew at all this. The home I was looking at was in Elk grove village, IL. I just don't know and thought I would ask you guys. I hope you'all understood what I was trying to say, I am typing while I am thinking. If anyone can give me info if they have gone through this, is it not worth it? just try to find a appartment for my mom instead? I don't know what do you guys think?
you get what you pay for
I am a realtor and I can go on the HUD site and look at the homes (not an advertisement)
alot of times I find that they are in need of alot of repair and don't even qualify for an FHA loan
I am not saying that there arent good values in them you just really need to go and see them for yourself
try this
if you are interested in one hire a realtor
the bank makes sure that the realtor you work with is compensated so it won't cost you anything
It is your realtor job to find out the info you are looking for
and it will be alot easier for you to get in to see the place for yourself
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