Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Does anyone have any ideas about homes that have been foreclosed ? I am planning on buying a house in St. Mary's GA and I need some feedback ? your help will be gladly appreciated.
Does anyone have any ideas about homes that have been foreclosed ? I am planning on buying a house in St. Mary's GA and I need some feedback ? your help will be gladly appreciated.
I would say that for most people it is not a good option as an investment, and it is really not a good idea as a residence.
First, you have to pay cash, so that takes most of the people out of the running right there. There are a lot of risks involved, and you could lose hundreds of thousands of dollars if you do it wrong. You also might have to deal with an eviction (maybe even someone very sympathetic like a single mom with kids or a destitute old lady).
If you do want to get a foreclosure, definately seek the help of professionals. Doing it all on your own (even if you are a great book learner, very smart, etc) is like trying to learn how to give yourself a root canal (even some realtors would be in way over their head). I would personally never buy a place without some professional help.
As a personal home they are a bad choice because they are spread out over the whole county, and you will have a hard time finding a place that you even like, let alone can renovate (and they are usually real S**t holes) and submit the winning bid. The only exception might be in one of the top ten markets for foreclosures where there are 50 or more places going each week.
Buy the house if it fits your requirements/needs, and you find the price reflects the situation and value. Don't assume it's a "great deal" because of the distress situation.
Be aware that the process may have a lot of "pitfalls" compared to a normal purchase, and may require you to be very thick skinned to get to a closing.
Generally you can't get inside of a foreclosed home to see what damage the previous tenant has done. They may have flooded the entire house, destroyed the walls with holes, ripped out the plumbing or any copper wiring, etc. A lot of people facing foreclosure are angry and they aren't just going to give the house back to the bank without first taking out thei anger and frustration on the property.
You also need to be really savvy to the bidding process and check on all the loans and liens, judgments, etc. against the property because once you pay your CASH to purchase the property, any liens, etc. that are attached to the property become YOUR responsibility.
In regards to foreclosures being a former meth-lab
Quote:
Originally Posted by olecapt
So have some non-foreclosed houses.
The difference is that foreclosures are "as is, no warranty"... a non foreclosure has disclosure statements and you can sue if they don't disclose. Fixing a meth home is about $40,000 to have the hazmat guys remove all the drywall and insulation in their scuba suits.
PS, there is no way to "have it tested beforehand" on a foreclosure. The only way you can usually get inside is by breaking and entering (not recommended!) That is just one reason why they are a risk!
I just bought a foreclosed house. What a nitemare it has been. Weeks upon weeks of taking crap from the Bank who owned the home and my mortgage company. I'll never buy another foreclosure. Our closing dates changed 3 times. We were to close over a month ago and just closed this past week.
My house was as is and I did get a great deal on it. It just needs minor repairs, painting, new carpets and just a good cleaning. No damage to walls or anything as most foreclosures have.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I do it for a living
Just a Little Aside...
) That is just one reason why they are a risk!
