Skilly Posted December 21, 2008 Share Posted December 21, 2008 Has anybody ever purchased a forclosed home? Seems that you have to pay to get the lists of forclosed homes, but that the prices are significantly less. What I want to know is, what's the catch? Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted December 21, 2008 Share Posted December 21, 2008 Foreclosed homes are usually a mess. The people didn't take care of them, and they usually trash them on the way out. Plus, they've usually been abandoned for a little while so who knows what you'll find inside. It's not saying that you can't make money buying them, but you need to watch what you are doing. Do your due diligence to find out if anyone else has liens against the home. My buddy almost bought a foreclosed home only to find out that there was another mortgage out on it. Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted December 21, 2008 Share Posted December 21, 2008 You'd think Karma. Quote Link to comment Share on other sites More sharing options...
Rebellab Posted December 21, 2008 Share Posted December 21, 2008 In South Dakota, the foreclosures are listed in the newspaper in the public listings. They have a sheriffs sale and you have to have 100% of the money that day. Here's the catch here. The current owner being foreclosed on has 6 months to a year to vacate the property depending on how the foreclosure was filed. So it is a huge gamble here. I looked into it, but all the signs said it wasn't worth it. You are also not allowed to inspect the property prior to the sale as well. Quote Link to comment Share on other sites More sharing options...
Chief Dick Posted December 21, 2008 Share Posted December 21, 2008 In these times, foreclosures will be on the MLS as well. Just go to realtor.com and search in the area you want to live. There will be foreclosures in the mix. No reason to pay for a list. Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted December 21, 2008 Share Posted December 21, 2008 You are also not allowed to inspect the property prior to the sale as well. That sounds way shady. Quote Link to comment Share on other sites More sharing options...
Rebellab Posted December 21, 2008 Share Posted December 21, 2008 That sounds way shady. State law Quote Link to comment Share on other sites More sharing options...
SheikYerbuti Posted December 21, 2008 Share Posted December 21, 2008 State law Whatever. Asking people to slap a hundred thousand dollars down on a house that could have foundation damage, termite damage, water damage, a family of squatters living in it. . . .that's just insane. Quote Link to comment Share on other sites More sharing options...
whomper Posted December 21, 2008 Share Posted December 21, 2008 State law I am not doubting you or busting your chops but I find that absolutely unbelievable. Skilly. There could be things a seller would normally have to pay for that you will have to pay like the certificate of occupancy and other possible fees depending on the state you are in. Be sure a lawyer lays all of that out for you. Quote Link to comment Share on other sites More sharing options...
Beaumont Posted December 21, 2008 Share Posted December 21, 2008 A lot of it depends on whether it is a judicial or non-judicial foreclosure. http://www.foreclosures.com/pages/state_laws.asp Quote Link to comment Share on other sites More sharing options...
Grimm74 Posted December 22, 2008 Share Posted December 22, 2008 State law not in the state of SC. Quote Link to comment Share on other sites More sharing options...
Robash Posted December 22, 2008 Share Posted December 22, 2008 You are also not allowed to inspect the property prior to the sale as well. not in Az In these times, foreclosures will be on the MLS as well. Just go to realtor.com and search in the area you want to live. There will be foreclosures in the mix. No reason to pay for a list. Your realtor can pull them up for free on the MLS. Surprise Az, was one of the hardest hit areas. I just had my realtor search for foreclosed homes in our area that met our floorplan wants every day. and with any bid here there was a 10 day inspection window where you could back out for any reason. unfortunately for us there are tons of investors out here buying things up...we actually had 4 bids out at once on propertys that we really liked. Our house was on the market for 12 hours when we placed our bid, got it for $64 a sq foot and payed no closing cost. not to mention it was only 2 years old. Quote Link to comment Share on other sites More sharing options...
dmarc117 Posted December 22, 2008 Share Posted December 22, 2008 i think you cant inspect them only if its at an auction. Quote Link to comment Share on other sites More sharing options...
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