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Buying foreclosure homes?

Has anyone got any experience with this? We found a small house (like 3 bed, 1 or 2 bath) in the area we want to move to for like $16,000 or $17,000 5% down. Does this sound like a scam? Should we check it out? What's different about buying a foreclosure? We've never bought a house or anything before,so this is all new to us and we're trying to get some information. We actually got a book yesterday that's one of those Idiots Guide to buying foreclosures or something like that lol, but I want real people's experiences, advice, etc. Thanks so much ladies!

 
Mrs.BAT

Asked by Mrs.BAT at 8:13 AM on Mar. 8, 2009 in Home & Garden

Level 38 (105,028 Credits)
This question is closed.
Answers (8)
  • My husband and I bought a house last sept. that had been foreclosed on. We got lucky, it was not one of those that ppl destroyed and took everything out of..It still had all of the light switch plates and ceiling fans and the dishwasher and carpet. Alot of ppl go so far to rip off the light switch plates and carpet (I know...Crazy) but they feel like they have lost all of that money they did pay on their house and got nothing in return so they take stuff..Anyway..we knew the ppl that lived in our house (not personal friends but knew of them and who they were). Our house just needed a good cleaning from where no one had lived there in months. We did not do an inspection b/c we knew even if something were wrong we would have to pay for it out of pocket anyway..Most if not all foreclosures are sold "AS IS". We were chancing it big time by not getting an inspection but that was OUR house either way. We knew we wanted it problems
    vikaroo18

    Answer by vikaroo18 at 5:24 PM on Mar. 10, 2009

  • One thing about foreclosed homes is that the owners tend to not take such good care of them like someone who's trying to sell their home would, you know? As with any home purchase, have it inspected so you aren't surprised by a leaky roof or a sinking foundation.
    Anonymous

    Answer by Anonymous at 8:15 AM on Mar. 8, 2009

  • Is there a difference between bank foreclosures and others, or is it all bank foreclosure? Yea, I'm new to this lol, sorry if I sound stupid.
    Mrs.BAT

    Answer by Mrs.BAT at 8:24 AM on Mar. 8, 2009

  • It's all bank. People tend to destroy the homes out of anger. So I agree, get an inspection you should on any home.

    Anonymous

    Answer by Anonymous at 8:36 AM on Mar. 8, 2009

  • no just make sure its inspected ppl F up those houses big time usually
    Anonymous

    Answer by Anonymous at 12:34 PM on Mar. 8, 2009

  • We are buying one not all are trashed. try to get a 203k loan not a fha. fha is so picky.
    Anonymous

    Answer by Anonymous at 9:42 PM on Mar. 8, 2009

  • or not. For one, we found out we were expecting and needed our own house and two, it was a great deal for a 3 bed 2 bath brick home with a garage! the house is only 3 yrs old so it's not horribly outdated but we are slowly changing the fixtures from brass to nickel as we have extra money. I think you should really be sure this house is the ONE! If it is, and you are not familiar with the family that lived in it before, then get an inspection. Also, clean it VERY WELL. Make sure it is a neighborhood you trust and don't settle just because it is cheap. Our house was on the market for $84,695.00 we got it for $78,900. but with closing costs it ended up being $84,000 anyway. The house is probably worth $93-$95k. So to us that was a good deal b/c we made a profit of like $11,000. Don't settle though..We looked for close to a year and had our eye on OUR house for like 6 months before we committed.
    vikaroo18

    Answer by vikaroo18 at 5:38 PM on Mar. 10, 2009

  • someone said 5% was alot.
    Anonymous

    Answer by Anonymous at 5:45 PM on Mar. 11, 2009

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