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Why would it be in bad tasted to purchase a pre-forclosed home? This is what someone had the nerve to say pertaining to a question I asked about buying one.

"I think it is goulish like a buzzard circling a dying animal to buy a home that someone is loosing. Just in poor taste!"



Which would be in better taste.. buy it before its foreclosed so they can pay off their loan and move on with their life and eventually be able to get their credit up again. OR Wait for it actually go through foreclosure then buy it?



But either way, buying it directly from the home owner or buying it from the bank, someone has to buy the house... what should be done? Let it sit and rot and the bank not get their money?



NOW don't get me wrong, I really do have deep deep sympathy for those who are/do lose their homes. I really really do. And I wish more could be done to help those.



Now.. what is in poor taste of someone wanting to buy a PRE-foreclosed home. OR a foreclosed home in general?



What I would like to do is a win win situation. Whats p

Answer Question
 
amy31308

Asked by amy31308 at 8:45 AM on May. 8, 2009 in Home & Garden

Level 5 (92 Credits)
Answers (14)
  • If I knew my home was going to be foreclosed on and I was NOT going to be able to pay for it then I think it would be a blessing for someone to come along and buy my house.

    Southerncharmes

    Answer by Southerncharmes at 8:50 AM on May. 8, 2009

  • I wish someone had come along and bought MY house before it foreclosed! It would have been much kinder on me, my credit report, and my pocket book if it had sold BEFORE it hit the auction block!

    VeronicaLee

    Answer by VeronicaLee at 8:50 AM on May. 8, 2009

  • that person is being a bitch.

    buy it. would they rather it sat their without anyone?
    moki1984

    Answer by moki1984 at 8:57 AM on May. 8, 2009

  • Perhaps they were being foreclosed on and just had a bad taste in their mouth about the whole issue.
    Whether you buy it or not, they're still getting foreclosed on, you have nothing to do with their ability to keep it or lose it. That's between them and the bank.
    EireLass

    Answer by EireLass at 8:59 AM on May. 8, 2009

  • Some people see it as bad luck to buy a foreclosed home. I'm not superstitious, and neither are a lot of other people. And since the house you are interested in is in PRE foreclosure I don't think those thoughts would apply anyhow. It all comes down to doing what is right for you and your family. Good luck!

    QuinnMae

    Answer by QuinnMae at 9:06 AM on May. 8, 2009

  • Okay qestion. If you purchase the home from the buyer before forclosure are you getting it for the same price that you would if you were to purchase it after the bank takes it?? Its not in poor taste at all to buy a foreclosed home. In fact, we are getting ready to move into one. It was left sitting there. Its nice too. BUT, if you will be getting it much cheaper by waiting, then I see your dilemma. THe bank is not likely to give it to you that cheap. They are going to want what they have invested in it and then some. The owner will too. See if you can negotiate with the owner for purchase price being about....the same as they owe and then a little more to help them get going. Unless its almost paid for. Then I would just offer them fair price. I have had a home forclosed on and its a pain. NOt just to have to move, but for tax purposes too. It would be good if you could work out a deal with the owner beforehand.
    momofsaee

    Answer by momofsaee at 9:08 AM on May. 8, 2009

  • NO its not between them and the bank. If the home has NOT gone on auction yet, and its for sale then they can take a contract on the home until the day before and still get the home sold. THe bank DOES NOT want this house, I am sure. They will stop foreclosure proceedings wtih a signed contract on the home. YOu would be helping this family immensely. Foreclosure is bad on your credit, but its not the worst thing. You can get another loan within about 3 yrs. Unless youre getting a HUGE price cut from the bank, then I say buy from the family.
    momofsaee

    Answer by momofsaee at 9:12 AM on May. 8, 2009

  • THe house is on the market for 189,000.. they owe 65,000 So I figured if we offered them 110,000-120,000 (the most we could afford right now) then they would still have money left over. They bought their house in 03 for 177,000. I honestly don't know what they are thinking having it on the market for that much especially how the market is right now... but I think were going to look at it (we've seen pictures online and its only about 10 years old) But it would definitely be work what we offered. We probably could get it cheaper from the bank.. but you never know it all depends on who wants the house and how much itwold go for at an auction.
    amy31308

    Answer by amy31308 at 9:29 AM on May. 8, 2009

  • How could it possibly be in bad taste.... if the home is in pre-foreclosure, you're helping those people preserve their credit by NOT having a foreclosure on their record. You're helping to get them out of a really bad situation and it's probably taking a lot of stress off their shoulders - even if the whole process is a little bittersweet.
    PaceMyself

    Answer by PaceMyself at 10:30 AM on May. 8, 2009

  • Buy it !!! Help them & yourselves!!!! Good Luck!!
    koalagirl

    Answer by koalagirl at 10:39 AM on May. 8, 2009

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