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Has anyone ever purchased a foreclosed home??

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rosesrred1

Asked by rosesrred1 at 10:47 AM on Sep. 30, 2010 in Home & Garden

Level 15 (1,976 Credits)
Answers (11)
  • Yes i use it for a shelter for battered women as a transition home ..
    MTM

    Answer by MTM at 10:50 AM on Sep. 30, 2010

  • A friend of mine just did. I work in real estate and purchasing a foreclosed home can take more time and the are sold as is. Any problems you might fine during inspection will become your problem if you purchase it. But, sometimes you can find a house thats being foreclosed that is in great condition. Its just a matter of having the time and money to do it.
    smarie1011

    Answer by smarie1011 at 10:54 AM on Sep. 30, 2010

  • Yes.
    tootoobusy

    Answer by tootoobusy at 10:54 AM on Sep. 30, 2010

  • Nope, we went through Habitat For Humanity.
    SparklingHope

    Answer by SparklingHope at 10:56 AM on Sep. 30, 2010

  • Foreclosures are all over the place now due to the bad economy. My friend is a mortgage broker
    and the only problem is getting a loan now adays. Lenders are not handing out money like they
    did 5 years ago. It is very hard to get a loan. Average is now about 6 months when it used to be
    3 months. Good luck and make sure that you get an excellent mortgage broker. If you like I can
    recommend one.
    Poshbabyboy

    Answer by Poshbabyboy at 11:00 AM on Sep. 30, 2010

  • Yes, go to http://www.bidselect.com/and see if they have them in your state.  We purchased ours in February for about a quarter of the value of the house.  We are renovating it and there was A LOT of cleaning that had to be done but for us it was the best decision.  We prefer older homes and this one just celebrated it's 100th birthday so it was perfect for us.  We are working on getting it back into a wonderful home after it was badly neglected by the previous owner's renters.

    scout_mom

    Answer by scout_mom at 11:12 AM on Sep. 30, 2010

  • Yes! I purchase Forclosed homes and track down the people that lost t in the first place and give them their house back. I keep the deed but they can live there for as long as they want rent free they just take care of their own bills.
    pumpkindreams

    Answer by pumpkindreams at 12:01 PM on Sep. 30, 2010

  • nope, i refuse to be a part of someone losing a home, even if it is only remotely. Bad karma!
    salexander

    Answer by salexander at 12:51 PM on Sep. 30, 2010

  • Hubby and I just bought one this year. We got LUCKY with ours. It wasn't our intention to go out and look specifically for a foreclosed home, and the first few we saw were absolutely trashed! Then we went and saw the one we bought, and it was exactly what we were looking for, and it didn't need many repairs...all the repairs could be fixed by my/his dad or by ourselves, and the only thing we haven't done yet is use our home warranty to fix the dishwasher. We got it at a KILLER price too, most homes in the neighborhood are in the $200+ range and we got ours for 143,900. Plus we were able to get in on the rural development program, so that allowed us to do 100%financing and no private mortgage insurance. When I heard the story about how the house became a foreclosure, I felt soooo bad to the woman that got evicted though...she was paying the rent, the owners weren't paying the bank. And we were able to close in about 1.5-2months
    dlandrum

    Answer by dlandrum at 1:00 PM on Sep. 30, 2010

  • We did. We got a great home for a great price. The only problem was that it was filthy!! We also qualified for the rural development mortgage so we didnt have to put any money down. The selling mortgage co fixed the major problems - boiler not working, plumbing. The rest (cleaning, trash in the yard & alley) we had to take care of but it was worth it!!
    jdlane1901

    Answer by jdlane1901 at 12:48 PM on Oct. 1, 2010

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