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Foreclosure homes

Have any of you ecer bought one? Was it worth it and would you do it again? I have a very small house, with 3 growing kids. Can barely make the house payment I have now. If we get a bigger house that might be our only way.

 
Anonymous

Asked by Anonymous at 1:43 PM on Dec. 20, 2010 in Home & Garden

This question is closed.
Answers (7)
  • My husband and I bought a foreclosed home before we got married. It was one of the best decisions we've ever made. Sure it needed work, but we got a beautiful 2-story brick A-frame home with a fireplace, 3 bedrooms, 2 bathrooms, HUGE kitchen, formal dining room, and a basement....for $25,000. Whereabouts do you live? Some cities and counties actually have incentives you can look into. The city we live in has a program where if you buy a foreclosed home and meet the income requirements, the city will actually pay up to $10,000 in home renovation costs to fix the house up for you.
    Gemska

    Answer by Gemska at 1:49 PM on Dec. 20, 2010

  • We bought our home in Feb and it was a foreclosure home. We got a great deal on it, but it did need some work. Before we moved in we had the heat and air ducts replaced (they had the wrong kind under the house), had new plumbing run and had the roof redone (could have been patched, but we wanted to know it was all good). I wish our city had a program like Gemska's but we don't.  We bought our 4 bedroom, 2 bath (though it only sold as a 1 bath because the previous owners removed a toilet) with a living room, dining room, den and large kitchen for only $12,500.  We found our home online at http://www.bidselect.com/ but they don't service the entire country so you may not be able to use them depending on where you live.  We actually know about available foreclosures before the real estate agent using that site.  Good luck!

    scout_mom

    Answer by scout_mom at 2:04 PM on Dec. 20, 2010

  • With the shape of the economy, this is certainly the time to look into foreclosures. There are lots of them available around the Central Valley here in CA. Many of them are not worth it, but a lot are quite a good deal. Seems to be you could actually end up paying less per month than you are now and have a lot more home to show for it. Hope you find a great deal--for you and your growing kids.
    ChezBelle

    Answer by ChezBelle at 2:49 AM on Dec. 21, 2010

  • Thanks for the info Gemska!!!!
    Anonymous

    Comment by Anonymous (original poster) at 1:51 PM on Dec. 20, 2010

  • My question would be - how can you change houses if you can barely afford your house payment now?
    tasches

    Answer by tasches at 7:41 PM on Dec. 20, 2010

  • Our house was a foreclosure. It needed some updating, but really as far as most foreclosures go, it was in great shape. We did paint, flooring, tile, landscaping, and so on because we could afford it, but if we hadn't, it was pretty much move in ready. My husband secures foreclosed homes for the banks, and he sees everything from perfectly maintained homes to completely - and intentionally - trashed homes. Foreclosures can be a great deal, but keep in mind that you get what you get. Since the banks haven't lived in them, there is no guarantee that you get from them if there is a major problem. Get a house inspection and make sure the previous owners haven't done something like pouring concrete down the drains. And yes, we've seen that a few times.
    JulieJacobKyle

    Answer by JulieJacobKyle at 8:16 PM on Dec. 20, 2010

  • @tasches. Not that it is any of your business how I can do it. If I can get a good deal on a FORECLOSURE. I won't have a problem!!!!!!!
    Anonymous

    Comment by Anonymous (original poster) at 9:42 PM on Dec. 20, 2010

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