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Would you be Afraid to Buy a Foreclosed or Short Sale Home?

Just a little hesitant to buy one of those properties not knowing the history and not really wanting to buy someone else misfortune. Feel bad for them.

 
sweet11-12

Asked by sweet11-12 at 11:56 PM on May. 1, 2011 in Money & Work

Level 15 (2,314 Credits)
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Answers (7)
  • There are many ways to check on the history of a house. Being in foreclosure and living in Fl. I have a different view. Houses going for $177,000.00 6 years ago are now $75,000.00 or less. Just do your homework. I would not buy a home that had appliances stripped out.
    mollgirl59

    Answer by mollgirl59 at 5:25 AM on May. 2, 2011

  • Expect the place to be a total mess and need immediate work. If you can deal with that then go for it. If you know nothng about DIY and have no cash reserves, don't go there.
    LoveMyDog

    Answer by LoveMyDog at 9:57 AM on May. 2, 2011

  • Foreclosed, perhaps. Short Sale, No... that's not my problem. That's all the bank needs for the house.
    m-avi

    Answer by m-avi at 12:01 AM on May. 2, 2011

  • I probably wouldn't think twice, but that's just me!
    kaylan010

    Answer by kaylan010 at 11:59 PM on May. 1, 2011

  • I brought it up because a CM Journal commented how no one made an offer on the short sale, and how time was running out, I did not know there was a time limit on buying the short sale, also found out the bank and the owner have to agree on the price and apparently those sales are as is sales, so any issues you have with the house I guess you're out of luck. Another thing to think about is the tax consequence, Just a thought. I blame the the banks more than anyone and I see them trying to profit from both sides.
    sweet11-12

    Comment by sweet11-12 (original poster) at 12:09 AM on May. 2, 2011

  • I wouldn't think twice and would jump on the chance. especially forclosed homes. they are great because you can buy them for much less than what they are worth fix it up and sell it for more than what it is worth
    mrsbean08

    Answer by mrsbean08 at 12:09 AM on May. 2, 2011

  • I would wonder if the former owners did something to the place, when my SO tried to rent his place there is a strong smell of gas, the previous owners had taken out all the appliances. the utility company had to check, at all appliances needed to be replaced.
    sweet11-12

    Comment by sweet11-12 (original poster) at 12:20 AM on May. 2, 2011

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