[maryanna630]

Has anyone bought a foreclosed home and found it to be a good way to purchase? Were there costly problems? Would you do it again?
Thanks as always!

[Bonanza]

Originally Posted by maryanna630

Has anyone bought a foreclosed home and found it to be a good way to purchase? Were there costly problems? Would you do it again?
Thanks as always!

Banks make it very clear regarding what they will be responsible for and what they won't.
Most of the time a property is being sold "as is."
Usually, foreclosures are a good deal, however, be aware that a closing can be very drawn out.
Always have an inspection on the property for peace of mind.

[bookseller49]

I would avoid foreclosures.Costly problems for sure and prolonged leg work resulting in 11th hour termination due to title problems. Risky business!

[jbdlfan]

I would vehemently disagree with those that are opposed to buying a foreclosure. We bought our villa last year and had a fairly smooth process. If you use common sense and understand the process, it works well. We found a TREMENDOUS deal and saved thousands of dollars and have already realized a 30% increase in our homes value based on the comps.

[graciegirl]

Originally Posted by jbdlfan

I would vehemently disagree with those that are opposed to buying a foreclosure. We bought our villa last year and had a fairly smooth process. If you use common sense and understand the process, it works well. We found a TREMENDOUS deal and saved thousands of dollars and have already realized a 30% increase in our homes value based on the comps.

If you paid less than market value, the increase is greater than that. As 2BNTV points out, his home has increased 27% in value since just last year and he bought at market value.

But not all foreclosures are the same, as Bonanza points out. Be careful, be very careful.

[NottaVillager]

When we were looking to purchase a home down here our realtor suggested we stay far away from foreclosures and short sales UNLESS we had lots of time to wait, and we had money ready for possible needed renovations because the banks will not agree to fix anything, or give you any assists when it comes to purchase.

On the other hand IF you have lots of time to search out and research the properties and for the bank to dither about what offer they are going to accept, you might just find a Coupe De Ville in the bottom of a Cracker Jack box.

[llaran]

CALL Hope Peterson, realtor/broker 352-446-6396, she has sold repo homes and She has gotten some great deals worked out for people.