What do people think about buying a foreclosure? Is it a good idea to buy a foreclosed property? Are there any cons to buying a foreclosure? Where can I find some info on foreclosures?
I’m currently contemplating buying a house in the next year and one idea that comes to mind is purchasing a foreclosed property. I’m not really sure where to go to find the information or how the process works but to me it seems like a good idea. From what I have recently read foreclosures are up 57% in January compared to a level a year a go. With the economy in a downturn I don’t see why I wouldn’t want to take advantage of the abundance of foreclosed property currently on the market.
Any opinions on the subject?
Here is an article on the current foreclosure situation
http://money.cnn.com/2008/02/26/real_estate/foreclosures_rise_again/index.htm?postversion=2008022608
February 26th, 2008 at 3:30 pm
Hey Sergey,
I would check out this website http://www.ehow.com/how_111013_buy-foreclosed-home.html It pretty much goes over the basic steps of buying a foreclosed house. It lists things you should watch out for and tips that you can keep your eye on. Personally I think it would be a great idea for you especially if you can find some houses that are worth the extra paperwork and hassle. If your actually going to end up getting a good bargain I dont see why extra paperwork from the government would turn you away from it. Especially if you find something your heart is set on. Just dont be a fool and start bargaining on houses that normally would be out of your price range. Glad to hear your looking to buy a home I def. think it’s the right step for you.
February 26th, 2008 at 4:11 pm
Nice thanks Nene
February 28th, 2008 at 8:47 am
Besides a foreclosure being a good deal if you find a foreclosed home that you like, how is the rest of the housing market steps?
Would you still need to take out a large mortgage? Are banks still handing out several hundred thousand dollar loans? I hear in the news with the economy that bank loans are harder to come by because banks are not loaning each other as much money.
The news report was on students not getting the loans they needed for college. This being a much larger loan compared to tuition, how does that differ?
February 28th, 2008 at 1:55 pm
Me having a better credit rating and a higher income then students makes it much easier. Apparently with foreclosure you have to pay cash that day so you would have to get the money ahead of time. From what I have found out recently it’s better to buy the pre foreclosure you get a low price and less problems.
January 3rd, 2011 at 12:27 am
I searched to begin with completely unique, but discovered your web page! And must say thanks for your time. Great study. Will arrive back.
January 10th, 2011 at 2:45 am
hey cool blog, I found your webpage as I was doing some research on what to develop my net log. I was just now enquiring which spam pluggin you utilize for comments because WE get lots on a site.
January 24th, 2011 at 6:26 am
http://fishonforum.com