What are the pros and cons?
Re: foreclosures
:hinna:
Buying a foreclosuers is usually not recommended especially for the first time buyers. Because if the owner didn't have money to pay off the mortgage, chances are they didnt have money to take care of the home either. Home owner usually trash the place and try to sell wat ever they can from bath tub to the kitchen sink. However, with the current market there are so many foreclosures that it is possible to get a good deal.
Re: foreclosures
What about if you are the seller?
Re: foreclosures
I thought so. Thanks.
Buying a foreclosuers is usually not recommended especially for the first time buyers. Because if the owner didn't have money to pay off the mortgage, chances are they didnt have money to take care of the home either. Home owner usually trash the place and try to sell wat ever they can from bath tub to the kitchen sink. However, with the current market there are so many foreclosures that it is possible to get a good deal.
Foreclosure homes are not sold as "closed" property, you can always inspect it when buying, so if the place is trashed you can always get some estimates on how much it will take to fix the place then bid accordingly.
Foreclosures are not necessarily because people are "poor" in their head (re: trashing the house) but there are level-headed people who lose the house for many other reasons.
My friend bought a house in very nice and clean condition.
The "con" of buying a foreclosure property is "ethical", if you can find some comfort from the thoughts "I bought a great deal out of someone's misery".
What about if you are the seller?
Seller of "foreclosed" property is usually a Bank, so they are just recovering their "cost".
Foreclosure homes are not sold as "closed" property, you can always inspect it when buying, so if the place is trashed you can always get some estimates on how much it will take to fix the place then bid accordingly.
Foreclosures are not necessarily because people are "poor" in their head (re: trashing the house) but there are level-headed people who lose the house for many other reasons.
My friend bought a house in very nice and clean condition.
The "con" of buying a foreclosure property is "ethical", if you can find some comfort from the thoughts "I bought a great deal out of someone's misery".
I know foreclosuers are not closed houses but generally first time buyers are advised against buying a foreclosuer. But as I said in today's market when there is alot of inventory and foreclosuers ,there is a chance of getting a decent deal. In my experience usually house flippers or investors buy these houses. I have seen many foreclosuers and most of em are not move in ready condition.
In my opinion buying a house a financial transaction and there is no ethical delimma envolved in getting a good deal.
Re: foreclosures
I don't think its unethical since you did not cause the misery of someone. Something is available in the market and you are just another buyer. With same token buying things from going out of business places is not unethical. The companies are just selling things to recover their investment and taking tax advantage also.
Re: foreclosures
always have a person guide u .. who knows enuf on real estate.. so tht he can chk if there is any loop hole.. or somethg...
else its an opportunity for one.. and a crashed dream of the other...
Re: foreclosures
I have a few secrets that I know that involve foreclosure. If you are going through one I can show you how you can live in your house for as long as you'd like without ever having to lose it. You won't own the home but can live for free and I've helped many others accomplish that before.
PM me if you're interested.