Hi, I was just wondering how to find out more info on buying forclosed homes. And what are the pros & cons? Are there local sites by county or state and what are the procedures to actually becoming the new owner of one of these homes? Thanks!
We bought a foreclosed home last year. We found it in the MLS, just like any other house. Our Realtor showed it to us. And several others that were also foreclosures. There were no additional fees, but there was some extra paperwork to sign (mostly releasing the bank from any liability).
We had to wait 6 weeks for a closing on a cash offer after our bid was accepted by the bank.
The house was vacant for 2 years, and had not been well maintained prior to that. Once we had the power turned on the furnace, fridge, and hot water heater did not work. There were some plumbing issues as well.
All that aside, we still paid less than half of the market value of this house. We are almost done with the renovations (we have done everything ourselves), and it is finally starting to feel like home.
My advice to you would be to call a Realtor. There are some who specialize in foreclosed properties. If I am not mistaken GMAC is one company that does.
April 21st, 2006 at 9:21 am
I bought a foreclosed home from the state last year. Fees, closing costs and things like that will vary state to state. Check out the link below. It has lots of info and you can choose by state.
References :
http://www.hud.gov
April 21st, 2006 at 9:42 am
We bought a foreclosed home last year. We found it in the MLS, just like any other house. Our Realtor showed it to us. And several others that were also foreclosures. There were no additional fees, but there was some extra paperwork to sign (mostly releasing the bank from any liability).
We had to wait 6 weeks for a closing on a cash offer after our bid was accepted by the bank.
The house was vacant for 2 years, and had not been well maintained prior to that. Once we had the power turned on the furnace, fridge, and hot water heater did not work. There were some plumbing issues as well.
All that aside, we still paid less than half of the market value of this house. We are almost done with the renovations (we have done everything ourselves), and it is finally starting to feel like home.
My advice to you would be to call a Realtor. There are some who specialize in foreclosed properties. If I am not mistaken GMAC is one company that does.
References :
April 21st, 2006 at 12:46 pm
If you want to buy a foreclosure at auction it is done at the county level around me. The terms vary from place to place. SOme places require cash at the time of purchase, others are less strict.
References :