• We’re currently investigating an issue related to the forum theme and styling that is impacting page layout and visual formatting. The problem has been identified, and we are actively working on a resolution. There is no impact to user data or functionality, this is strictly a front-end display issue. We’ll post an update once the fix has been deployed. Thanks for your patience while we get this sorted.

anyone ever buy a bank foreclosed home?

L

Lifer

Banned
i see ads for houses repo'd by banks selling for much cheaper than market value.
something like, "Valued at $495,000! SOLD for $150,000!"

seems like a good bargain to me.
anyone know what's the catch?
 
Most times the catch to real estate sold cheaply is the back taxes or any state/federal/county liens on the property itself that become YOUR debt to payoff AFTER you acquire the property in question.

~wnied~
 
There are LOTS of potential "gotcha's" with these kinds of transactions. That's why they are generally only used by real estate pro's, or at least people familiar with the ins and outs of the industry.

CNNfn.com recently did a pretty good review of these properties (how to get them, what the pitfalls are, resources etc), search their site for more info.
 
Heard a lot about how these houses can have structural problems as well. Do research and ask lots of questions.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top