• 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.

Buying a foreclosed house...

I believe DrPizza may have some experience with this and IIRC his first deal sucked and didn't go through.
 
I bought a bank foreclosed home in '05.
Sold it last June.
Once everything was done, I had paid about $12,000 for the trailer and a little over 1/2 an acre.
I sold it to a local builder for $45,000.

If I could find a deal like that, I would do it again in a heartbeat - Deals like that are really hard to find though.

The best way is to scour the paper or know someone that works at a bank that can tip you off when they go to auction.
 
Check county records for properties owned by banks or REO holding companies. For example: Chase, Wells Fargo, HUD, Homecomings, etc.
 
If you're risk averse, I would suggest a few things:

- Stay away from foreclosure auctions (can be very risky)
- Bank-owned are a good method for inexperienced foreclosure buyers
- Depending on the deal, title insurance can become a wise investment

None of this through personal experience. Just what I've read and what I've heard from those who have purchased forclosed properties.
 
You must log in or register to reply here.

TRENDING THREADS

Back
Top