House Foreclosures

[jtusa]

So I'm poking around a foreclosure site, and saw a house for $6,000. 3000sq ft home in Conneticut on 3 acres, for six grand. Is there a catch to purchasing foreclosures and reselling them? Maybe someone was murdered in it or something.

If not tell me why I shouldn't get into the business of buying and reselling foreclosed homes? Seriously, I knew you could get houses cheap, but some of these prices seem waaaay too good to be true.

 

[FoBoT]

i think that is unrealistic

 

[waggy]

they always show very low prices. you tehn go and bid on it and it goes way up. we tried to buy some investment propertys this way. you can not get one for as cheap as htey claim.

 

[bctbct]

let me guess you have to pay 49.99 to see the address?

 

[jtusa]

Originally posted by: FoBoT
i think that is unrealistic

It's listed at that price on both the foreclosure site and the realtors local site.

 

[jtusa]

Originally posted by: bctbct
let me guess you have to pay 49.99 to see the address?

Lol, $7.99, I'm bored.

 

[MechaSheeba]

It's typically by auction.

 

[Kaido]

Yeahhh....I have been house shopping in Connecticut for the past few months and the cheapest house is $200,000 - and it's a shack. Good luck with that, lol.

 

[AreaCode707]

Originally posted by: MechaSheeba
It's typically by auction.

QFT. I believe you also may pick up various parts of the mortage(s) the house is under.

 

[jtusa]

Originally posted by: Kaido
Yeahhh....I have been house shopping in Connecticut for the past few months and the cheapest house is $200,000 - and it's a shack. Good luck with that, lol.

If I thought for a second I could get it for that, I'd fly to Conneticut tonight and hand the realtor $6000 cash money.

 

[mavsham]

I have links to real sites done by the government that I used before I bought the house I got now we are living in. If it wasnt this place we did find one in IN using one of the sites that had a 1500sq ft home across from a lake for $65K

Not a scam just need to know the right sites WHICH for $10 will gladly pm you the addy of said sites for homes, to cars, and boats too
Just kidding. If you ask nicely I may put them up for free

 

[Greenman]

That 6k is prolly the starting bid. Around here, all the repos have a minimum price, which can indeed be spare change. But they are all sold via seald bid, and they always sell for market price.
I'm a contractor, and I've looked at a lot of repos because even the most trashed units are cheap and easy for me to repair. Every single one I looked at sold for market price. There was no margin to do the necessary repairs.

 

[funboy6942]

Originally posted by: mavsham
I have links to real sites done by the government that I used before I bought the house I got now we are living in. If it wasnt this place we did find one in IN using one of the sites that had a 1500sq ft home across from a lake for $65K

Not a scam just need to know the right sites WHICH for $10 will gladly pm you the addy of said sites for homes, to cars, and boats too
Just kidding. If you ask nicely I may put them up for free

That was me as someone else so I am me again so ask nicely or I wont do jack!

 

[funboy6942]

 

[piasabird]

Back taxes.

 

[shawn130c]

Originally posted by: funboy42

Originally posted by: mavsham
I have links to real sites done by the government that I used before I bought the house I got now we are living in. If it wasnt this place we did find one in IN using one of the sites that had a 1500sq ft home across from a lake for $65K

Not a scam just need to know the right sites WHICH for $10 will gladly pm you the addy of said sites for homes, to cars, and boats too
Just kidding. If you ask nicely I may put them up for free

That was me as someone else so I am me again so ask nicely or I wont do jack!

Since its only $10 why not.
Please

 

[DrPizza]

Think logically:

Bank forecloses on a house... do you think they just want to just give away the property?
Sometimes you get a good deal, but usually they don't sell for that much under their actual value.

Personally, I got really lucky - my house didn't have water (well pump was shot) or heat when we bought the place (house froze, hot water baseboard lines all broke.) There were 3 or 4 buyers before us - none of them was able to secure financing because of the condition of the property (or for other reasons) - the bank will NOT make repairs to a home, and most mortgage places have a few requirements for a residence before they're going to sign off on the loan.

Long story short, we payed an extra 2k just for the mortgage broker who got us a good deal on a mortgage. We closed just on time (banks generally give you 30 days to close on a foreclosure.) It's been 1 1/2 years; our home just appraised for almost exactly twice what we paid for it.

edit: and it took a lot of work to get it in its current shape.