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Has anybody here bought a foreclosed house? Or one from like a Sheriff's auction or anything? Just wondering cause I've heard you can get some really good deals.
 

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I kinda did. I bought a house from a couple who was less than honest with their real estate agent. I bought the house in June, but the couple had separated in November. Turns out, when the wife moved out, the husband quit paying the mortage. So one day before the closing, they found out the bank that held the mortage on the house was about to foreclose on it. To make matters worse, the couple had a 2nd mortage on it, and what they would get from the sale wouldn't even come close to covering both mortages.

So, they ended up pushing back the closing a few days till they could work out some type of deal between the banks and the seller.

Not really the help you were looking for, but figured I'd share anyway.
 

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We've never bought a foreclosed home but plan on buying one next year once we start doing investment real estate. Your courthouse should post a list of all the forclosed homes in your area each week and the date of the auction. You can search for foreclosures online but most of those websites require you pay a fee in order to view the homes listed and often don't have all the homes that are listed in your area. If you want to know if you're getting a good deal on a particular house you can go to the courthouse and pull up the information on that house. These documents contain when the house was built, it's most recent appraisal value, and the general information about it (how many bedrooms, bathrooms, sq. footage, ect...). You can use this and compare the house to other homes in the area to see if that house is really worth getting. Many people do not know about this and it is one of the best ways to know what your getting into. We got all this info from our friend who is a real estate agent as well as investment realtor. If you have any more qestions fell free to ask me. I hope I gave you the right information.:)
 

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Your mileage may vary
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I have a friend who bought a foreclosed house for his mom in a small Pennsylvania town. It was so cheap, he bought two more for himself (he intends to keep one and refurbish and sell the other), his brother bought one, his sister bought one and his father bought one.

Evidently, it's a good deal.

Personally, I think they should rename the town in his family's name, since they now have so much real estate. :)
 

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Discussion Starter #5
hyakugojyuuichi said:
We've never bought a foreclosed home but plan on buying one next year once we start doing investment real estate. Your courthouse should post a list of all the forclosed homes in your area each week and the date of the auction. You can search for foreclosures online but most of those websites require you pay a fee in order to view the homes listed and often don't have all the homes that are listed in your area. If you want to know if you're getting a good deal on a particular house you can go to the courthouse and pull up the information on that house. These documents contain when the house was built, it's most recent appraisal value, and the general information about it (how many bedrooms, bathrooms, sq. footage, ect...). You can use this and compare the house to other homes in the area to see if that house is really worth getting. Many people do not know about this and it is one of the best ways to know what your getting into. We got all this info from our friend who is a real estate agent as well as investment realtor. If you have any more qestions fell free to ask me. I hope I gave you the right information.:)
Cool lots of info. :) Where I used to live in Ohio you could pull up all the house information online. You could view the deeds and what not. It's pretty cool. I'll have to see what there is when I get to the states. I might be able to pic up a nice place for cheap.
 

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a.k.a. porkchopzz4
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squeebug said:
Has anybody here bought a foreclosed house? Or one from like a Sheriff's auction or anything? Just wondering cause I've heard you can get some really good deals.
one problem with buying at an auction on the courthouse steps is you have to have CASH money to buy it - no mortgages, etc.

For most people this is not an option.

What works much better is to read legal notices about foreclosures - they include lender, balance owed, address etc. Then make an offer directly to the lender. Banks are reviewed quarterly and need to keep non-performing assets off the books so in many cases they will sell below appraised value - especially if you use them for the mortgage. (And, if you get it for below appraised value, you can do a piggy back home equity loan to pay the downpayment). Woohoo! Buy real estate with no money (blah blah blah) :)
 

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<-----No More Beetle :(
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Alan From NYC said:
I have a friend who bought a foreclosed house for his mom in a small Pennsylvania town. It was so cheap, he bought two more for himself (he intends to keep one and refurbish and sell the other), his brother bought one, his sister bought one and his father bought one.

Evidently, it's a good deal.

Personally, I think they should rename the town in his family's name, since they now have so much real estate. :)

Where in PA? I'm thinkin of buying one near my parents. I can get out of my lease if I buy a house (house clause) and I'm seeing about getting pre-approved for a mortgage. I found a house that would be big enough for me, my sister and my parents to move into until they sell their business and build a house of their own. Just need to find a job now! :goodjob: My luck,it will fall through like everything else! :mad:
The house is in my price range and if I can get approved for the amount i think i can my mortgage would only be 450/month! If I cant find the job right away I'll just let them live in it and have them help me with me mortgage until I can get there.
 

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I hope you don't mind me expressing a different opinion here. My wife and I considered trying to buy a foreclosed house, we knew that they can be a really good deal. We decided we didn't like the "kharma" that would go with that so we bought off the "regular market."
 
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