04 April 2011

anybody know anything

about buying houses that are in foreclosure?

We found one online that was built in 1900 and costs...

$30, 000.

Yep. That's all.

It needs paint and carpet-ripping-out. It probably needs more.

But that's the cost of the entire house. Not the downpayment. THE HOUSE.

Friend is doing drive-by's. Suspect friend may be dressing up as foreclosure agent and going undercover. In her maxivan. ;> (Don't forget to slap some magnetic signs on the side before you head out.)


Debbie said...

Wow! That is definitely an amazing price. The only thing I have heard about forclosures is that it takes a MUCH longer time to work through closings, etc. Where is the house?

ALPAL said...

We have had four in our neighborhood. We have learned that the bank is not going to be lowballed. The interiors have often been trashed and the houses have sometimes been allowed to deteriorate due to owner and bank neglect. Be careful. The one next to us sold. The new owners are putting a lot of work into it, but since they paid so little for it, they can afford it. The one across the street has not had a new roof since 1974 and has been sitting vacant for a year now! Those are expenses that you may not want to undertake. A good inspector is critical.

votemom said...

i've also heard it can be a very slow process. and i've also heard that often the people gut the place before leaving.... one house in my friend's neighborhood - they ripped out the FURNACE. it's mostly just angry, hurting people acting out in spite i think. sad.

beckyww said...

Keith's first house was a foreclosure. Lots of work, including re-texturing the bedroom ceiling - but we did well when we sold it a few years later.

Inspection critical.

You got an MRA #? Be good for some fresh eyes to look at the listing. Never hurts.

Dawn said...

I've heard that buying a home is usually only financially a good decision if you plan to stay there 5 years or more. That was certainly true for us. We sold after 2 years and lost money - even if you don't count the cost of the moderate upgrades we did.

Looking back, we probably would have done better from a financial perspective if we had rented. However, we did enjoy living there and it was probably a good decision from a psychological perspective. I'm not sure if we would have done the same thing, knowing what we know now.