Repossessed Home Purchases?

[willie]

Originally posted by unixpirate
No.. Not that. If I wanted to or was interested in purchasing a house or buying some house that is being fore closed on, I certainly wouldn't ask for ideas or advice from a forum. I would go to a proffesional. ie.. Realtor, Lawyer..
As a matter of fact I did purchase a house that was in foreclosure..
And some of the info that is provided is false. The house I bought was in great shape.. Also once the house is in foreclosure, the owners that did own the house are not allowed back in. The court takes the house.

The only contributors to this thread BadGirl shouldn't pay any attention to is the post hos that have no experience in the matter but always an opinion. Your experience appears to be limited to one house. If my opinion were based on the second home bought at foreclosure I would be sounding like that late night infomercial about making millions in real estate. If it were based on the one in White Sands bought about 6 years ago then I'd say don't get involved....it's a disaster! You don't necessarily need $4k in hand, it depends on the property. You are totally wrong regarding when the prior occupants have to leave the property. The most recent property I bought was in arrears for almost a year before the bank took over. MOST people involved in foreclosures are irresponsible deadbeats and the condition of the home shows it. I kept that house for one year for Capital Gains reasons and the profit was 6.25%. I would have done better with Maryland tax free bonds. Congratulations on finding a property you are happy with but I would venture to say that if it was bought as an investment and not your home, you could have done better in other investments.

 

[mattf]

My thoughts - I wanted to buy a foreclosure to live in and fix up. I'm experienced in electrical, plumbing, construction, blah blah blah. So I asked our realtor about it, and her response was something like this:

I do that all the time. I buy foreclosures before they hit the marked, cause I'm a realtor, and I pay a contractor to go in and fix them up, and then I re-sell them. I make a comission on buying and selling, plus the profit on the house. Several other realtors do the smae thing.

So my thought is - any "bargain" foreclosure is going to be bought up by these realtors, and you only get a chance at what's left. I decided not to even try.