Real Estate and Property Law (1 viewing) (1) Guest
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Topic History of: risks of buying foreclosed properties
Max. showing the last posts - (Last post first)
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Sumo
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Buying a foreclosed home is a risk, no doubt. A lot of waht you are buying is the deal. Especially these days. I find that if you look long enough you can balane a good deal without a whole lot of fixing up, relatively. It takes time more than anything else, but it is the trade off for getting a good deal on house. I am looking right now, and I find that I can buy more house than I originally thought I could afford, but, most of the homes I am looking at do need work. Just a part of the bargain.
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smarx08
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I look at the house and had an inspector there the next day. The findings of the inspector led me to veto t e house. If i didnt have the inspector tell me what was wrong and estimate the repair costs I might have gotten stuck with the house.
I think the banks are just trying to dump crappy homes on the market and people think they are getting a good deal b/c its a foreclosure. Lesson learned for me.
My rule of thumb is to offer 20% - 30% less than the asking price to ensure you have money for the repairs.
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Sumo
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Most of these transactions are "as-is" sales, the bank has to give you some time to see what you are getting into, but they mostly do it as a curtesy more so than anything else. They want to dump the property and the best price possible as soon as possible, and do not want to drag the process out any longer than they have to.
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smarx08
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i'm looking to put an offer on a bank owned home and the bank who owns the property will only allow 7 day inspection. I need to get an inspection and an appraiser.
Not sure why they limit the time you have to inspect the property. Maybe its that they dont want you to discover all the problems with the property.
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Jackie
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I believe it. Foreclosures are not the deals you're expecting.
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D.Vanicora
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We're covered much of this in recent college classes. Foreclosed, whether bank or tax, need LOTS of work. It's a myth that buying foreclosed is a deal. Obviously people facing foreclosure neglect maintenance and even damage fixtures or remove appliances on their way out.
ACNN article wrote: "Never buy an REO property without an inspection, and be sure to factor repair and remodeling work into your offering price. According to a recent survey by Remodeling Online, replacing a bathroom alone costs nearly $16,000, on average."
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