Has anyone ever thought about buying a forcolsed home?

Question

There's a difference between condemned and foreclosed. My husband and I are considering doing this in a year and a half. I am excited I found houses in a great price range that just need fresh paint and carpet. I was wondering if anyone has? And if they liked it because you can get a nice house for cheaper on the market.

Answer

We bought a foreclosed home that sat empty for 5 years for $30k. My husband is a carpenter and completely gutted and remodeled it and it was just appraised for over $120,000. It’s the perfect starter home for our family and we know when it’s time to move we will be making a profit on it

Answer

We bought our house as a foreclosure. You can get a better deal that way. However, the process of buying the house can take a little longer, especially if the bank recently foreclosed on the house. Other than that, it’s a great way to go.

Answer

Yes but if you need to do research every foreclosed home I have interest in a check it out threw hud home shop so I can see what all is wrong with it! I ask for as much disclosure as possible and reliable inspections even if that involves me having to have some one come in! Lucky my husband is in home construction/ reconstruction so we can inspect a lot of things on our own An get a second opinion if needed. You for sure need to ask allllllot of questions! The biggest thing I see in our area ob foreclosure homes is the pluming being crap and failing inspections (which depending on what it is can cost a lot ) or electrical which again both are no big deal for us bc our cost would be half of what it would be for some who has to pay to have some one fix these things. So you An you husband need to make a list of what is a deal breaker and what your budget would be for repairs on a home . A house can look perfect on the cosmetic side and have a lot of unseen issues that's why inspections are extremely important !

Answer

When we were looking we found an amazing one, but it ended up having black mold all over the basement that wasn’t foreclosed to anyone so be careful!

Answer

We got our condo that was foreclosed. It took a little bit cause the bank is slow and there was some work that had to be done inside (the bank wont spruce it up like a homeowner selling)..  we got a good deal

Answer

My husband and I did! Best investment we ever made! :)

Has anyone ever thought about buying a forcolsed home?

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