Have Any Of You Ever Bought A Forclosed Home?
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From: Chino
Have Any Of You Ever Bought A Forclosed Home?
I was wondering if anyone could help me with this. I am planning to buy a house and was wondering if any of you guys have ever bought a bank owned or forclosed home before. I want to get the best deal possible and was seriously thinking about looking for a foreclosed or bank owned home. For any of you guys that have experience with this, is it bad? Is it worth it? By the way, I was planning on buying in the Las Vegas area. I plan on buying in a nice area, not in a ghetto area.
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From: Milwaukee, USA
Im not afraid to admit that I, errr, my wife, watches Suze Orman 
She says that it is one of the best investment opportunities avg Joe's like you and me have.
My sister-in-law's brother...yeah that guy....bought a foreclosed house in a decent blue collar neighborhood of Chicago for like $50K. He was single so he had tons of time to do the neccesary renovation and sold it about 2 yrs later for $120K. Only money put in was materials and his own labor.
Not all are fixer-uppers too. Most decent properties don't even make it to market because bankers/brokers seem to off load them quick to associates or business partners.
Im not a pro....I just have a lot of friends and family in the real-estate investment business.
She says that it is one of the best investment opportunities avg Joe's like you and me have.
My sister-in-law's brother...yeah that guy....bought a foreclosed house in a decent blue collar neighborhood of Chicago for like $50K. He was single so he had tons of time to do the neccesary renovation and sold it about 2 yrs later for $120K. Only money put in was materials and his own labor.
Not all are fixer-uppers too. Most decent properties don't even make it to market because bankers/brokers seem to off load them quick to associates or business partners.
Im not a pro....I just have a lot of friends and family in the real-estate investment business.
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From: Seattle
It takes time to aquire title b/c of the statute of limitations . . . period of equitable redemption... If you break into this kind of buy and sell market, learn about it first you'll see what I'm talking about.
I always offer below market and as close to the tax assessed value as possible, then I comp out sales of other homes and make low ball offer.
A foreclosed property is only a good value if the property value outweighs the liens against the subject property or it's not worth your time...
-Bill
I always offer below market and as close to the tax assessed value as possible, then I comp out sales of other homes and make low ball offer.
A foreclosed property is only a good value if the property value outweighs the liens against the subject property or it's not worth your time...
-Bill
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From: Seattle
Your best bet is to look into subdividable property / with an existing structure, so the deal is easy to finance.
If you get a rezone on a piece of subdividable property, your investment will be much more desirable than a below valued sh!thole.
If you get a rezone on a piece of subdividable property, your investment will be much more desirable than a below valued sh!thole.
It's lucrative, takes time . . . so steady revenue is a must. 
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