Why should you buy a foreclosure home?
Question:
Answer:
ON FORECLOSED HOMES YOU CAN MAKE AN OFFER ON THE PRICE OF THAT HOME. NOT MEANING YOU MAY NOT GET IT AT THAT PRICE. IT'S UP TO THE BANK OR MORGAGE COMPANY WHICH EVER HAS THE TITLE/DEED TO THE PROPERTY OF WHAT PRICE THEY'LL EVEN CONSIDER TAKING.
SAY 4 EXAMPLE:
I LOOKED AT A HOUSE THAT WAS IN FORECLOSURE FROM A BANK. $90,000.00 WAS STILL LEFT ON THE LOAN UNPAID, I OFFERED $30,000.00 FOR THE HOUSE BUT IT WAS NOT ACCEPTED BECAUSE THE BANK KNEW THAT THE HOUSE ACROSS THE STREET FROM FORECLOSED HOUSE WAS APPRAISED AT $120,000.00 AND BEING THAT THE BANK WAS IN THE STATE OF FLORIDA. I ASKED THE REALTOR IF THE BANK KNEW HOW RUN DOWN THE PLACE WAS AND HOW MUCH IT WOULD TAKE $$ WISE TO FIX IT UP JUST TO MAKE IT LIVABLE. HE SAID YES BUT THERE GOING TO TAKE THE HIGHEST BIDDER WHICH THERE WAS ANOTHER COUPLE WHO HAD LOOKED AT IT AND OFFERED $43,000.00 SO THEY-THE BANK- WOULD BE MORE INCLINED TO GO WITH $43,000 RATHER THAN $30,000 SO I DROPPED OUT. I KNEW IT WAS IN NEED OF MORE REPAIRS THAN I HAD PLANNED ON FROM JUST GLANCING THROUGH THE WINDOWS VERSUS THE TOUR THROUGH OUT THE ENTIRE HOUSE.
SO MAKE SURE YOU CAN GIVE A ROUGH ESTIMATE ON WHAT IT'LL COST FOR FIXING THINGS THAT ARE IN NEED OF 'NEW' AND GIVE AN OFFER WITH THAT ATTACHED. SURE IT'S GREAT TO COME ACROSS A BARGAIN BUT WHAT'S UNDERNEATH THAT YOUR NOT AWARE OF CAN COME BACK AND BITE U IN THE @SS SO BE CAREFUL AND DON'T RUSH INTO ANYTHING THAT U R NOT SURE ON.
Some key issues with foreclosures is to make sure you visit your court house and check to make sure there are no liens or anything else owing on the said property.
You should also make sure you have the home inspected as it has been abandon and may not be up to par.
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