Foreclosures?
Question:
Answer:
I don't know what list you are looking at. I subscribe to a local listing of what is about to be sold on the courthouse steps as foreclosures. On that list it simply shows how much is owed on the lien that is being foreclosed. It doesn't show how much is owed on back taxes or on any other liens. If you bought one of these on the courthouse steps you might end up with some tax liens that did not clear in the foreclosure.
Now once the house has been sold on the courthouse steps (usually to the mortgage company) the title is cleared and a minimum amount of work is done then the house is listed in the MLS. This is what most people call a foreclosure. They can be negotiated, they usually refuse to make any repairs as a condition of sale but do allow you to inspect them.
HUD and VA take their houses back in much the same way and list theirs in the MLS also. Sometimes they sell for more than the listed price and sometimes they sell for less. They often sell for more than I think the house is worth.
Anytime you buy a house there are closing costs to clear the title and also to create a new loan if you want one. Your mortgage company can estimate the costs for you. No one will require you to get an inspection. You would be a fool not to get one.
normally, this is just the lowest price that would be accepted. You would also have closing costs with the lender you select, you do not have to use the lender listing the foreclosed property. You will also have to pay property taxes up to date and your first year of insurance.
the additional costs would be:
any inspection fees
closing costs
realtor fee (comission)
good luck :)
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