What is the downside of foreclosure home buying?
Question:
Answer:
Probably the condition of the homes. We looked at many foreclosed, or pre-foreclosure homes when we were buying. The foreclosure process takes so long generally that the houses have been vacant for a long time and many that we saw were trashed on the inside too. Also, sometimes you will have more difficulty finding a mortgage to purchase one of these homes as they are generally sold "as is".
I have always felt that the really good foreclosure deals went to the well connected people and the pro's.
As a personal point, I don't like to directly capitalize on the hardship of others. I realize someone is going to buy it anyway, I don't want the bad Karma.
More Related Questions & Answers...