Housing / Has anyone ever researched foreclosed homes?
Jun 21, 2022
Has anyone ever researched foreclosed homes?
How do you do it? Is it worth the time and effort? What are the best sources of info? I see there are websites but they look real sketch! Curious about these foreclosed homes over buying something overpriced on the market. I get there is likely a massive process to follow for this and also not sure if you need all cash or what the financing terms are?
Replies (4)
Jun 22, 2022
@Leah989, lots of pitfalls with these homes and often they come with costs that aren't obvious like back pay on water or electric bills, property taxes, you see where I'm going with this. You can find them on MLS, police auctions and banks but it comes down to the state you live in. I recommend getting in touch with a local real estate agent and mortgage broker to get some intel on them. Usually you need to pay cash upfront too.
Jun 24, 2022
@Josh103, That's a great idea to talk to some local people in the know about this. The cash upfront thing would be a problem!
Jun 22, 2022
@Leah989, I have wondered about this too and after talking to some people in the industry about it, it just seems really tough to get a deal and no two homes and the processes are alike. Just high unexpected costs. If it was a good market, you would see a lot of chatter and businesses clamouring to get in. But no. It's just the bank and the sheriff's office. Lol.
Jun 24, 2022
@Max948, good point, thanks.