| Posted By |
Message |
Ophelia
she's baaccckkkk ;)
Member since 5/06 23378 total posts
Name:
remember, when Gulliver traveled....
|
has any purchased (or even thought about purchasing) a home that is in forclosure?
whether by the govt or through those private forclosure listings.
I haven't even looked yet, but the idea has some appeal.
|
Posted 4/4/07 2:28 PM  |
| |
|
Long Island Weddings
Long Island's Largest Bridal Resource | Prudential Douglas Elliman Real Estate |
kerrycec03
Mom of 2 beautiful boys!!
Member since 6/06 13519 total posts
Name:
Kerry
|
Re: has any purchased (or even thought about purchasing) a home that is in forclosure?
we looked at one but we didn't have the minumin amount to put down (they required 50% down on the spot).
|
| Posted 4/4/07 2:29 PM |
| |
|
chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
|
Re: has any purchased (or even thought about purchasing) a home that is in forclosure?
I think they require a larger down payment than traditional loans.
|
| Posted 4/4/07 2:38 PM |
| |
|
CityNYGirl
My everything!!!!!
Member since 5/05 2324 total posts
Name:
Betty
|
Re: has any purchased (or even thought about purchasing) a home that is in forclosure?
Posted by chikita315
I think they require a larger down payment than traditional loans.
yes, most require 50% or more....
|
| Posted 4/4/07 2:39 PM |
| |
|
Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
|
Re: has any purchased (or even thought about purchasing) a home that is in forclosure?
NYS law changed- you have to pay cash now
no more mortgages on foreclosures- in NY
(very recent change- asked DH last week for a poster on here)
|
| Posted 4/4/07 2:45 PM |
| |
|
ali120206
2 Boys
Member since 7/06 17790 total posts
Name:
|
Re: has any purchased (or even thought about purchasing) a home that is in forclosure?
We did. There was a great home in our area that was foreclosed upon and all the owner owed was $80k  He ended up refinancing obviously!
The main plus is you can get a wonderful house for a great deal!!!
There are a good deal of minuses though. The house is bought sight unseen, the people may do a lot of damage before they move out, and you may have to go through eviction proceedings to get them to leave after you own the house.
ETA: For the auction, we only needed to put 10% down on the spot. We didn't look any further into financing because we didn't get that far.
Message edited 4/4/2007 2:52:45 PM.
|
| Posted 4/4/07 2:51 PM |
| |
|
SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
|
Re: has any purchased (or even thought about purchasing) a home that is in forclosure?
Does it depend on whether its a foreclosure thats being auctioned or if its a short sale?
|
| Posted 4/4/07 2:53 PM |
| |
|
sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
|
Re: has any purchased (or even thought about purchasing) a home that is in forclosure?
yes, one here & two in Florida all as investments.
none of them were in good neighborhoods, all of them were completely trashed & nothing on the interiors could be salvaged. One had signifigant termite damage that we didn't know about until after we started cleaning it out.We didn't get to go inside any of them before we bought them.
All worked out very well, but it is usually a huge undertaking.
|
| Posted 4/4/07 7:45 PM |
| |
|
LMFitz
life is good
Member since 5/05 2013 total posts
Name:
L
|
Re: has any purchased (or even thought about purchasing) a home that is in forclosure?
my first house was a foreclosure - but that was 7 years ago - the laws were different.
We just sold it last month - and it worked out great for us.
|
| Posted 4/4/07 8:36 PM |
| |
|
MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
|
Re: has any purchased (or even thought about purchasing) a home that is in forclosure?
My current coop was a foreclosure and I paid cash - not due to the laws but the seller wanted cash.
|
| Posted 4/4/07 10:12 PM |
| |
|
iwed2005
LIF Adult
Member since 3/06 1389 total posts
Name:
Julie
|
Re: has any purchased (or even thought about purchasing) a home that is in forclosure?
jess you have FM
|
| Posted 4/5/07 12:41 PM |
| |
|
