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JenG
Love my little boy!
Member since 6/05 2489 total posts
Name:
Jen
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Has anyone bought a foreclosure?
my DH hooked up with this guy that is giving him listings of forclosures in nassau and suffolk county. but we have to do all work. this guy gives us the name and number of the people and we call them ourselves. just wondering if anyone bought a foreclosed home and if it is worth it. since i hear there is a lot of paperwork involved
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Posted 1/26/06 10:28 PM  |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Has anyone bought a foreclosure?
A lot of paperwork. A lot of ISSUES. Expect to get the house in shambles.
This is probably good for someone that was planning on buying a handyman special... or something close to it.
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| Posted 1/26/06 10:33 PM |
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JenG
Love my little boy!
Member since 6/05 2489 total posts
Name:
Jen
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Re: Has anyone bought a foreclosure?
Posted by DjPiLL
A lot of ISSUES. Expect to get the house in shambles.
that's what i heard! some people even trash the inside of the house before they leave 
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| Posted 1/26/06 10:48 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: Has anyone bought a foreclosure?
If foreclosures were so easy to deal with... they wouldn't be selling for "foreclosure prices".
You pay less for a reason.
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| Posted 1/26/06 10:51 PM |
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Redhead
You Live, You Learn
Member since 5/05 31871 total posts
Name:
Jennifer
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Re: Has anyone bought a foreclosure?
Posted by DjPiLL
If foreclosures were so easy to deal with... they wouldn't be selling for "foreclosure prices".
You pay less for a reason.
I agree........
But although you buy it for less....To make the house, IMO liveable, you end up spending A LOT of money anyway.
A friend of my dads bought a foreclosure....O M G.
I cannot tell you how disgusting the house was. But after a few years work and a lot of money, the house is beautiful now.
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| Posted 1/27/06 6:40 AM |
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sunnyplus3
:)
Member since 11/05 8749 total posts
Name:
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Re: Has anyone bought a foreclosure?
my DH & I have tried to buy three foreclosures as investment properties. Each time, we had the money & were willing to bid high but the auction was never held because the homeowner figured out a way to get out of it at the last minute. My DH's good friend bought a house across the street from the water in Freeport in 1999 for 31,000. My DH & his friend renovated the whole thing, added a second story-about 150,000 invested. Now the house is worth 475k-500k.
Personally I think in the next year or two there will be way more foreclosures at really great prices. Too many people have sucked every ounce of equity out of their homes & have nothing left for a rainy day.
Message edited 1/27/2006 6:52:57 AM.
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| Posted 1/27/06 6:52 AM |
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MommyofG
just the girls
Member since 5/05 9461 total posts
Name:
Janice
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Re: Has anyone bought a foreclosure?
Posted by KellyFG
my DH & I have tried to buy three foreclosures as investment properties. Each time, we had the money & were willing to bid high but the auction was never held because the homeowner figured out a way to get out of it at the last minute. My DH's good friend bought a house across the street from the water in Freeport in 1999 for 31,000. My DH & his friend renovated the whole thing, added a second story-about 150,000 invested. Now the house is worth 475k-500k.
Personally I think in the next year or two there will be way more foreclosures at really great prices. Too many people have sucked every ounce of equity out of their homes & have nothing left for a rainy day.
I agree- I give it up to 5 years and there will be a lot of foreclosures or very low price selling homes as people just cant afford it anymore- whats so frightening is that many people instead of moving are throwing their money/equity from the house into the house BUT now you have a mortgage Plus a home equity loan and no more equity to pull you out of the hole in the event times get bad or that rainy day mentioned above.
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| Posted 1/27/06 1:28 PM |
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lululu
LIF Adult
Member since 7/05 9511 total posts
Name:
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Re: Has anyone bought a foreclosure?
My mother bought a foreclosure about 7 years ago that she lives in now and then bought about 4 more to flip them. The problem now with foreclosures is that there are real estate agencys that bid on them to flip them. They can do this at a pretty slim margin and so they bid higher than most of the individuals can afford or want to, although you can still get lucky sometimes.
You don't get to see the inside of the house prior to bidding on it. You have an address, and you can drive by, but you are not supposed to go onto the property. You can usually assess if the house is occupied or not. If it is occupied, you have even more issues to deal with because in all liklihood you will have to get the help of the sherriff to evict whoever is living there. In the case of my mothers home, she had to wait a couple of months before she could evict the person living there, and had to pay her off $5000.
When she finally did get into the house, it was a mess - she knew this going into it and got a good deal on it. Anyway, it was so bad that there were rats living in the crawl space in the basement. She lives in a nice town, so this is not normal. Her house is very nice now and i think for her it was worth it because in the end she has a nice house in a good town that she didnt have to pay all that much for, even after all the renovations. It's a lot of work but if you are willing to invest the time, money and energy it can be well worth it.
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| Posted 1/27/06 1:31 PM |
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LIBOUND
Texting king
Member since 10/05 5289 total posts
Name:
Suzy
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Re: Has anyone bought a foreclosure?
My dad and uncle got together and bought two of them in Brooklyn. They paid around $70 kfor each. They were three family homes. Let me tell you, people will trash and destroy if they know the auction is coming, which is what the tenants of these homes did. They were both destroyed, but luckily all was cosmetic. They maybe put in $50k on both and now they're worth almost $500-600 each!!
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| Posted 1/27/06 1:35 PM |
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june262004
But I love the Snow!
Member since 5/05 15379 total posts
Name:
Kristin
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Re: Has anyone bought a foreclosure?
Posted by JenG
Posted by DjPiLL
A lot of ISSUES. Expect to get the house in shambles.
that's what i heard! some people even trash the inside of the house before they leave
some people? most people!
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| Posted 1/27/06 1:37 PM |
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