Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Inquiries & Offers -> Moving/ Relocating
Has anyone bought a foreclosure?



Post new topic   Reply to topic View latest: 24h 48h 72h

amother


 

Post Sun, Oct 19 2014, 10:50 pm
I have recently been looking into buying foreclosures as the neighborhood DH and I are looking at is higher than we can afford. We love the area but would rather not spend that much on a house. there are many foreclosures in the area. I was wondering if anyone has info with buying a foreclosure?
How much below price did you get it for? I also heard it sometimes takes months for the bank to get back to you. And did you have any trouble with the people previously living there who were foreclosed on?

Any info is welcome!
Back to top

mommyfirst




 
 
    
 

Post Sun, Jan 25 2015, 7:29 pm
Did you ever get more info on this ? Looking into the same ...
Back to top

amother


 

Post Sun, Jan 25 2015, 7:50 pm
We purchased a foreclosure almost one year ago in NNJ. What info would you like?
Back to top

mommyfirst




 
 
    
 

Post Sun, Jan 25 2015, 8:55 pm
Did you end up saving a lot? Were there hidden fees,costs etc? Did the family being foreclosed upon give you trouble? Overall how happy were you that u bought a foreclosure versus regular sale? Thanks !!
Back to top

amother


 

Post Sun, Jan 25 2015, 9:24 pm
We bought a foreclosure - paid about $40,000 less than the home's value.
It took us about 4 months to close and it would have taken longer if I didn't call and harass the bank every other day.
Our home was empty for more than a year when we bought it, so no trouble with anyone living in it. And we were b"h lucky that there was no damage or vandalism to the home - something very common with foreclosed homes.
We have been so lucky b"h with no major problems in almost five years - but I would advise that you have an extremely reputable home inspector inspect the home so you know of any potential problems.
Back to top

amother


 

Post Sun, Jan 25 2015, 10:31 pm
We bought a foreclosure about 6 years ago. House had been vacant for about 5 years prior. Closed in about 60 days no major issues bh. The house was gross but we knew that when we purchased and got a great deal bh
Back to top

amother


 

Post Sun, Jan 25 2015, 10:51 pm
Usually when you purchase a foreclosure it is already owned by the bank so you have zero contact with the home owners.

We saved about $55,000+ on our home. And about $100,000 below zillow value.

Issues. In my town the seller is responsible for passing the town inspection which means fixing any issues that are bot up to code. In a foreclosure this is the responsibility of the buyer. Even though we had an amazing inspection, things crop up. We spent a lot bringing the home up to code.

Overall we saved a ton and we have a great home in a great area. The house was very very neglected but had been minimally cosmetically fixed, such as paint and siding. We have to make a lot of urgent repairs and improvements, but that comes with many homes.

We couldn't have afforded a home of this size had it not been a foreclosure. We feel very lucky.
Back to top

gande




 
 
    
 

Post Sun, Jan 25 2015, 11:22 pm
I dont mean to hijack the thread but from were did about the foreclosure ?
Back to top

amother


 

Post Sun, Jan 25 2015, 11:25 pm
Our foreclosure was already listed with a Broker on the MLS. So it was like any other home until you read the details.
Back to top
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Inquiries & Offers -> Moving/ Relocating

Related Topics Replies Last Post
Anyone bought iband with hair recently?
by amother
4 Thu, Mar 21 2024, 9:09 pm View last post
Has anyone bought a chandelier in Lighting Palace (Flatbush)
by amother
2 Wed, Mar 20 2024, 12:37 am View last post
Has anyone bought antiques from Chairish?
by amother
3 Tue, Mar 05 2024, 10:31 am View last post
Bought an Eva + Chloe recently?
by amother
0 Sun, Mar 03 2024, 9:08 am View last post
Has anyone bought these Ali Plus Shabbos shoes? 2 Sun, Mar 03 2024, 4:11 am View last post