Anyone ever bought a house through a foreclosure auction?

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Post  Sun, Aug 16 2009, 7:41 pm
I just heard this ad on the radio. There's a $1,000,000 starting at 219,000 and about 10 other houses that are starting at $500. I always thought I couldn't afford a house. But at that price....
Since they don't have any in a frum area, I was thinking maybe it's worth buying as an investment. Rent it out for $1000/month & rake in the cash.
But DH says that he heard they throw on all kinds of crazy fees.
Anyone know anything about this? Advantages/Disadvantages to buying at an auction?
I know some of the houses do look like they'd need a full makeover. But some of them look quite decent to say the least.
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chocolate moose


Post  Mon, Aug 17 2009, 6:36 am
You can't buy a house without a lawyer of record. Who are you using? Ask him to get an idea of the costs up front.
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small bean


Post  Mon, Aug 17 2009, 9:00 am
I bought my house at a forclosure auction. This is how it worked. you got to view the houses before the auction, bring an inspector if you want... then by the auction you had to have a $10K bank check. then it worked like an auction everyone bidded. then you had to get a mortgage, title,co and close wtihin 30 days. also the bank was able to say if they agreed to the price.

cm - there was no lawyer involved.
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Post  Mon, Aug 17 2009, 9:04 am
arent there sometimes debts that come along with the houses, that transfer over to the new homeowner once purchased?
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small bean


Post  Mon, Aug 17 2009, 9:06 am
it depeneds if you want to be part of the auction you get a copy of the contract. our contract said that any and all outstanding debt will not be transfered over. you have to read the contract.....
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