Home
Log in / Sign Up
    Private Messages   Advanced Search   Rules   New User Guide   FAQ   Advertise   Contact Us  
Forum -> Household Management
Anyone ever bought a house through a foreclosure auction?



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

amother


 

Post Sun, Aug 16 2009, 10:41 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?
Thanks.
http://www.auction.com/auction.....098#;
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.
Back to top

chocolate moose




 
 
    
 

Post Mon, Aug 17 2009, 9:36 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.
Back to top

small bean




 
 
    
 

Post Mon, Aug 17 2009, 12:00 pm
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.
Back to top

fiddle




 
 
    
 

Post Mon, Aug 17 2009, 12:04 pm
arent there sometimes debts that come along with the houses, that transfer over to the new homeowner once purchased?
Back to top

small bean




 
 
    
 

Post Mon, Aug 17 2009, 12:06 pm
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.....
Back to top
Page 1 of 1 Recent Topics




Post new topic   Reply to topic    Forum -> Household Management

Related Topics Replies Last Post
Budget for 500k house
by amother
34 Yesterday at 11:57 am View last post
House rental for Pesach. 5 Wed, Mar 27 2024, 8:47 pm View last post
S/O no-shoe house
by amother
6 Tue, Mar 26 2024, 7:30 pm View last post
Shoes in the house
by amother
35 Tue, Mar 26 2024, 2:51 pm View last post
Looking for 4 bedroom private house in monsey/upstate area
by amother
0 Fri, Mar 22 2024, 12:13 am View last post