is it a good idea to buy repossessed/foreclosed homes?
549187
It took me 6 months of just going to the court house and watching the sale before I bought my house.  it is very risky, there is sooooo much information that needs to be looked at and fully understood before buying a house on the courthouse steps.  there is a lot of things on paper that affect the house than just what you see when you drive by, when you win the bidding you also win whatever encumberences that come along with that house.  bottom line do your homework first and know what your buying or it can become a huge headache.
1143806
Probably better to get a different kind of loan, like a small business loan.  Putting your house up for a risky venture could be disastrous.
1140204
depends on your lifestyle, you like to move around, rent , if you are looking for something set then make the jump on something while the market is down then renovate and sell. or stay which ever. apprasials are going up for taxes, that is something to think about talk to a realitor, but they get about 6% of sale price and dont think about owner finance its not good for that. good luck
41577
As little as possible is often the most popular idea. However, it is wise to put down enough to make sure the property income will service the debt payments and taxes. You don't want to be paying out of pocket evey month unless you really need the loss for tax purposes. \n\nMost banks or savings and loans will require between 20 and 30 percent down payment in the US. The lenders are looking for the property to break-even or have some positive cash flow based on their projections income and expenses. The appraiser is often asked to make these estimates. However, I have purchased investment property with nothing but closing costs out of pocket using hard money lenders. I've even borrowed more than the purchase price when the appraised value was much higher than the purchase price. I have also run across some credit unions that loaned 100% for borrowers who had a good track record with the credit union. It's all in the deal.
746625
You should. Real Property is Real Property. The danger could arise if the property was overpriced.
1168915
Stray balls! Just kidding but seriously. \nMany of these communities will have strict homeowners association regulations, high homeowners association fees, you may be required to become a member of the course or countryclub(which can be expensive) and lots of broken windows. \nhttp://www.lendermark.com
1166840
Resale homes in Fresno County have felt the pinch, as a month-to-month comparison shows prices falling from $275,000 in March to $270,000 in April.\n\nPersonally, I think that rising interest costs will force home prices downward, as speculators flee the market.  We're at a pretty high level of foreclosure rate and it's still climbing.  For the long term, buying property is always a good thing, but you need to make sure that you truly can afford it.  Just because you can qualify for a loan doesn't mean that you get to keep the property.  Remember that every person who has ever experienced foreclosure also qualified for a loan.\n\nYou seem like a forward-thinking young person who wants to have a good financial future.  Have you started your Roth IRA yet?  If not, put your money toward that, while you're young and can get time working on your side.  Click on my name and drop me a note if you want to learn a little bit about investing.  In the meantime, I urge you to read a book, "The Only Investment Guide You'll Ever Need" by Andrew Tobias.  It will give you a basic foundation on investing, including real estate.  Good luck!
842583
When you do decide on investing in a foreclosure, I have the site for you: http://www.foreclosure.com it has all the property information as well as handy tools to guide you through the way. \n\nI'll also attach an article that may help.  Investing in property is always a good thing.\n\nGood luck
94951
To purchase a rehab home, yes, in order to resell and make a good profit?  Yes.  However I would not want to deal with someone about to be foreclosed upon, because I think, in my opinion, that you would be preying upon someone in a desperate situation where they might not be making rational choices because they feel they have no other options.  \n\nThere usually are other options, and if I was in that position then I would contact a local mortgage broker, explain my situation and see if they could help in any way before I "sold" my house for cash to get caught up on bills that are behind.
813523
If you're looking into purchasing bank owned foreclosures in SanDiego, just shoot me an e-mail as to what you're looking for and I will locate them for you and negotiate with the bank on your behalf. I can also find homes that are going into foreclosure and provide you with financing pre and post foreclosure.\n\nRegards
10367
rent to own is not a bad idea, although there are SOME bad people involved in the business.  My advice: if you are looking at a "rent to own" house, look at some other houses for sale in the neighborhood that are not "rent to own", and look at some other house that are for rent.  \n\nRule of thumb: If the price of the rent to own house is not too much more than the price of similar houses that are not rent to own; and if the rent on the rent to own house is not too much more than the rent on a similar house, then its a good deal.  But if the "rent" is twice the going rent in the neighborhood, you're better off renting for a few years until you get your credit back up.
794210
yes. housing is off now. winter is a good time to buy as they are cheaper.
1164368
Some new developments offer purchasing opportunity for low-income people.  They offer the houses at below-market rates.  Check your local area for new developments and see if they have such a program.  I think they're called VMR.
1013271
Most of the listing for foreclosures will cost you a small price. You could google it, and then go to the website, then they will send you an email saying you need to purchase the list...
6804
You should not buy a home if you can't really afford it, obviously; but also, even if you can, most people should not buy a home in a bubble market.\n\nSee the site linked below for a more thorough explanation.
897244
We are in a buyer's market for now.  Foreclosures are up and will continue upward for at least another year.  This is due to the large amount of speculation and creative financing.  The creative financing people once thought was a great idea is now biting them in the behind.  If you are a buyer, you are in the drivers seat.  Look at the houses for sale and carefully analyze recent sales.  If the properties are in danger of foreclosure (you can find out by checking with the county court house public records) or has been on the market a long time, you can get lucky by making a low ball offer. \n\nDetermine the fair value based on recent sales and offer 20% less to the homeowner that needs to get out.  Now is the time for buyers to wheel and deal.
775347
In light of what you've been told here, wait until the subject property your friend wants to purchase goes on the market. Most are listed after they are cleaned, inspected and the past owners are vacated. \n\nI've been investing in properties for 25 years and have never purchased a foreclosed home at auction due to the fact of hidden problems and non-liability of the sellers...Good Luck!