Foreclosed Homes? 66 Responses

Last post: 3 months ago | Thread started: Aug 21, 08, 12:01 p.m.

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• slinky

  Anyone ever bought one? My girlfriend is looking to get a good deal on a foreclosed home here in the Northern VA/DC area... (mainly because she cant afford the regular home prices)...

  she has one offer on a townhouse now, not likely she will get it, but we are hoping... but anyone else been through buying a foreclosure/short sale? any experiences to share?

  Aug 21, 08, 12:01 p.m. – Permalink

• ethanfink

  make sure there are no liens on the property.
  try to see the property before hand. (some home losers destroy the home before the bank sells the property)

  This is interesting/simple read:
  http://www.ehow.com/how_111013_b…

  • make sure there are no Aliens on the property either.– designbot1/3

    o forgot about the aliens, i have heard they are a problem.– ethanfink2/3

    get insurance– capsize3/3

  

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  Dog-earAug 21, 08, 12:22 p.m. – Permalink

• Mimio

  When you see those ridiculously low asking prices there's usually a substantial lein.

  • lien– Mimio

  

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  Dog-earAug 21, 08, 12:24 p.m. – Permalink

• mrdobolina

  I work for a publisher that publishes the Sheriff's Sale foreclosure lists in my county and in other markets around the nation. Volume has tripled over the past couple of years. We are working on a Google mapping mash-up right now to map all of the addresses. It is a complicated process getting started in buying up foreclosures. There are whole industries that prey on distressed properties. Some of these people are like vultures, if they can't outright buy your property from you they will approach the distressed owners and refi the property for them at an incredible interest rate. The whole thing is depressing.

  • That's terrible. So they pose as consolidators?– Mimio1/5

    well they are consolidators, people will do anything to save their home. even get deeper in debt.– mrdobolina2/5

    It's interesting how these companies justify their actions. "We're helping them get out of a home they can't afford."– blaw3/5

    Sucks.– blaw4/5

    Referring to the vulture culture companies, obviously.– blaw5/5

  

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  Dog-earAug 21, 08, 12:32 p.m. – Permalink

• Tark

  i heard a story about a couple who bought a foreclosure and fixed it up really well but at the last moment the guy who had owned it came up with the money he originally owed and not only got his house back but got to keep all of the remodelling work the couple had foolishly put into it before the expiration date. There is something like 75 days that they have to make good on a foreclosed house before it is out of their name.

  I think my landlord is foreclosing on our house so i am going to see if i can buy it off him for cheap so i've been researching it as well.

  • contact your county's sheriff dept and ask them about it.– mrdobolina1/2

    if you are in the know about a foreclosing property, offer it to him early, before the vultures set in– ethanfink2/2

  

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  Dog-earAug 21, 08, 12:39 p.m. – Permalink

• robotron3k

  check out the foreclosures, by 2009 it should be peaking

  http://hotpads.com/search/#lat=3…

  • should? wait until a couple of banks fail then we'll see the true nature of the fiscal crisis– capsize

  

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  Dog-earAug 21, 08, 12:39 p.m. – Permalink

• ethanfink

  also get on http://propertyshark.com/ early and pay money for this service, it is amazing

  

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  Dog-earAug 21, 08, 12:50 p.m. – Permalink