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BUYING FORECLOSURES- Pro’s and Cons?

I guess the pro’s (or at least the perceived pro’s) are obvious – that’s it’s (supposedly) a lot cheaper to buy a foreclosure.

However, I’ve been hearing lately on some Real Estate radio programs, that this is not usually so, that it takes much longer, etc.
I’m wondering if it’s really a stupid thing to do, or if the guys on these radio shows (usually brokers) just have an agenda.
What’s the truth?
Is it a good idea, or a bad idea, and what are somethings that a newbie like me (who’s never bought a house) should be aware of?
When it says “as is”, can that include problems with liens & things like that?

I mean, a bank selling a foreclosed house can’t sell you a house with hidden liens, can they?


4 Responses to “BUYING FORECLOSURES- Pro’s and Cons?”

  • src50:

    The radio and TV guys definitely have an agenda. These are the same guys who a year ago were urging you to buy properties because you could “flip ‘em” in six months for a big profit. Greed will part you from your money faster than anything else.

  • Nick:

    WELL USUALLY A foreclosure isn’t in that great of condition… not bad like roof collapse all the time but you know.. drty… stuff like that. However, with a price like some of them are, you can usually afford to remodel/renovate them!

    Good luck!:)

  • mike:

    I just copied and pasted the imported stuff from the website i listed as my source
    Foreclosed properties may have liens from unpaid taxes or liabilities regarding the property title. These hassles can increase the paperwork burden and make the process of buying foreclosures more expensive.Former homeowners. Sometimes the former owners of a foreclosed property are in denial and refuse to move out of the home. If you’re the unlucky buyer, evicting them will be your responsibility.Property condition. Many foreclosed properties are in good condition in beautiful neighborhoods, but some are rundown and reflect the financial difficulties that the previous owners were facing.When buying a home in the foreclosure market, you’ll find that you need to do more research and paperwork and exercise more caution than you would in a traditional real estate market, because foreclosed homes are sold as is, without any guarantees.

  • Sam M:

    It doesn’t take as long as you might think.

    The first thing I would do is talk to a company who handles the lists, process, so on and so forth.

    As far as timing goes, this is the absolute best time to buy a foreclosure.

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