Has anyone here ever bought a foreclosed property?

Money board will give much better insight

Find out what is owed. Find out tax value. Find out condition of the home. Carry some cash.

Look at neighborhood...cars on blocks in yards>>Bad. Burned out mattress in yard>>>bad. Yards well kept>>>good. Kids walking to school>>>good. People sitting on ramshackle porches during day drinking beer>>>bad.

they're OK to buy as rental property .. but they have usually been abused really badly .. you're talking about people that haven't had the money to pay the mortgage for upwards of a year .. so they definitely weren't putting a dime into the house .. are you looking to buy something to flip ? for yourself ? if you are looking for a decent investment, try to find a distressed duplex or 4-plex .. they're out there .. if it is near a college campus, they can be surprise gold mines ..

I have bought plenty of them. Most at sheriff sale but have gotten a few the bank bought back and put on the market for cheaper than they were being bid for at sheriff sale.

Funniest thing I ever saw was a guy who had been watching all those Flip This House shows thought he would get into the business. He bid way too much for one at sheriff sale but that's not the problem. The problem was the idiot thought he had 30 days to get a mortgage on the house but really it is cash at the time of sale. When they found out he couldn't pay for it they re-auctioned it off, it went for WAY less, and he got a judgement against him for the new sale price vs what he had originally bid since it is a legal binding contract when you bid.

how does a regular ole broke dick go about getting cash for a foreclosed property..if you have good credit can you go to the bank for a short term loan for say..150K..then convert it to a mortgage after?

Well, my voyage into auctions just ended with the words "binding contract" lol

People new those houses to hell. They smear shite all over the walls

I bought a foreclosed FEMA trailer

I think when I got into it you had to put up 5% of the selling price at the time of sale. I bought one for 98+ and had 6k in my pocket. But the rules have changed some since then...It used to be the banks woud never bid more than they were owed (why would they?) and things seemed a lot less complex...CASH is always King though.

I'm living in a nice house in a nice neighborhood that we bought from the bank. The last owner defaulted several years prior, after buying at the peak of the market. We bought last year at a really low price due to the bank just wanting to be rid of it.

You need a really good inspector. Even assuming that the last owner didn't trash the place when he lost it, you're more than likely going to be dealing with a house that has been neglected for a few years.

We knew there was going to be some work on our house going in - but not everyone is comfortable jumping into a fixer-upper. We had some old water damage issues, problems with ants, a leaky pipe (that cropped up prior to closing so we had the bank fix it). We replaced almost all the floors, which were in terrible condition.

Thankfully, the house has new a/c units (again, the bank had replaced them), a new roof (the last owner replaced prior to defaulting), good electrical, etc.

So anyway, it's a lot like any other house: know what you're getting into before you sign the papers.