Foreclosure

My.com KTqR47
Dec 8, 2019 17 Comments

What’s the trick with foreclosure houses and just houses <500k like in sf? It looks good but I guess I can’t buy it so easy

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TOP 17 Comments
  • Medtronic oliverjade
    Normally foreclosed houses are in really bad shape and sometime previous owners destroy it from inside. Remember, house goes for foreclosure when owner can’t keep up with mortgage payment and gets evicted by bank
    Dec 8, 2019 3
    • Western Digital SVlincoln
      @pusandisp yes people usually did that..
      Dec 8, 2019
    • Medtronic oliverjade
      It’s very common.. the feeling of losing your house when you might have paid 7-10 years of mortgage is pretty frustrating. The psychological turmoil is devastating knowing that the banks are greedy and will evict you to recover their loan. You reach a point where your frustration turns into anger you end up destroying your own ( not anymore ) house. Banks do not pay back the difference between selling price and remainder of loan to previous owner. So previous owner walks out empty handed when foreclosure happens.
      Dec 8, 2019
  • Apple pusandisp
    Trick is - you won’t have a detailed inspection for the house and have to pay in cash on auction day/show proof of funds for full cost of house
    Dec 8, 2019 4
    • Apple pusandisp
      I never saw any on auction.com
      Dec 8, 2019
    • Apple pusandisp
      Lyft - stop scamming like what your stock has done to investors
      Dec 8, 2019
  • New tVNk57
    You need to come with cash to close at a foreclosure. Plus you may have to content with bank attorneys fees that get added to the foreclosure amount. I’ve seen foreclosures over 600k in NYC not included are attorneys costs and transfer taxes. You’re buying sight unseen. You might as well light a wheelbarrow of cash on fire. One of my neighbors paid 1.2 million for a house with a compromised foundation. They will soon have to pay 250k to jack the house up and pour a new foundation.
    Dec 8, 2019 0
  • Facebook public2
    Trick is just a lot of cash, knowledge, and a lot of competition.
    Dec 8, 2019 4
    • My.com KTqR47
      OP
      Knowledge like what?
      Dec 10, 2019
    • Facebook public2
      Knowledge of construction and the market. Market so you know what to bid and construction so you know how to fix to flip.
      Dec 10, 2019
  • Amazon OhNooos
    There are millions of investors crawling all over every decent and even poor real state markets these days. The banks love to send a rep to bid up the property at auctions too. Tough go.
    Dec 8, 2019 0
  • New Jeln20
    Foreclosure houses can be a great opportunity and a great deal. They can also be a nightmare. Mortgages are very difficult. Almost all are cash. Not having a bank involved other than the obvious cash requirements leaves you out there on your own. The bank has your interest in mind because they have their interest in mind. Points of interest: is the property marked as a drug house or other hazardous conditions that can make the property a compleat liability. Clear title including utilities taxes and Leans need to be a consent.
    The good news is usually you don’t need to completely rehab a property to make a profit. You just need to get it mortgage-able to make a great return.
    My best suggestion is to ignore the TV shows on flipping. It’s not reality.
    Dec 8, 2019 0

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