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Buying foreclosed home at auction forum
Buying foreclosed home at auction forum







buying foreclosed home at auction forum
  1. Buying foreclosed home at auction forum how to#
  2. Buying foreclosed home at auction forum plus#
buying foreclosed home at auction forum

The homeowner lists the property for sale with a real estate agent, and hopes a buyer comes along with an offer the bank will accept. But they can’t sell the property to pay off the loan, because they’re upside-down on their mortgage.Īfter appraising the property, the lender may agree to a short sale: accepting a lower payoff than the loan balance. In a short sale, the homeowner contacts the lender and explains they can no longer afford the monthly payment.

buying foreclosed home at auction forum

They then list it for sale with a real estate agent. These bank-owned properties are called “REO” properties, an acronym for “real estate owned” by the bank. Alternatively, if they fall several months behind on payments, the lender initiates the foreclosure process.Įventually the home goes to public auction, but most foreclosed homes don’t actually sell at auction, so the bank usually takes ownership. When mortgage borrowers first fall behind - or even before they default - they can contact their lender to discuss listing their home as a short sale. And they’re a lot cooler than Jeff Bezos. Why not Banksy or Andy Warhol? Their works’ value doesn’t rise and fall with the stock market.

Buying foreclosed home at auction forum how to#

I just feel this is more for tougher people who know how to handle the many issues that arise in buying an occupied foreclosure.You own shares of Apple, Amazon, Tesla.

Buying foreclosed home at auction forum plus#

Plus I'd be worried he'd make us the target of his anger. As it is, the person who bought it will have to put in that $23,000 septic system and a roof to boot immediately, but I'm sure he stopped maintaining things a long time ago. He isn't going to go anywhere till they come and force him out, and I would be very surprised if he doesn't damage the home even more out of spite. One of our neighbors lost his home at auction (he had been living there without paying for a long time), and even though it's his fault, he is angry. I can tell you we would NOT have bought this house if someone were still living in it. It doesn't sound like it's worth that much more than asking bid in your description. I wouldn't buy any home that you will have to live in until you fix it up and sell it unless it's a home you will be happy in, because you may have to wait to build equity. We already have equity after a year and our most recent appraisal was over twice what we paid.Įven more important, it's a house and location we love. More importantly, our home purchase price was less than 50% of it's appraised value. All the other foreclosures we looked at were in terrible shape and would have cost upwards of $50,000 to make code. Our house was in fairly good shape for a foreclosure, because HUD does not let their homes fall into disrepair. We need a new roof but are putting that off as the septic was more important. We also needed a septic system, which have to be above ground here and cost us $23,000. That room alone cost us probably $15,000 or more, and that's with my fiance being a tile guy and one of his bff's a general contractor. What if it needs $60,000 worth of work to be livable? Do you know how to do repairs yourself? We bought a HUD home that was a foreclosure that had been vacant for a year. You will have no idea how much you're going to need to do in repairs until you own it. What is your opinion on this house as a fixer upper? It says debt is $130,650 So I'm assuming I will owe that along with the purchase price? And homes next to it are going for around $210,000. I'm thinking of buying a foreclosed home at auction to flip and live in.









Buying foreclosed home at auction forum