Worries about buying foreclosed homes?

[Pandora]

Originally Posted by mandiees

Some owners of foreclosed home are very upset and will trash the property upon their exit - think cement in toilets, walls with holes, no appliances. Others will camp out on the property long after foreclosure proceedings and wait for a court ordered/police warranted eviction before leaving. Just be aware of these things when purchasing a foreclosed property.

I was just going to say the same thing! I am really not sure if there would be any tell tale signs that this could be a possibility unless the home is purchased after the foreclosure is complete and the former owners have left the premises.

I have also heard of some of the areas that have been hit really hard with foreclosures have had trouble with squatters and looters.

While the trouble would most likely not happen too often, if it happens to you... well, just be as careful as possible so that you do not get stuck with a mess if you purchase one of these homes.

[Orrymain]

How about this one! Not quite the same scenario, but your commented reminded me of it. A friend and her sister decided to move out of the country. The sister moved a year ago, and the friend remained behind to finish job obligations and such. She's been trying to sell the home with no luck because of the housing market. Well, she finally just called the mortage company etc and said, 'you can have the house'. They never really responded. Then she stopped paying the mortgage. Still no response from them. Lastly, she finally wrote them a letter and said 'the house is empty; I'm out of the country; the house is yours." lol She couldn't give the thing away. She just walked out, left the house behind. We assume the mortgage company has reclaimed it, but who knows!

[willyable]

Originally Posted by ebonyeyez

forclosed homes are decent oppurtunities but for some reason the idea of purchasing a forclosed home makes me feel guilty.

I'm not understanding wy buying a foreclosed home would make you feel guilty? The previous owner isn't utilizing it so why wouldn't you?

[Orrymain]

I'm assuming it's because they know that another family had to leave that home behind. There's a story with every home. Who knows what the departing family went through, or where they are now. I understand that. I think it's great to have that kind of compassion in today's world.

[DianaR]

Aren't there instances where the buyer has to also take care of any liens that might be on the property?

I would think that could be the greatest concern when considering purchasing foreclosures.

[Orrymain]

I haven't heard of that except when actually buying from the owner, like a private deal.

[DianaR]

Originally Posted by Orrymain

I haven't heard of that except when actually buying from the owner, like a private deal.

Since the liens would be attached the property, who assumes responsibility for their resolution when the property goes into foreclosure?

[Orrymain]

That probably depends on the specifics. When something is reclaimed or forfeited, that's usually it. A mortgage company forecloses, getting a property back. That's it. If they resell it, it's gonna be as a new property. The new folks have nothing to do with the old folks who were forced out. Two different deals.

[bubble]

Foeclosures bring about great opportunities for us bargain hunters. I think many owners do feel the need to trash the place before they move out which is such a shame. It should not put you off buying though, especially if the price is good. In my opinion if a property is water tight, has running water and electricity then you can live in it and sort out the cosmetics as you go.

[DianaR]

Originally Posted by bubble

Foeclosures bring about great opportunities for us bargain hunters. I think many owners do feel the need to trash the place before they move out which is such a shame. It should not put you off buying though, especially if the price is good. In my opinion if a property is water tight, has running water and electricity then you can live in it and sort out the cosmetics as you go.

This is one of those situations where one has to look at the emotional issues surrounding the foreclosure. If people losing their houses can take their anger out on the next owner, through the home, then they are less likely to express their anger in another, more dangerous and more destructive manner.