Worries about buying foreclosed homes?

[luvbunnies42]

My husband and I have looked at several homes that were foreclosed on. I've heard several opinions on buying foreclosed and I was wondering how everyone on the board pretty much ranked in opnion.

I personally think that some foreclosed homes can be a good deal especially if they are doing a quick sale.My main worry is if they don't have money to pay a mortgage they aren't going to have a well kept home.I also worry about the non disclosures banks can have on the property.Does that concern anyone else here?
What are some things you should look for if you do buy a foreclosed home?

[Raven]

I've bought two homes in foreclosure in the past year. Both homes were in beautiful condition (just because the owners were going broke, they were ashamed and embarrased and didn't want family knowing about it - but they weren't instantly turned off the house, so they kept the houses up like they would any other time).

One of the houses is actualy tenanted by the ex-owner so that her kids wouldn't ever notice that she'd lost the family home. She's a great tenant and keeps the house like it was her own... lol ... it was!

[skatss]

I don't think there would be many problems if any buying a foreclosed home. Usually they are in pretty good shape.

I would feel bad buying one because I would constantly thinking about the family who had to leave because of money probelms.

But a foreclosed house can be a good deal.

[luvbunnies42]

Wow, you both are lucky then. We've looked at numerous ones and they are in such bad shape.No appliances at all, some don't even have counter tops,the flooring needs replaced, others had mold, some were in such sad shape. The one we currently are looking at had to have chemicals to clean the inside since the man lived there with 4 large dogs through the foreclosure process.He had no heat, no running water, no working anything and the bank gutted the place and now the house is pretty much a shell. Maybe it's just this bad in PA.

I know here that if it's foreclosing the people can't afford the mortgage and repairs so most likely it looks like crap. If only we could buy something that's not a dump.

[ebonyeyez]

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

[luvbunnies42]

Originally Posted by ebonyeyez

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

Thats understandable.The one we looked at still had items in.Miscellanious things but I felt the same way.But, on the other hand we need a place. I think theres some way to sometimes prevent losing your home before it gets that bad but some people don't try enough.

[Ricardo]

Have you thought about having an inspection done? I've heard of people doing that as they were considering buying a home.

I think that it could be money well spent.

[luvbunnies42]

Originally Posted by Ricardo

Have you thought about having an inspection done? I've heard of people doing that as they were considering buying a home.

I think that it could be money well spent.

No matter what we buy we plan on doing an expection.Problem is depending on how much work is needed we wouldn't be buying then we'd be out another 350.00 and up depending who we go with to inspect.It's money well spent but in certain situations we knew there was way to much work.I guess I'm overly paranoid since everything we looked at that was foreclosed on has been utter crap.

[Bob]

I dont think that you should feel bad for buying a foreclosed home what you are doing does not really effect the previous owners it would be different if you had been the cause of their problems.
On a slightly different matter I was watching an antique program the other day where this chap had been called by the lady in the charity shop to look at this lamp he offered her £20 for it and then sold it in auction for £180 and he didnt seem bothered at all . Didnt seem right to me

[Rabscuttle]

by all means go for it - the bank is the one that ends up with the foreclosed property - and they rather have it off their books!