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Post by búfalo on Jan 20, 2019 17:54:00 GMT -5
I"m thinking of maybe buying a foreclosure. Aside from the obvious, any tips? I see some are bank owned so can one just offer straight to the bank?
Thought I'd ask here as I'm sure someone has done this before. Most stuff on the net is a scam. Lots of listings but one has to register on the sites, etc. Just looks scammy to me. Thanks!
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Post by jafo19d on Jan 21, 2019 6:23:59 GMT -5
The first house I ever bought was a foreclosure and it was an awesome experience. I bought it for $167k and sold it 4 years later for $340k.
It was good because the bank wanted to just offload it. The previous tenants were some mid easterners who were packed into the house. They even lived in the garage. When they left they took and damaged everything so all the appliances were new.
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Post by scumbuster on Jan 21, 2019 7:01:12 GMT -5
Years ago I bought one. The ex-buyers were disgruntled and stripped the kitchen cabinets out before leaving. The rest of the house was in decent shape. I made a low-ball offer to the bank and got it. Make sure all the property taxes are up to date before closing. If not use know what they are and use that as negotiation leverage.
I made a list of everything I could find wrong with it and submitted with my offer. Don't know if that helped, but more than likely the bank official has never set foot inside so I thought it could help.
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Post by búfalo on Jan 21, 2019 9:04:21 GMT -5
Thanks guys, so you were able to see them first?
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Post by scumbuster on Jan 21, 2019 14:56:48 GMT -5
Thanks guys, so you were able to see them first? Yes. I was able to go through it before. If not you have to assume the worst. Actually I wouldn't offer if I couldn't inspect it. You cant imagine the worst. LOL
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Post by búfalo on Jan 21, 2019 21:04:25 GMT -5
That's a surprise for me as I always thought one could only buy them without seeing them. Reason I never tried one before. I guess bank owned is the way to go.
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Post by jafo19d on Jan 22, 2019 3:11:20 GMT -5
Thanks guys, so you were able to see them first? Yes. When my then wife took me to see it (May she burn my in hell) she drive because she had already seen it. As we were driving I remarked that in the direction we were going it seemed to very near to my aunt’s house. Next thing I know we pulled into the driveway right next to my aunt’s townhouse. I asked her if she had lost her mind and she said she was cool with living right next door to my family.
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Post by búfalo on Jan 22, 2019 14:44:16 GMT -5
Too close for me too!
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