NWR: Buying a Home in Foreclosure

has anyone done this or had a friend/relative who has??


i just checked online and there are a ton in california


i feel guilty trying to capitalize on someone else's bad fortune, but i also cannot pass up a seemingly good deal...


any thoughts from anyone who's been through the bidding process??

Posted on June 23, 2008 at 5:48 pm
d1rtymart1n1
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(12) Comments

marissaco
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05/25/2008
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i just PM'd u

Posted on June 23, 2008 at 5:54 pm
Natann81
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10/11/2008
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I just bought a foreclosed home. Its a pain in the butt but I think it will be worth it in the end!

Posted on June 23, 2008 at 6:45 pm
moemarsita
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moemarsita

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You're not capitalizing -- you're helping. These people are upside down on their houses with collectors hounding them. If you buy their home, they are somewhat freed from this. A foreclosure sounds a whole lot better than a short sale -- the step before foreclosure. We put in a offer 2.5 months ago and still have yet to hear -- with the wedding in 13 days. We both live at home, so we need a place to live dangit!


But yeah, it's a great opportunity for first-time buyers and you'll also be helping with the economy. I say go for it -- with lots of research and help from an agent. Best of luck!

Posted on June 23, 2008 at 7:11 pm
bride2be2008
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11/02/2008
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My parents actually bought one so that they could pay for my wedding.  That is how good of a deal they made.  It had over $100,000 in equity

Posted on June 23, 2008 at 7:34 pm
bride2be2008
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My parents actually bought one so that they could pay for my wedding.  That is how good of a deal they made.  It had over $100,000 in equity when

Posted on June 23, 2008 at 7:34 pm
bride2be2008
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oops...when they bought it.  There are some good deals to be made, especially if you are handy and can fix a lot of the small things some people would be afraid of.  I thought the house would have like bad karma...turns out the guy lives across the street with his MIL.  He somehow bought 10 houses under alias' and lost them all....JACK ASS...waiting for them to haul him off to prison.

Posted on June 23, 2008 at 7:36 pm
d1rtymart1n1
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WHAT??? did he use other peep's identities??  that's nuts!


 

Posted on June 24, 2008 at 4:00 am
lipia3
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D1rty, my sister and her husband did. The house was a total disaster when they bought it (mostly cosmetic and a TON of cleaning).  Let me put it to you this way so you can get the total picture....we had to rake....yes that's right....rake the carpets before they could be cleaned.  We all pitched in and helped though and in about 6 weeks her house was beautiful (and still is).  I think the most disgusting thing was when she was cleaning out the vanity in the bathroom there was a cup of nasty dirty water with false TEETH in it...YIKES!!!!! 


On a good note though, they have been in the house for 12 years....it will be paid off in 2 and she is only 47.

Posted on June 24, 2008 at 1:45 pm
d1rtymart1n1
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so thaaaaat's where my gramma's teeth were!


on a serious note - yikes!!! raking the carpet?? i imagine the previous owners just high-tailed it out of there and left a bunch of stuff???


 

Posted on June 24, 2008 at 1:53 pm
lipia3
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Well they did leave in a hurry....they moved into a bus....yup...ya heard me right.  Her house is a raised ranch with a huge addition and french doors that go out to a deck.  You couldn't even see the deck it was full of so much garbage (as were the carpets).  But they were fortunate that there weren't a ton of major repairs that needed to be done.  I think my nephew had to clean the toilet about 20 times because it was black...eeeekkkkssss.  It's funny now though to look back at the pics they took and do a before and after.


 

Posted on June 24, 2008 at 1:59 pm
d1rtymart1n1
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aaawww and how awesome that theyve been there for 12 years!!


that's what i want - a place to plant roots... my parents have had this house (which my dad has now given to me) since 1982 i think--- and their 2nd house that is rented out since 1992...


i want someplace that is mine - even tho this is - i still think of it as the 'rents house kwim??


even if mine is a 2bed/1 bath little bungalow somewhere....


i watch the "flip the house" shouws on TLC, and it amazes me how some people leave their houses - but i guess if you gots to get out - you just take what's valuable to you and leave the rst????


i need spell check or a normal keyboard... i hate typing on this laoptop...


 

Posted on June 24, 2008 at 2:03 pm
lipia3
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Totally LOVE "FLIP THE HOUSE".  I know what you mean and I am kinda in the same boat.  The house I am in is actually my FI's.  It's right next door to the house he grew up in.  He and his EX had it built.  Sooooooooooo......nuff said!


I mean I do kinda feel bad for the people that are losing their homes, but as they say "someone's loss is your gain"  or something like that.

Posted on June 24, 2008 at 2:09 pm

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