What is the deal about purchasing a foreclosed house?
I am planning to purchase a house in Wichita falls Texas, in 2007. I get these emails to purchase a list about repos, and foreclosed homes all of the time. Are the list worth it, or are they a ripoff? Are the homes cheaper? Do I need a real estate agent or lawyer to work the transaction? If it is in a location I like, is it better than purchasing a home on the market? Finally, what are the pros and cons in a nut shell about purchasing a repo or a foreclosed home? It has been almost 9 years since I purchased a home, and that one went into foreclosure after the ex lived in it, post divorce!
Renting & Real Estate - 1 Answers
Random Answers, Critics, Comments, Opinions :
1 :
We bought a foreclosed home last year. Our Realtor showed it to us, just like any other house. It had been vacant for 2 years, and had not been well maintained prior to that. There was some extra paperwork to sign, mostly releasing the bank from any responsibility for things that did not work. Nothing worked. We have been here for almost 6 months, and are still renovating. We knew what we were getting in to when we made the offer. Even with all of the work we have done we have still spent less than half of the market value of other homes in the area. My advice to you would be to work with a Realtor.
I am planning to purchase a house in Wichita falls Texas, in 2007. I get these emails to purchase a list about repos, and foreclosed homes all of the time. Are the list worth it, or are they a ripoff? Are the homes cheaper? Do I need a real estate agent or lawyer to work the transaction? If it is in a location I like, is it better than purchasing a home on the market? Finally, what are the pros and cons in a nut shell about purchasing a repo or a foreclosed home? It has been almost 9 years since I purchased a home, and that one went into foreclosure after the ex lived in it, post divorce!
Renting & Real Estate - 1 Answers
Random Answers, Critics, Comments, Opinions :
1 :
We bought a foreclosed home last year. Our Realtor showed it to us, just like any other house. It had been vacant for 2 years, and had not been well maintained prior to that. There was some extra paperwork to sign, mostly releasing the bank from any responsibility for things that did not work. Nothing worked. We have been here for almost 6 months, and are still renovating. We knew what we were getting in to when we made the offer. Even with all of the work we have done we have still spent less than half of the market value of other homes in the area. My advice to you would be to work with a Realtor.
Read more other entries :
About Anyone remember the round sweet fritters use...