Buy Foreclosed Homes

I am thinking of buying a cheap home. Is it a good idea to buy foreclosure. Can you buy cheap here or are there hidden costs? Anyone ever successfully buy one? Which is the best place to look for some?

In general foreclosed homes are price lower than comparable homes. They may range from move in condition to major repair, but the price reflects the condition. You are buying "as is" but have the right to inspect and cancel if you don’t like the results. There are no hidden costs per se, but there are additional costs. When you but a foreclosed home (usually FNMA) the seller doesn’t pay transfer tax, title insurance and related closing fees. Contact a local Realtor. Banks don’t sell their foreclosures direct (called REO’s) they list them with Realtors.

Realtor.sailor

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were on a fixed income of 675 is there a loan company in tampa bay that will help us put a down payment on a foreclosed home?

foreclosed homes are tough to get financed with an FHA loan (which only requires a 3.5% down payment) since most foreclosed home aren’t FHA approved.
Try a HUD property, or visiting local municipalities, to inquire about affordable houses; or local (city/county) grants that can be used towards the down payment and closing costs.
Some Florida cities have previously offered 30-50K to move into their area, others (Tamarac, FL)offered up to 70% assistance towards a foreclosed home purchase (based on income level)

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I am looking to buy a house in Delaware and want to purchase a place and fix it up. I figured a foreclosed home would provide me that opportunity and be inexpensive. However I cannot find any way to search foreclosed homes for free online. I would think it would be easier to buy a home that the bank, supposedly, desperately wants to sell.

The banks are not desperate to sell, they really don’t care if they sell or write it off, they are not out a huge amount of money if it sits vacant. They have to pay property tax, but that is a write off, so not that big of a deal.

Any local real estate agent can provide you a list of foreclosed homes for free. They are not harder to buy then any other home although they are "as is" so may not qualify for FHA.

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I hear most foreclosed homes are trashed inside.has anyone experienced this?

It really depends on the house. Some home owners take care of the house regardless while others feel that they should trash the house since it is no longer their responsibility. Look at some houses you may just find a jem .

Me and my family had just bought a home that a women wanted to sell to us. We went in and bought it and when we moved in we renovated the house first because it was so old and dirty. A week or so and we were nearing the end of fixing up the house and we were just told that this house was foreclosed and owned by the bank. We had thought that it was ours but it wasn’t. No one had told us about this until now. We had spent over $10,000 in fixing up the house and we did it mostly by ourself. Is there anything legal to do about this? The people who lived in the house before us had not mentioned anything about it. What can we do? Also is there any way to get our money back? This was very sad and my family had already made plans on what they were going to do in the house but now cant because of what happened.

You need to go to the title company that handled your sale, hopefully you bought title insurance.

You need to prove you have a valid deed, the title company should have found the bank lien before you bought anything.

It sounds like you did not actually buy anything though, just moved on in.

just curious. don’t know an awful lot about foreclosures. i know that the the banks are trying to get rid of them by selling them cheaper than the actual market price but yeah..is there some downside to them that i don’t know of??
cheers

It’s because foreclosures can be a pain in the butt to deal with. Yes, they are cheap. However many are not in excellent condition (they haven’t been maintained, or the owners were ticked that they were getting foreclosed on and took fixtures, appliances and such they could sell, etc). Also, many can take a long time to get an offer approved because they have to wait for the bank to finally sign off on it, and they can also take a long time to close.

A foreclosure is a great deal if you can find one in good condition that the bank is anxious to get rid of. Sometimes though they aren’t worth the hassle.

Is this a good, or bad, thing to do? How does it even work?

It’s no different than buying another home, save for that the owner (bank) is generally not interested in negotiating for repairs. If repairs are needed, you take that into account with your offer to purchase.

ALWAYS have an inspection of such properties and have such inspection denoted as a contingency to your offer to purchase. At least you will know the condition of the property, and can walk away if major problems turn up in the inspection.

are you having problems selling your home in the south Florida broward county area if anyone is looking to sell a home or condo/townhouse in the south Florida area i am very interested in taking a look. i am looking for a good deal basically if you are in or about to go to Foreclosure i want to hear from you . i am not a major investor i am a buyer looking to buy a nice home to raise my family in . thank you and good luck

All foreclosure actions in Broward are listed in the Broward Review. Pick up a copy and it will have the properties that have actions pending, list new actions and list the properties that are for sale on the "courthouse steps". If you are really looking for your family and not an investor trying to flip a property, you could always try and approach someone before the property is sold. It is more difficult to purchase properties at the Courthouse. There are groups of investors who act in concert to outbid other people at the sales so if you end up going against one of these groups you will have a hard time getting a property at a price you want. Good luck.

Im interested in buying a foreclosed home im interested in the best sites possible on where I can look and contact the broker or owner about the property ?

do it the other way around; call RE firms and
seek out a buyer’s agent or even if possible, an exclusive buyer’s agent.
and never let your agent also rep the seller on your deal
or show you any office listings.

I’m thinking about buying a foreclosed house but I don’t know where to start..

the EASIEST way;
call 3 RE offices and on the phone or in person, interview
one or two agents in each office that are experienced at being
BUYER’S AGENTS ONLY;
NEVER EVER ACCEPT dual agency–even if permitted in your state.
IT IS impossible to get as good a deal with dual agency as
with your own buyer’s agent or even better, an exclusive buyer’s agent!

let your agent show you the houses you are interested in
[after you are financially qualified] and write your contract and
negotiate for you!