Comments on: What are the pros and cons of buying foreclosed property e.g. home? http://www.petorka.com/buy-foreclosed-homes/what-are-the-pros-and-cons-of-buying-foreclosed-property-e-g-home Homes for Pennies Fri, 27 Aug 2010 14:29:59 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: ruben218 http://www.petorka.com/buy-foreclosed-homes/what-are-the-pros-and-cons-of-buying-foreclosed-property-e-g-home/comment-page-1#comment-133 ruben218 Mon, 15 Mar 2010 04:17:59 +0000 http://www.petorka.com/buying-foreclosed/what-are-the-pros-and-cons-of-buying-foreclosed-property-e-g-home#comment-133 i dont think its a bad idea. I mean i`ve been selling a bunch of foreclosures lately. people are taking advantage of some of them. The only thing that sucks is that right when you think you found a bargain..more than likely the bank will beat you to the purchase and re-sell it to you at a higher price. i`ve had about 5 customers which had this happen to them. I will say this though. as far as i know.....when you purchase a house from a seller, you can negotiate the closing costs that they will help you with, but i dont think thats possible with a foreclosure.<br><b>References : </b><br> i dont think its a bad idea. I mean i`ve been selling a bunch of foreclosures lately. people are taking advantage of some of them. The only thing that sucks is that right when you think you found a bargain..more than likely the bank will beat you to the purchase and re-sell it to you at a higher price. i`ve had about 5 customers which had this happen to them. I will say this though. as far as i know…..when you purchase a house from a seller, you can negotiate the closing costs that they will help you with, but i dont think thats possible with a foreclosure.
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]]> By: Ken B http://www.petorka.com/buy-foreclosed-homes/what-are-the-pros-and-cons-of-buying-foreclosed-property-e-g-home/comment-page-1#comment-132 Ken B Mon, 15 Mar 2010 03:37:59 +0000 http://www.petorka.com/buying-foreclosed/what-are-the-pros-and-cons-of-buying-foreclosed-property-e-g-home#comment-132 Well, the cons are typically as follows: 1. Foreclosed upon homes typically are in a state of disrepair as the owner could not afford it. 2. There is rarely any 'warranty' on the house, it's purchase as-is and you really don't know what could be wrong with the house 3. Many times its a closed bid process and you have no idea what anyone else is bidding causing you to bid higher to get the property. 4. It's hard to set up a time to get a home inspector to look at the house before the bid is due. There's more, but those are the most important. It's riskier than buying a home the normal way, which is why they are normally cheaper.<br><b>References : </b><br> Well, the cons are typically as follows:

1. Foreclosed upon homes typically are in a state of disrepair as the owner could not afford it.
2. There is rarely any ‘warranty’ on the house, it’s purchase as-is and you really don’t know what could be wrong with the house
3. Many times its a closed bid process and you have no idea what anyone else is bidding causing you to bid higher to get the property.
4. It’s hard to set up a time to get a home inspector to look at the house before the bid is due.

There’s more, but those are the most important. It’s riskier than buying a home the normal way, which is why they are normally cheaper.
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