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Ok, does anyone have a horror story about buying a foreclosure? My sister and brother-in-law found a bank owned property that they want to buy. I heard that there are many issues that can come up with this sort of transaction vs. buying a normal resale home. Their realtor doesn't seem too helpful about the whole thing.
Are there any things that can come up that they need to be prepared for?
SCM - I am sure there are many horror stories out there - not only for those who bought a foreclosed property though. It all comes down to getting a thorough home inspection. Most all foreclosurers are sold 'as is' but you can still place a stipulation in there to get an inspection, also, many will give you a home warranty if you ask.
I can tell you an upcoming horror story. Wait till SoCal honest citizens that can afford to pay their homes start walking away when they realize home values are in free fall and it will take a decade to recover. When the stigma is eliminated, it will become an option. Especially in SoCal.
I can tell you an upcoming horror story. Wait till SoCal honest citizens that can afford to pay their homes start walking away when they realize home values are in free fall and it will take a decade to recover. When the stigma is eliminated, it will become an option. Especially in SoCal.
if they can afford to pay for their homes why would they walk away
if they can afford to pay for their homes why would they walk away
That is called the new thing to do...you don't like the value of your home...so you walk and other will have to pay for you...that is how the Dem. think is the right thing to do...in todays market and they even have a name for it....business!
I call it scumbags! but I'm not for hand outs and bail outs and I'm not a Dem. either! I'm not for taking extra money from people who make over $ 250K (it will really suck if you earn $ 251K) and that money will be given to people who earn less and never went to College and never had to pay their College loans back.....or never took the risk of starting a company and finally making more money and Obama is taking that away!....Wow guess how nice it is when you make $ 251 K and the person who makes $ 249K gets the extra is getting more down the line!!!!
if they can afford to pay for their homes why would they walk away
Ahhh so small town Oklahoma. I see you don't keep up with the latest California trends. Why would anyone want to pay their obligations when you can just walk away ?
Pay 5 times more than a home is worth and refinance it for cash when it on paper has doubled in price for the Hummer and European vacations. Then when you don't want it let it go back to the stupid lender who made the bad loan.
Ahhh so small town Oklahoma. I see you don't keep up with the latest California trends. Why would anyone want to pay their obligations when you can just walk away ?
Pay 5 times more than a home is worth and refinance it for cash when it on paper has doubled in price for the Hummer and European vacations. Then when you don't want it let it go back to the stupid lender who made the bad loan.
It's certainly not the homeowners fault.
Well originally I am from CA bay area, but yep slower life in small town Oklahoma for the past year. No I don't keep up with CA trends. I watch what people are doing in Utah though since will be moving there. I have seen many walk away from homes there. I guess these are people that don't have alot of equity in their homes? Just trying to understand. I would never walk away, but then I would have to much to lose.
One thing that bothers me about foreclosures is that some of the former owners have been so vindictive. I saw a house a few months back where dry concrete was poured into all the drains (sinks, toilets) and then the water was turned on. What a mess that was. Some of the properties are destroyed and others look good enough to move right in which creates a huge disparity in price. In my area any way, I recommend that potential buyer(s) hire a home inspector who also has a building contractor license.
Here in FL a major concern with any vacant home, especially foreclosures and short sales that could have been sitting without power for months and months, is to make sure they get a mold inspection. More often than not you will get a high mold count in all of them, just make sure it's not toxic mold, and make sure it's a simple remediation if the counts are really high.
Also, make sure put down as little as possible in escrow with these banks if you are concerned about inspection results. As long as you stay within the terms of your contract you will definitely get it back, but it can take a very long time. From just getting the bank to sign the release, to finally getting in contact with the right person at the title co/attny office (that is usually 200+ miles away) that writes the check.
There are a thousand little things that your agent should know to make the transaction easier and to make sure you don't have any surprises or horror stories yourself. If the agent doesn't have any experience with foreclosure, ask if their broker does and can help or anyone else in their office can. Inadequate representation increases your chances of having one of those nightmare stories.
That is called the new thing to do...you don't like the value of your home...so you walk and other will have to pay for you...that is how the Dem. think is the right thing to do...in todays market and they even have a name for it....business!
What an ignorant remark.
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