So are only certain foreclosed homes stripped like what has been described in here? Also where is a good place to find foreclosed homes at? Are the interest rates the same on them?
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Buying a house
- Thread starter Scout238
- Start date
Well for me.... I had my realtor only look for foreclosed. There were all kinds of price ranges, but I was looking on the lower end. A LOT of the houses were stripped or damaged.... well the majority. The house we found needs a little work, the worst thing is the carpet needs to be replaced. It was only on the market for 2 days and had 5+ offers.
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Ya from what I've noticed all foreclosed homes are stripped guess its a country wide thing.And definitely talk to your neighbor's and make sure you can deal with them and they are whack jobs. Take a walk around the area also to make sure there's no undesirable hoodlums or anything.
+1 on the construction inspector. use Zillow.com to see what the homes have sold for in the area recently and stay away from areas that have a lot of forclosures, it lowers your property value.
Termites are huge in CA, get the local pest control guys to look at the house if it's more than 10 years old.
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When i was looking i saw alot of houses with Mold. Saw a couple that were really nice but you have to look at them as soon as they come on the market and pull the trigger quck if you like it. because they go fast. The really nice foreclosures i saw went for 20K+ over asking. Has anyone looked into a short sale?
That happens a lot here...
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+1 million.
When we found what we thought was a good sturdy house, we had it inspected and came out with a novel of bad things. It's definitely money well spent.
Check out the houses around the block and next door. If their trashed or who ever lives their don't take care of their house that could effect the value of your home. Listen for dogs, kids and broken down cars that haven't moved in years. Dogs bark all night, some parents kick their kids out of the house at 7 am and tell them to come back at at night and these are the kids the puck things up
Equally as important as an "inspection" is to get a deluxe home warranty!! Make the seller pay for it in the closing costs!!
Drive around the neighborhood at night. Summer time would give you a better idea of what the actual surroundings are like, but this could at least give you an idea. I really suggest hiring a real estate firm. They do all the leg work & dirty work for you.
A lot of really good advice especially the home inspections and checking out the neighbors and neighborhood.
Is her name Liz Hensley?
Mine was thru HSA out of Madison WI and they were great when my main gas furnace went out (on a Sunday in January) after about 40 days after moving in. They sent someone out the next day and had it repaired. Only cost me my 100 ded.
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NRAcobra
Banned
Take your time, I spent 6 months looking for a house, till I found what I liked.
I stayed away from short sales because you can put an offer in, not know for 3 months, and find out you didnt get the house, wasting that time.
Find a good realtor that your are COMFORTABLE with, dont sign a exclusive agreement with them.
Check websites such as realtor.com, I used that and others to fwd houses I liked to my agent to help get him onbard more for what we were looking for faster. He would also pull the latest MLS listings and email them to me daily.
When looking for a house, and you go to each house, explain what you like or dont like, your not going to hurt his/her feelings, its not their house, and will help you locate THE house faster.
If you see a house you dont like, leave, dont waste time going through room to room, whats the point? There were houses I would open up the front door, and immediately walk back out.
Get pre-approved for a mortgage, and get your credit score in order, makes you a stronger buyer.
Once you think you have found the house, check out the neighborhood at different times (weekends, nights, mornings, etc.)
Look over the fence. What does the neighbors backyard look like? I live with a HOA, so all the fronts of the houses look perfect, some of the backyards looked like bombs went off.
Get a inspection done, and go through the house WITH the inspector. Your paying for it, and you'll be surprised how much you can learn about the house from him or her.
Negotiate in a home warranty.
Find a good realtor that your are COMFORTABLE with, dont sign a exclusive agreement with them.
Check websites such as realtor.com, I used that and others to fwd houses I liked to my agent to help get him onbard more for what we were looking for faster. He would also pull the latest MLS listings and email them to me daily.
When looking for a house, and you go to each house, explain what you like or dont like, your not going to hurt his/her feelings, its not their house, and will help you locate THE house faster.
If you see a house you dont like, leave, dont waste time going through room to room, whats the point? There were houses I would open up the front door, and immediately walk back out.
Get pre-approved for a mortgage, and get your credit score in order, makes you a stronger buyer.
Once you think you have found the house, check out the neighborhood at different times (weekends, nights, mornings, etc.)
Look over the fence. What does the neighbors backyard look like? I live with a HOA, so all the fronts of the houses look perfect, some of the backyards looked like bombs went off.
Get a inspection done, and go through the house WITH the inspector. Your paying for it, and you'll be surprised how much you can learn about the house from him or her.
Negotiate in a home warranty.
good info. I plan on looking towards the end of the year after I get some debt paid off
I bought a rental property on a short sale. Had an instant 20-30% equity once closing as over. frankly I would take a short sale over a foreclosure. Do not necessarily focus on foreclosures / resale homes.
I was looking for a house, didn't think I had very good credit (it was fine) and found a house where the builder was paying 10 points (essentially a 10% rebate). I am into my house for 350 dollars out of my pocket. long story but bottom line the day I closed I could have sold the house for less than I paid for it and still made money LOL!
Just a bit of info on signing an "exclusive" agreement....If you don't sign a Buyer Representation Agreement with the agency, then the agent cannot give you any kind of advice, price or otherwise. They basically just show you houses. You are considered a "customer" and not a "client". Clients get the best (supposed to, make sure you do if you decide to be a client) service. Customers get just the basics. A good real estate agent will put in 200% to make sure they meet your needs.
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