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Just did, where I live it's only foreclosures or short sales and I wasn't interested in putting my life on hold indefinitely to maybe get a deal on a short sale. The foreclosure was as easy, if not easier than a conventional sale because the sellers (Fannie Mae) just treated it like the business transaction it was.
The only downside I've come across so far that nobody else has mentioned is angering the neighbors by setting the new comp so low (we paid half what they all did). Of course the fault should lie with the former owners who dumped this place after buying something bigger and better elsewhere, but instead it's on me.
I bought a foreclosure in Cape Coral , Fl. It was a never lived in home and I bought it for 30% of what it was worth. An investor had it built to flip - resell at a higher price but the bottom fell out of the market and it never sold.
The house sat for two years before it made it though the foreclosure process and I bought it. The grass was dead , all the land scapiing was dead and my neighbors were glad I bought it. I went the econonical way to grow grass, , A good quality seed put down mixed with good top soil. The house has a sprinkler system and I just turned it on , Now I have a beautiful lawn plus I put in some palms and bushes and flowers. No backlash from the neighbors at all.
. I am there in Florida for 6 months out of the year and my neighbors keep an eye on my home and a local fellow takes care of the lawn to keep it green.
Many good buys in Florida today because there are many foreclosures. Yet there are many buyers snagging up the great bargains on the REO's.. Only down side is , Florida has high unemployment but it is a great place to retire .
There are some fantastic deals to be had. To get a good deal, do your homework and read the fine print. Read the title report and ask questions; read the bank addendums which overwrite anything in the standard purchase and sale contract; research the property and get an inspection. Don't expect the bank to fix anything. You can ask, but expect the answer to be "as-is".
If you're buying a short sale, try to find out where the seller is in the process. Ask if its been approved by the bank at the asking price, and how long it takes for the asset manager to respond to offers.
Of course these are all important steps in any home purchase, and even more so with distressed properties.
My number one piece of advice is to get a good attorney. My attorney cost $450 and was worth every penny. The Fannie Mae standard contracts and agreements can be amended with the right attorney.
The wife and I are going to look into buyimg a couple of forcloseres here in the next 3-4 months down in Florida. The plan is to turn them into rent homes and a possible vacation home.
Bought a freddie mac one in March and looking for another in the RDU area! Was a great investment, and making a nice profit off my renters. Neighbors happy that the house has been fixed up and occupied by great family.
Purchasing a bank owned in Chicago right now! I'm using a 203k to fix it up, and my mortgage with taxes and insurance will be around $620 a month. You can't beat it!
But some foreclosure houses you can't look inside the house before you make an offer, so how do you know about the condition of the house and think the price is reasonable, cheap or overprice?
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