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I'm buying a foreclosed home. I don't feel bad....but the bank has owned it for two years, so maybe it's different. Sure, I'd have a tug of emotion if I had to see people packing and moving out. But the way I see it, it's a business deal. No emotions in business deals. At least, I try.
:-)
I don't really think it's preying unless the buyer does something to try to speed along the foreclosure, which seems unlikely.
It is a sad situation but things have to keep moving. Houses have to find new owners, you know? Otherwise it's just too depressing to contemplate.
I would not have trouble buying a foreclosure home (we almost did it 3 years ago but changed our minds because of the location and all the damage), although I did feel bad for the people whose lives had a horrible turn leading to the foreclosure. They were long gone by the time we heard of the house, though. Apparently their teenage son had had a fatal auto accident and it broke up the family. Now THAT is just terribly sad.
On the other hand, I think I would have a hard time buying an engagement ring/wedding band at a pawn shop. That would really REALLY bug me. I think a combination of taking advantage of someone's misfortune and really bad juju?
It's purely business. Too bad the owner overextended themselves and let it go into foreclosure. You're actually doing the neighborhood, the economy and all involved a favor by getting it off the market.
A home needs to be lived in or it starts to go down hill fast.
I just looked at a bankowned house and was shocked to what I saw. The realtor told me it was in "good" condition but it seems that we haven't got the same level of "good". There were holes in the wall, drawings on the wall (drawings of handgranates!, how earth was hell, etc) and horrible colors very bright so the whole houses needed to be painted (realtor stated that it was move in ready! Title that didn't fit witht he kitchen cabinets or bathroom vanities and the carpet was ugly, cheap and dirty. The power was not yet working as she told me but it was ordered to be turned on so inspections could be done. There is a lot of interest since it is top location and I thought a very good price, but not after I saw it since it will cost a lot to fix it and IMo only worth when you want to live there or can do much yourself or if you don't care living like that. Close to me a bankowned went for a little bit more but from the inside was looking great except for all the appliances being taken out.
IMO the people who have lived there behaved like they were mad and couldn't handle it,but nobody forced them to take a mortgage that was $ 50 K more than what they closed for and IMO their own mistake and this is purely business and the people responsible for this trash should be held responsible.
I don't think it's preying on other's misfortune, but like Wordy said, sometimes it feels like bad juju. A long time ago (well, about 6 years ago) we were looking for a home and looked at one house we knew was a foreclosure. The previous owner was apparently an artist, and she had hand-painted murals and decorative details ALL OVER the house. I kid you not, there was no wall or cabinet left untouched. Walking through, it felt like their spirit was still there (and said spirit was peeved) and it was just creepy. I thought I'd never buy a foreclosed home. (For the record, I also try to avoid old-people-just-died-here homes. Can never seem to get rid of the smell! )
Anyway... just closed on a REO last week. House feels completely different and no bad juju. Feels like it was meant to be MINE.
Bonus: the rest of the neighborhood is happy because we'll make the 6 ft tall dandelions go away.
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Just watch out for the haunted ones..
) 
