Anyone Buy a Foreclosed Home? (real estate, foreclosure, loan)

[Chubbyhugs]

My husband and I have been in the house for a market only a short while. We've gotten a lot of unwarranted advice from people telling us to look into foreclosed homes, but something about the idea has piqued my attention.

Everytime I start to search around, I feel like all the foreclosure sites are asking me to pay, or are just total BS. Does anyone know of any good sites to find foreclosed homes (even if you have to pay), or have any advice about how to go about finding them?

[CuCullin]

Through the bank web sites. Go to some of the major banks, and in the search window, put in "REO" or "OREO" - which stands for Real Estate Owned or Other Real Estate Owned. You'll find listing from Bank of America, CitiBank, CountryWide - even HUD homes.

Remember that the same rules apply as with any other house. It may be "As Is", but you have the right to know what it "Is". In other words, make sure you can get in, look around, and get a home inspection. Otherwise, its far too risky a purchase - you don't want some unknown in a great home causing you horrendously expensive troubles down the road.

[Sergio M]

Many people think that they will get a great deal on forclosures. Truthfully, most homes that are forclosed on have a very high LVR (Loan to Value Ratio) meaning there is very little if any equity in the home. Banks will negotiate somewhat. And Like CuCu said you will need to accept it in as is condition, and will need to jump through hoops to buy it. There is a huge inventory on the market and sellers are MOTIVATED to sell. Where are you looking to buy?