Would you !! (short sales, foreclosures, lawyers)

[captlemons]

Would you buy a foreclosure with cdw, at the right price ? just interested in peoples opinions.

[mr&mrssunshine]

i would buy one ONLY
1. if the price was soooo cheap that even after all remedial work i was well in pocket and
2. i intended to live there a long time

if you/I was thinking of flipping or moving quickly i think a lot of potential buyers would still be very negative and put off even if the remedial work was done profesionally

[FauxPas]

At the right price, you bet.

[SoFLGal]

Probably not. Remember CDW effects the plumbing, A/C, drywall, electrical, etc. Also for me I would disclose the home previously had CDW and was remediated. If the new family was OK with the situation, then fine. I knew of a situation where someone did this and they remediated the home and didn't disclose that it previously had CDW. Every time there was a showing the neighbors told the potential buyers that it previously had CDW and it took forever to sell and it sold for much less than what was anticipated. It's just a very dicey situation.

[loves2read]

no way...
there is no price so cheap that it would absolve the worry associated with something like CDW

[Oobie119]

I wouldn't-you can find something better. My husband and I just bought a foreclosure; and we unpolished a diamond in the rough. Many, many foreclosures require cosmetic work only. Sure there is work involved in all of them, but why buy a money pit? Especially when many of the problems with chinese drywall can be hidden as SoFlGal said. PLUS; if your house has it, chances are your neighbors do also. What kind of neighborhood will that be with chinese drywall and so many foreclosures or short sales? Just remember, go into a foreclosure with the notion that you wont have the house perfect for a year or so. Give yourself time. Good luck-my husband and I searched foreclosures and short sales for almost a year so let me know if I can be helpful : )

[Big House]

Nope!! The laws have a chain of ownership clause that basically keep you in the mix. And with all the latent defects and potential health issues that can result, with lawyers today, you will likely get brought into a law suit down the road. That is the legal issue. You don't know what you don't know, so why expose yourself to that. There are way too many good deals out there to invest in. Why go through all the issues, especially when you really don't understand them all!? It makes no sense to me.

[captlemons]

i guess it would have to be incredibly cheap , to be worth the potential problems , ie remedial work and eventual resale problems !!

[Oobie119]

Originally Posted by captlemons

i guess it would have to be incredibly cheap , to be worth the potential problems , ie remedial work and eventual resale problems !!

Someone could GIVE me their house with CDW and I wouldn't take it! But that's just me

[beerme1]

Originally Posted by loves2read

no way...
there is no price so cheap that it would absolve the worry associated with something like CDW

+1

Absolutely not. The cost of remediation if it can truly be done is not worth the hassle.