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Has anybody actually bought a forclosed house, or know how to? |
My family is looking to buy a house, but the prices have risen so much in the past few years it's ridiculous! But now, because people bought their houses with a adjustable mortagage and can't afford the rate now, tons of houses are being forclosed. Some of these houses seem like their too cheap to be true. How does one go about buying these houses - to live in, not as a real estate investment? Any advice? We bought a house that the bank had foreclosed on the owners. It was bank-owned, and vacant. We bought it with the idea that we would live in it many many years. It was a great deal, and we've now been in the house for 10 years and loving it! Here is my advice: the bank will probably want to sell it as-is, and will not fix anything or do any work needed. Make sure that you have the house thoroughly inspected so that you take into account money you'll have to spend in order to make repairs/updates. Also, the bank might do a quit-claim, for the above reasons, it's very common. Good luck! You can get a free list of foreclosure sales and information on how to bid on them from your county sheriff's office or their website. |
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