Anyone Have Any Experience With Foreclosures
Q: I'm still moseying about looking for "my house" as I have been for a couple of years now, but have a question: I stumbled on HUD foreclosure websites, and it's one of the few places you can get listings of foreclosures completely free. My question is, there's a lot of info out there for folks who want to buy and "flip" or rent out these properties (ie, investors), but not a lot for folks who just want to buy one to live in. Anyone have any experience with this or know of anyone? I know I have to be careful, get inspections done, etc., before I make a bid on any I might like, but if anyone has any particular advice on how to handle it, pitfalls, questions to ask, loan/mortgage info, etc.,
A: -Just wanted to say what a brilliant idea I think this is. As time goes on there will be more and more foreclosures due to the fact that a lot of people got in over their heads during the housing boom which seems to be coming to an end--or at least cooling off. Some people bought more house than they could afford--while others got sucked into those dreadful adjustable rate mortgages. My great grandmother had a beautiful home that my Mom told me she bought just by paying the back taxes on it. I don't know if cities still do that--but that might be another good way to find a bargain on a house. I think the way Houston does it is to have an auction out in the hall of some City Building--and I've heard houses go for a song at those auctions. -My advice is Canadian but I think it still holds. One is to get title insurance so that if there is some lien that isn't disclosed you don't need to pay it off. The other is to get a home inspection. Most people who let their home go to foreclosure aren't doing the maintenance stuff. Worse yet, it might have been a drug house. Better to pay $500 for an inspection than to find out afterward. .
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