OT - Anyone buy their home from foreclosure?

[tight as a bull's ass]

Hi,

Has anyone purchased their home from a bank foreclosure?
It seems home prices these days have skyrocketed well beyond my reach.

What are some of the risks, rewards or forclosures? Thanks in advance.

[Barber Dave]

I try to by investment property this way.

+'s lower price,
-'s usually not in good shape, need to VERY carefully examin ,

get estaments on cost to repair. check previous purchase price
Bank will work with you if they think you are a good risk, but may require a larger down payment than normal.
But get your information all togeather before you talk to them seriously. Don't take there first price as gospel ,NEGOTIATE, don't be afraid to walk away. Twice I walked and they came after me a week later. Spend the money for a good licenced inspection',
take this with you to the negotiation's . this can be done to your benifit it just takes a little work. If I can be of any further help E-mail me and I'll ans. Dave

[Bravo]

You bet! --- and I love it in fact I have already closed on 5 this year and another tomorrow morning. I would be glad to talk with you at length. e-mail me youre phone number and I can call you and truy and answer all of youre questions. by the way I am a R.E. Appraiser by profession

Dean

[83911sc]

Emmanuel-

I've done this for myself and for clients. (I'm an attorney and realtor). Although it is a great way to get into properties at a below market price, you really need to do your due diligence before dropping your cash into a foreclosure. In addition to the strcutural issues / conidtion of property, you really have to look out for title issues, especally liens not extinguished by the foreclosure. These can include tax liens, other municipal liens, prior mortgages or parties not appropriately joined in the litigation by the foreclosing attorney. It could be a really bad day if you suddenly "find" a lien on your house that you did not think was there a week prior.

If you've got any friends who are real estate attorneys, take them out to pick their brains about the specifics. But please, Please, PLEASE make sure that they are really real estate attorneys b/c otherwise, you are going to be more confused then when you started.

If you have any other questions, feel free to email me directly -

amkotlar@comcast.net

btw, I'm in NJ, so I'm really familiar with the system/ law here, but may not be able to be very specific about the jurisdiction that you are in if it is not NJ.

Good luck

Adam

[tummi]

mr. les paul guy,

do you like to work on old houses? If yes, then do it! I bought an old house, added on (tripled the size) and now i am getting to Bob Vila terrritory (he visited New Orleans recently btw). After all this i qualify myself to work on my porsche. All it is is plumbing anyway!