Quote:
Originally Posted by Eric Coffey
It's funny how a lot of folks think that they can (or should be able to) get bank owned or approved RE deals at substantially less than current market value.
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From personal home shopping experience, foreclosures
should exchange for substantially less than current market value. Because they're often trashed. On paper, 2000 sq ft, 3 BR, 2.5 BA looks the same, foreclosed or not. But after my wife and I looked at probably 80 homes last year (with maybe half a dozen of those being foreclosures--we quit going to foreclosures after awhile), we found that foreclosed homes seemed to universally have issues with missing light fixtures, doors, bathroom fixtures, trashed carpeting, broken kitchen cabinetry, holes in walls/floors, etc. Clearly signs of abuse on top of neglect. And with obviously no story about the rest of the condition of the house/roof/foundation/etc.
You can get a home inspection (which is like a PPI), but you'd still not have any of the history of the place (which would be like maintenance records on an old car purchase), and the only knowledge you'd have of the place would be that the previous owners didn't take very good care of it.