Drawbacks to buying fourclosurers

beangel40 · #1 12-01-2007, 04:27 PM

The Drawbacks to Buying Foreclosuers!
The Condition of Foreclosed Homes
Price-conscious home buyers are lured by the low prices advertised for properties in foreclosure. They hope to show up at the auction and be the lowest bidder. However, many of these homes are not available for inspection prior to purchase. Is it smart to buy a home that you cannot inspect? Could be if the price was low enough to compensate you for the amount of work that might be required to bring the condition of the home to market standards

read more here http://homebuying.about.com/od/4clos...uctionASIS.htm

kstcmt · #2 12-16-2007, 05:57 AM

It would be really hard for me to sink money in to a home that i didn't know all the problems of before hand.. but I have known people who have done it and it has been profitable..

bartongrl1 · #3 12-17-2007, 02:20 PM

Yes, buying even without being able to inspect the home can be profitable. You have to take into consideration that most people who are buying a home will keep up with the upkeep on the house and property.

beangel40 · #4 12-18-2007, 01:32 AM

Yes it helps to have the property inspected that way you know what you have to work to fix

kstcmt · #5 12-18-2007, 03:59 AM

Forclosures may be the only way our young people can buy a home.. the market is so bad right now..

flippinout · #6 12-19-2007, 09:20 PM

Another way may be the FHA, Now the USDA-RD. It is for people that cannot otherwise afford safe and sanitary housing.

hometowngrl53 · #7 12-20-2007, 10:40 PM

Yes there other types of loans to acquire homes that they might not have other wise been able to afford

thohome · #8 12-21-2007, 03:41 PM

Thanks everyone I'll let my kids know that there are resources out there..

Mary706 · #9 12-23-2007, 03:45 AM

I would never buy a home before inspection rather it's foreclosure or not. Before I went house searching I was told what a good deal I could get on a foreclose homes. The homes that I saw was in need of a lot of work.

flippinout · #10 12-23-2007, 03:03 PM

You are so right not to buy anything before an inspection. There can be a lot of hidden things that will need fixing, such as plumbing or heating problems that you might not otherwise catch on a walk through.