Drawbacks to buying fourclosurers

[BobbyLL]

When I was house searching I saw quite a few foreclosure home. Many of the house would have been a waste to put a lot of money in for the area. There was one house that I went and saw that I thought would have been a good flip. But, they have so many rules with the mortgage loan that I wasn't able to get the house. Also, I didn't really know if the house had any other problems besides the physical.

[flippinout]

You are right, sometimes it is better just to pass some houses up and keep on looking. House flipping is all about the profit you can make and if there are factors that prevent that possibility, it is best to keep searching.

[thohome]

It seems that if you don't have your own money to buy forclosures then its almost impossible to buy. Then get a personal loan to fix it up.. I'm I right or way off base.. I really don't know..

[flip4u]

Buying Foreclosures - An Investor's Guide to Foreclosed Homes

Buying foreclosure properties has become a red-hot topic among real estate investors. While the current rise in home foreclosures has a negative impact for some, it has certainly spurred the real estate investment community. Thus, many investors want to know how to buy a foreclosure property as a path to profit.
I attached this web site hope its helpful to many of your questions regarding buying foreclourser homes to flip
http://www.homebuyinginstitute.com

[Yager37]

To tell you the truth, I wouldn't take a chance on a home that you couldn't inspect first. Reasons are you could be actually paying more in repairs than you initially. By inspecting the house first, will give you an idea of what needs to be repaired and how much.

[Bbqchef21]

Yeah, you could be in for a big surprise if you don't inspect a house before an auction. I tend to stray away from auctions like these myself.

[houseflipper]

We have decided to jump in because of the favorable prices. But...the condition of some of these are just horrible. From terrible house keeping (being nice) to structural problems (can't be lived in). It is a definite buyer beware. You better have some knowledge and resources. www.house-flip.blogspot.com

[badmomma]

I wonder if the homes haven't had inspections are you subject to the same kinds of contractoral elements as if you were buying it from a realtor. Say how long have the people had the home, when was the septic tank last serviced. Also water testing and perk tests. I would be concerned that the cost in the end wouldn't warrent a low bid purchase.