Forclosed homes

[ckuehl]

My wife and I are thinking of buying a house that is foreclosed on. I know it will be a lot of work, but I was wondering if anyone else has done this? We live in a nice place now and had it built 5 years ago, but we are wanting to make it how we want it, Has anyone else done this and is it worth it in the end? We are both hard workers and we think we can do it but we have reservations about doing. Can any from the GS help us out. Does any one have any contacts that could help us in the search? We are looking around Tomball or Magnolia. Thanks green screen.


Thanks Chad

Edit

We are also thinking of build a metal house. Any information would be great as well as as pictures.

[JHT]

Get a licensed residental inspector to do an inspection before you buy it. The $200-$400 you pay them may save you thousands down the road.

There are good deals out there but people flip houses for a living and are usually ready to pounce on a good deal.

Come up with a $$ you are willing to invest in it. Do the same with the time you think its going to take you.






















Then double it...

[Texasm1976]

I bought one last year and it is alot of work but for the right house and money it's worth it. I am having fun fixing it up. Going to lay wood floor in it this weekend. I know a guy that deals in just foreclosure homes if you want me to find his number and give it to you.

[Slew]

Def get an inspection. Playing contract pong with one bank and their tard realtor right now. I wish I could bill for stupidity, I'd be a rich man...

[El Coyote]

If you buy a foreclosed home and the inspector fails something does the bank have to fix it or is it sold as is??

[Carpe_diem]

The idea of buying real estate at a foreclosure sale or sheriff's sale sounds great but it is much riskier than buying a home the normal way. The most important difference is that in a normal purchase, you can and should buy title insurance to protect yourself in case it turns out that the seller didn't really own the property. If you buy at an auction, there is no such protection. The person who was foreclosed upon may not be the true owner and then you've lost your money. Or the foreclosure may not have been done properly (it happens) and the former owner may refuse to vacate the house. There are a lot of things that can go wrong when buying a house, so you should not buy without a title policy unless you could stand to lose the house and whatever you paid for it. It would be smart for you to hire a good attorney to explain the risks and to help you avoid making a costly mistake.

[Texas Roy]

Im a real estate agent in the Wodlands/Conroe/Magnolia area and am also a trustee for a real estate attorney and handle all of their forecloures for Harris and Montgomery counties. A foreclosure can be a good investment and a great way to get a home at a great price if your simply willing to do what it needs to fix it up. If I can help you out in any way send me a pm and I'll get you my contact info. Roy

[Ol Thumper]

I'm in the middle of rebuilding one right now, lots of work but it's going to be worth it and when I'm done it will be 100% mine and I'll have less in it than it appraised for
And it's going to be a completely remodeled house.

[dozer]

I bought a foreclosure 3 years ago. Pumped a lil dough and lots of elbow grease into it. It's turned out to be a great investment. As far as failing the inspection(s), I got a new roof and couple windows outta the deal because 2 other buyers backed out for those reasons. I paid 70% of asking price for it.

[TWP]

Is it an REO or in preforeclosure?

[ckuehl]

Is it an REO or in foreclosure?

Not sure. Whats the difference? Sorry for the dumb questions. My friends just bought a foreclosure and he made it look exactly the way he wanted it. My wife and I are looking for some land ( Small )to go along with it. We are just sick of living in spitting distance of our neighbors front door. Thanks for all the help guys. We need it.

[Geezy Rider]

I bought a foreclosure three years ago.

You can get it inspected before you buy so that you know what your getting into. I also had no trouble getting title insurance to guarantee the title. There was no more hard work for us than if I had bought any house. We did some remodleing but probably would have done that regardless of what we had bought.

Through negotiation, the down market and the fact that it was at the end of the year I was able to get a 250,000 place for 145,000.

Yeah, I think it's worth it.

[ken]

I buy several foreclosures a year. Just don't limit yourself to foreclosures. Sometimes there is competition for foreclosures that can cause them not to be a good deal.

Pick an area of town that you want to invest in, figure out what you want to get out of an investment property and look at all available property. In the current ecomony foreclosures and short sales often offer the best deals but sometimes there are good deals in more normal sales.

If you are a cash buyer sometimes you can get good deals on foreclosures that are in good condition but are not financable due to minor things like missing appliances. These types of foreclosures have been some of my best purchases.

Good luck. Do your homework.

[Busted by a doe]

It can be a great investment if you do your homework and get inspections done. We bought one back in May, paid 180k for it, put 20k in it and had it appraised in July. It appraised for for 260k. If you are patient and can wait for a really good deal, it can pay off. Also, buy a home warranty after you close for about $450, this could help you out for things that the inspector can't see inside of such as mechanicals. My dad typically buys 5 or 6 a year to keep him entertained during retirement, and it provides a good bit of extra spending money for him. Just have find a good deal. Good luck.

[scott123456789]

I bought a foreclosure three years ago.

You can get it inspected before you buy so that you know what your getting into. I also had no trouble getting title insurance to guarantee the title. There was no more hard work for us than if I had bought any house. We did some remodleing but probably would have done that regardless of what we had bought.

Through negotiation, the down market and the fact that it was at the end of the year I was able to get a 250,000 place for 145,000.

Yeah, I think it's worth it.

We got a steal of a deal on a place in weatherford as well, but it took a pretty penny to give it up to spec, but the acreage and huge barn made the foreclosure hassle worth it. We had an attorney investigate the title situation before having to put money down on the property.