Question : How does buying a house in foreclosure work?
I was on yahoo real estate recently, and I clicked on foreclosure and I arranged the prices of the homes from the cheapest to the most expensive. I found some homes in my area with a price of about three thousand. Now is that a buy in price to take over the mortgage or what? How does that whole thing work? What are the dangers?
- asked by SABADO GIGANTE
All Answers:
Answer #1
Most bank mortgages are not assumable. What youare seeing could be the asking price for theproperty. It could include the outstandingmortgage balance plus attorney's fees. You need tocheck with a local realtor and see if this is areasonable price. You can also look at propertytax records for values. Tax values are often lowso be sure to take that into consideration. If youare not a contractor, you might want to have ahome inspection performed before you make anyoffer. You never know what is hiding in the walls(poor electrical) or in the roof (leaks) orbasement. A home inspection isn't cheap but itwill point out all the areas of concern with ahome. It could save you a lot in the long run. Thedanger is buying a home that looks good but costsyou a fortune in repair work after the fact.
- answered by barbowork
Answer #2
Yeah its basically a tax lien that you are payingoff that the previous owner could not pay...itsdifferent dangers that come with differentproperty's....just get a inspection if you get aforeclosed home...
- answered by kurtis p
Answer #3
good luck :)
- answered by butterfly234
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