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ztim21 asked:
Is it safe, or a bad way to cut corners?
Is it safe, or a bad way to cut corners?
Tags: Foreclosures, Invest, Police Auctions
September 9th, 2007 |
Tags: Foreclosures, Invest, Police Auctions
Blog about foreclosures in the United States
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September 11th, 2007 at 10:18 pm
Not really. You bid on the house for like $18k. But before you can actually own the property, you have to pay off all outstanding debt, mortgages, back taxes, liens, etc. Next thing you know, you’re up to 150K!!! At least that’s how it is in MD
September 15th, 2007 at 3:00 am
Usually foreclosures or police auctions are properties that were not taken care of and the amount of money to make them saleable may not be worth the effort. However, that is not always the case. Everyone is susceptible to unforeseen misfortunes or stupid decisions. Always take a very close look and have experts such as home inspectors or mechanics (if an auto or machinery). People that do this will tell you it is a hit and miss world. Sometimes you get lucky. Sometimes you get burned.
September 17th, 2007 at 2:55 am
In Kentucky a home owner has up to 12 months to “buy back” a foreclosed home for the auction price plus interest unless the house brings a certain percentage of the appraisal. I would hate to think I would buy a house, spend a lot of money fixing it up only to have the original owner reclaim the property. Caveat Emptor(Let the buyer beware)
September 19th, 2007 at 1:54 pm
My husband and I just put a bid on a foreclosed home this past Tuesday. The previous owners had put tons of money into the home, making all these great updates to the property, but then couldn’t keep up with the mortgage and lost the house. The house is bank owned and is being offered for way under assessment. If we can get the house at what we’re offering, it’ll be GREAT!!!!!!!