4 ms·
overall awfully misguided advice. when you buy foreclosure you are buying all responsibilities for the home - past debts, mortgages, liens, future taxes, repair
by glofish 6y ago
overall awfully misguided advice. when you buy foreclosure you are buying all responsibilities for the home - past debts, mortgages, liens, future taxes, repairs etc - in addition you are betting that future appreciation will all pay off - not guaranteed at all. Homes are illiquid and a lot of trouble.
no one should just buy a foreclosed home without thorough preparation
- jweather 6y agoBuying a foreclosure is the same as any other home purchase -- get an inspection and title search to know what you're getting into. You're not "buying all responsibilities" any more than you are when purchasing a home the "normal" way.
- glofish 6y agoSaying just get title insurance is exactly what I meant you should be prepared to know what is required and is not something you should jump into thinking of it as easy money. When you are buying a typical real estate the cost of title search and title insurance are usually part of the settlement process and are included automatically, you don't have to do anything, all gets done for you. The problem is that with foreclosures that they often are sold via auctions where you don't get to inspect the home, you have to pay cash upfront, getting title insurance is not so given either. Plus you have to do it all yourself. All serious issues.
- lostmsu 6y agoThere will be plenty of pre-foreclosures.