Its that people like me can buy a nice house for dirt cheap. There's some houses in my hometown that were valued at about $250K during 05', going for about 85K-90K right now. I think I may just go ahead and seek some info on trying to buy one of these and rent it out. They are in in good neighborhoods, close to schools, clean streets, and close to almost everything. I have a few thousand in my savings, I figure I'd put a nice down payment on it, combined with me being a 1st time buyer and a credit score of about 760, I'd say I shouldn't have much trouble. If anything, i can just co-sign with my dad. A home at 22 (23 in November) never thought I'd be in a position to own one so soon. The value of the home has to come up sometime and when it does, I'm selling. In the meantime, renting it out seems like a good idea. This is all assuming I can actually make it work.
If you have a few thousand, you are going to need it for the closing costs. Banks won't pay closing costs when you buy a foreclosure. There also won't be any kind of home warranty, so just hope that the people who left weren't dicks and didn't mess anything up. I'm not trying to be discouraging. I bought a foreclosure and I don't regret it a bit. I love my house.
get a pro to inspect any house you want to but. We are finding 25% are missing the copper ... some people were pissed about foreclosure and dumped concrete mix in the toilets and flushed... and doing all kinds of shit to mess a house up... it may look like a prefect house... that has 20K-50k wrong with it.
Good advice from both I know it’s a bitch letting go of 250 for a home inspector. There is a web site that will give you a value appraisal based on homes sold recently in the same area and its pretty good I think it was like 15.00 or 20.00 I will look it up. It’s worth it because it breaks down all the important stuff like sq ft and rooms of course but also tax paid recently and school districts. This calculates into the value as well. Also I think there is a risk if the previous owner was negligent in paying property tax the back tax can transfer to you not sure. I bought my Dallas TX home for 165,000 in 2005 and the recent tax appraised value (not very accurate) I believe was 178 or 180. These homes were never over inflated in the first place. It is 2400 sq ft all on one single level fully landscaped with a pool privacy fenced yard two car garage and two baths. Since the homes were not over inflated in value there will not be as many bargains here except that they were a pretty good bargain in the first place. I fully remodeled the kitchen and after a few years to save up some money will redo the Guest bathroom to be one full with Jack and Jill entrances to the bed rooms and one half bath that enters from the hall way. The guest bath is crazy really like 15' by 5'. Then it will be 2.5 bath. There have been two homes listed recently sell in my area with less sq ft in the $180-190 range that are within a block of me. Also a few more have sold for similar price per foot.
