https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Sat, 10 Oct 2026 04:12:32 +0000 https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2168384 Tue, 05 May 2015 23:03:15 +0000 mamaof4 2168384@https://boards.hellobee.com/ <p>My husband and I have bought 2 homes that were foreclosures. We love being able to fix it up and customize our home. Most homes on the market are out dated. You'll gain equity on it. When we sold our first home, we earned about $35,000 after our loan was paid. It's a great option if you can afford fixing it up yourself. </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2163069 Thu, 30 Apr 2015 20:53:33 +0000 sorrycharlie 2163069@https://boards.hellobee.com/ <p>Following! We are in a similar boat :) </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2163046 Thu, 30 Apr 2015 20:36:01 +0000 photojane 2163046@https://boards.hellobee.com/ <p>thanks for the input everyone! y'all are awesome!</p> <p>@yoursilverlining: thanks for the heads up about FM website. Going to check it out now! We definitely would look at any homes before putting in an offer. We're going up this weekend! Crossing my fingers for no collapsing ceilings :silly: </p> <p>@mrsjd: thanks! I'll look into that!</p> <p>@Hoots: yeah, I can tell from the pictures that the appliances are... eh. But, better than appliances from the 80's I guess. :silly: I hope that if we go through with it that our experience will be as great as yours! </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2162983 Thu, 30 Apr 2015 20:01:32 +0000 Hoots 2162983@https://boards.hellobee.com/ <p>@photojane: We bought a Fannie Mae Homepath home. I'd definitely do it again, but it would depend how undervalued the home was because of the foreclosure. If it wasn't much under what other normal homes were selling for, I'd go with the normal home. Also, I'd check insurance and taxes before you make an offer (if possible) as those can be much more than you'd think with the foreclosure's purchase price. </p> <p>On the repair end: Everything was pretty much as our inspector said. A few things we've found with our Homepath home: The carpet they put in ours was really cheap. As in it will look bad in 6 months with normal wear and tear. The appliances are also pretty much the cheapest they can buy. We're just using the ones that came with the home until they wear out and will replace. </p> <p>And if you do end up with a Homepath home, the paint color they use is Killim Beige from Sherwin Williams. I had to email a contractor that works for them to confirm that it's the standard color for most of their homes throughout the nation (it totally was). But it might be worth it confirm with the selling agent before you close. </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161879 Thu, 30 Apr 2015 10:07:59 +0000 marionberry 2161879@https://boards.hellobee.com/ <p>Our house was a foreclosure. It was sold as is with the bank clear about fixing nothing, no matter how bad. I'd definitely encourage you to get a number of inspections before purchasing. We were lucky regarding the condition of our home but many find unexpected issues after they've bought it if they haven't done their due diligence. Best of luck! </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161789 Thu, 30 Apr 2015 09:42:19 +0000 Jess1483 2161789@https://boards.hellobee.com/ <p>@photojane: our bank said that too, but they didn't mean it. They were willing to do things our inspector found, just not other random things (we couldn't negotiate it).</p> <p>The house had been on the market for quite awhile though, and this was at the end of the housing slump. Banks may not be as willing to wiggle right now. </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161773 Thu, 30 Apr 2015 09:33:07 +0000 catlady 2161773@https://boards.hellobee.com/ <p>We put offers on two different foreclosures during our house hunt. Definitely get in there in person since the pictures can be deceiving. Also try to get a good feel for the market and work with a good agent. We lost the first house because we didn't bid high enough, even though we were definitely willing to go higher. Our agent kept insisting that it wasn't necessary. He laughed at us when we asked to put in an offer over the list price (we were willing to go 20k above, he brought us down to 1k above, and it went for something like 9k above). Needless to say, we ditched him soon after. The second house was priced super low and we bid at least 10k over list and the final sale price was like 20k beyond our offer. So depending on where you are buying (I live in a place where the market is hot), the list price may also not really reflect what the sale price will be at all. </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161772 Thu, 30 Apr 2015 09:32:25 +0000 Mrs. Jacks 2161772@https://boards.hellobee.com/ <p>Ours was foreclosed than flipped so we weren't the first owners post foreclosure, but still had to deal with many of the issues. The foreclosed owner stripped ever appliance, wire, fixture... The next person replaced those as cheaply as possible... So definitely factor in the cost of upgrades even if they've been replaced. We also found some unrecognized issues with the pool and one of the bathrooms-- stuff not caught on inspection. It's fine, but it's the price of dealing with a foreclosed home. </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161754 Thu, 30 Apr 2015 09:16:04 +0000 pinkb 2161754@https://boards.hellobee.com/ <p>We bought one. We looked at a lot of forclosures and many are not represented correctly in the pics so just make sure to see it in person before getting your hopes up too high. And be prepared to pay more than list price. Although the house we bought we got for the exact list price ( we did offer less and the bank rejected it but they paid all closing costs) we also put offers on other forclosures that we lost because they went for quite a bit more than list. There were no surprises because we had a home inspection, and our lending bank. Was very thorough in inspecting the house as well and requires some things be taken care of before closing. FX that you find a great home! Ours was a great experience. </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161751 Thu, 30 Apr 2015 09:13:59 +0000 Ajsmommy 2161751@https://boards.hellobee.com/ <p>We bought a short sale and it was great for us. The house had sat vacant for 3 years and needed some work but we got it for a steal! It worked out great for us. </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161750 Thu, 30 Apr 2015 09:13:16 +0000 mrsjd 2161750@https://boards.hellobee.com/ <p>@photojane: </p> <p>Foreclosure purchases are great options, but one thing I would counsel you about, if the bank hasn't already, is that most residential foreclosures are subject to a right of redemption on the part of the homeowner. That redemption right means the homeowner can buy the property back, even if it's been sold by the bank. </p> <p>So you need to make sure that statutory period has passed before you buy. Sometimes banks hold the property for that period before they sell but sometimes they do not. For example, in the state where I live, the right of redemption period is one year, meaning that from the date of the foreclosure sale until 365 days later the original owner has a right to purchase the property for the amount owed on the property. This is regardless of whether you bought the property and put $$$ into the property. The risk of the original owner being able to do this is usually low (otherwise they wouldn't have allowed the home to be sold) but it is still a risk.</p> <p>Also, banks are usually really happy to unload these properties and I would negotiate the heck out of the price to get it as low as possible. Banks don't want to hold these properties if they can help it. </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161735 Thu, 30 Apr 2015 09:05:50 +0000 MaryM 2161735@https://boards.hellobee.com/ <p>I was going to say something similar to what @yoursilverlining: said. Have you seen it in person?</p> <p>DH and I have been shopping for the last month, and some of the houses that looked awesome in photos were complete wrecks in person. One house boasted "updated" appliances...they spray painted the dishwasher silver to make it match older beat up stainless appliances. </p> <p>That alone isn't the biggest deal, but most of the updates were done in a really half-assed way and would need to be redone. So don't trust the photos! But I wouldn't not look at something just because it's a home path house. </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161722 Thu, 30 Apr 2015 08:58:24 +0000 yoursilverlining 2161722@https://boards.hellobee.com/ <p>If it's a homepath home, check out the FM resources online - they are really good detailing out homepath. In order to be a homepath property, they have to meet certain criteria (info is available on the FM Homepath site, which is really detailed and good!) and a lot of times FM will do a lot of the bigger ticket work on homepath homes. This was the last at least a couple of years ago, I'm not sure if they've changed their criteria. </p> <p>Be aware that the pictures online may not be recent, or be really representative of the condition of the house. We looked at a foreclosure recently (to buy as investment property) and it turns out that the pictures they had online were taken in 2012!!! :shocked: Needless to say, there were serious issues that were not apparent from the old pictures, or from the disclosures in the listing (severe mold being one issue). They also didn’t list pictures in the ad showing where the ceiling was caved in ... small details lol :wink: </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161686 Thu, 30 Apr 2015 08:36:41 +0000 photojane 2161686@https://boards.hellobee.com/ <p>@JennyG: It's a Fannie Mae Homepath home. They actually did some cosmetic repairs to the home, which look nice, but I anticipate we'd have to put in at least a few more thousand dollars in cosmetic work. That doesn't include any big issues, which is the scary part! We would only live there 5 years max, and the thought of selling it for considerably more in a few years is very appealing!</p> <p>@Jess1483: Fannie Mae says that all houses are sold "as is" so I don't think we'd be so lucky to get them to make any repairs! If I knew they would pitch in, I'd jump! </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161666 Thu, 30 Apr 2015 08:25:23 +0000 Jess1483 2161666@https://boards.hellobee.com/ <p>We bought a foreclosure. The bank had already done a ton of work, and then our inspector found a few other issues. The bank was willing to do them all (including a new roof). It helped that our bank said "you can't buy this house until they put on a new roof" so it kind of forced their hand. We haven't and any issues with it that either 1) they could possibly have known about--sewer and water line issues, but there's no way for previous owners to have known or 2) aren't normally expected. I will say the painting job was...weak (they didn't take down curtain hardware to paint, so when we removed, we had to paint), but that's a pretty minor issue. All in all, it was an easy and smooth process. Good luck! </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161665 Thu, 30 Apr 2015 08:23:30 +0000 JennyG 2161665@https://boards.hellobee.com/ <p>We did! We're about to move into it in the next few weeks. Overall, it's been a great experience. We got it at an auction for a steal and will have put about $15,000 into it when all is said and done. We did this a more of a too good of a deal to pass up and don't plan to live there for more than a few years. Would you be buying it at an auction or through a regular home sale? </p> https://boards.hellobee.com/topic/anyone-bought-a-foreclosure#post-2161659 Thu, 30 Apr 2015 08:19:32 +0000 photojane 2161659@https://boards.hellobee.com/ <p>Hi friends! I've been sort of MIA lately, because we're moving, and moving is... stressful. :meh: </p> <p>We're listing our home tomorrow, so we've started looking for houses in our new city. I found a place that is more than enough square footage, is in the perfect location, and has amazing schools. It's priced way under our budget too! The only catch is that the home is a foreclosure. The pictures don't look bad at all... newer paint, new appliances, new tile, etc. But, I'm scared of what lies beneath! It seems like a great opportunity to get in the area we want, but I'm not sure I want to take a risk with this much money. </p> <p>So, I want to hear about your foreclosure experience. Good or bad? What would you do differently? Any advice? </p>