Have you bought a foreclosure home?

Jammer

TREF Member
Jul 1, 2012
17
7
3
#1
If you have bought a foreclosure home, can you share how it went?
I have a friend who thinks that getting a foreclosure is the best way to get a great deal on a house.

I wonder what experiences others have had with foreclosures in the Wake County area.
 

Good Wife

TREF Member
Jul 1, 2012
13
5
3
Cary
#2
we are looking at a few foreclosures now. They smell bad. All 3 of them.:eek:
 

Jammer

TREF Member
Jul 1, 2012
17
7
3
#3
we are looking at a few foreclosures now. They smell bad. All 3 of them.:eek:
Is it because there is something stinky going on in foreclosures, or because they have been empty too long?
 
Sep 7, 2012
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#4
Is it because there is something stinky going on in foreclosures, or because they have been empty too long?
We saw several foreclosures. Neglect and vacancy an abuse of the house all helped make them "stinky."
Some were just terrible.
A few months of looking at moldy foreclosure houses and we decided no way!
 

Good Wife

TREF Member
Jul 1, 2012
13
5
3
Cary
#5
From now on, we are only going to look at foreclosures if they are in the perfect location and appear to be decent.
 

Jammer

TREF Member
Jul 1, 2012
17
7
3
#6
We saw several foreclosures. Neglect and vacancy an abuse of the house all helped make them "stinky."
Some were just terrible.
A few months of looking at moldy foreclosure houses and we decided no way!
From now on, we are only going to look at foreclosures if they are in the perfect location and appear to be decent.
Well, after yesterday, I may never want to see another foreclosure home. Stink mold bugs. You name it.
We got sick to our stomachs in one. Saved money on lunch! :)
 
Sep 7, 2012
15
6
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#7
Well, after yesterday, I may never want to see another foreclosure home. Stink mold bugs. You name it.
We got sick to our stomachs in one. Saved money on lunch! :)
You'll save time by avoiding foreclosures.
 

LauraPena

TREF Member
Nov 7, 2013
3
6
3
Scottsdale AZ
#8
The most important thing to understand before buying a foreclosure home is that these properties were given up by owners who couldn't have enough money to pay. In these cases, the house is often poorly maintained - after all, if the owner can't make the payments, he/ she is likely falling behind on paying for regular upkeep as well. Maintenance and cleanliness is a major problem in foreclosure properties.
 

Chuck Finley

Poster to the Stars
Jul 27, 2013
35
25
18
Around the Triangle
#9
LauraPenafriends: 2922 said:
The most important thing to understand before buying a foreclosure home is that these properties were given up by owners who couldn't have enough money to pay. In these cases, the house is often poorly maintained - after all, if the owner can't make the payments, he/ she is likely falling behind on paying for regular upkeep as well. Maintenance and cleanliness is a major problem in foreclosure properties. But many alternate option are available for foreclosures.
I have had three friends buy foreclosed homes.
One did pretty well.
The second didn't break even.
And the last one really got hammered. They skipped the inspection and bought a mess of a project.
 

Peaches Delight

Knows the Ropes
Sep 7, 2012
25
7
3
#10
The most important thing to understand before buying a foreclosure home is that these properties were given up by owners who couldn't have enough money to pay. In these cases, the house is often poorly maintained - after all, if the owner can't make the payments, he/ she is likely falling behind on paying for regular upkeep as well. Maintenance and cleanliness is a major problem in foreclosure properties. But many alternate option are available for foreclosures.
I have been looking at foreclosure homes for weeks now. And they are U.G.L.Y! Yes, they are!
 

The Turk

TREF Member
Sep 7, 2012
15
14
3
#11
We saw a foreclosure in Cary that the bank did some work to get it ready for market.
Everything about it was CHEAP as possible. Cheap flat paint. Cheap carpet Priced as if it was great, and it all needed to be done over.
 

Peaches Delight

Knows the Ropes
Sep 7, 2012
25
7
3
#12
We saw a foreclosure in Cary that the bank did some work to get it ready for market.
Everything about it was CHEAP as possible. Cheap flat paint. Cheap carpet Priced as if it was great, and it all needed to be done over.
I didn't know that the banks would ever do repairs to foreclosure homes. How often does that happen?
 
May 23, 2014
3
2
3
#13
I didn't know that the banks would ever do repairs to foreclosure homes. How often does that happen?
Not often enough.
Most will not, unless the house is not habitable and can be brought into habitability easily.
 

adele

Knows the Ropes
Jun 9, 2012
48
18
8
Raleigh
#15
My sister and her husband wasted SO MUCH time playing around hoping for a great deal on foreclosure houses, they missed out on some real nice houses that were not foreclosures.
 

Chuck Finley

Poster to the Stars
Jul 27, 2013
35
25
18
Around the Triangle
#16
My sister and her husband wasted SO MUCH time playing around hoping for a great deal on foreclosure houses, they missed out on some real nice houses that were not foreclosures.
That's the thing. You waste time kissing frogs.:eek: