Topic: Ever bought a foreclosed property?

[Alan F.]

I've been considering the purchase of a Forclosed Property. Has anyone here gone this route? Any stories to tell, pitfalls to avoid, good advice to offer?
I've heard plenty of negative experiences, has anyone come through it and lived to tell the tale?

[Kevin]

Hey Alan,
I have not completed a transaction but have had my money tied up and my time wasted.
If HUD is offering the house, they will string you along and tie up your funds for a very long time. They can, and will, postpone the decision date, and do not have to sell to the highest bidder.
If it is a bank selling the house....good luck! They are not in the business of losing money. Right now banks get money for free due to quantitative easing. They will hold the property as an asset rather than take a loss.
If it is a tax lien sale you might have an opprotunnity for a good deal as it is an auction at the courthouse.
I have seen straw bidders there to make sure the bid is very high though and Real Estate agents are like vultures at these auctions too....
Good luck!

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[Don R]

My buddy had to buy his house on the steps of the courthouse after his wife repeatedly pissed away the tax money. A co-worker saw it in the newspaper.  Just an amusing anecdote.