Dang Soror, you've done everything in the real estate market! I want to be like you when I grow up.
I often see foreclosures listed but the ad often states something that made me think that you could not inspect the property before you bid. A realtor was telling me that he gets listings of pre-foreclosure properties so I'll follow-up with that. Did you find that it was much more expensive (like you had to pay out of pocket some huge % or could you just come with proof of loan funds)? I been reading a few articles and read a short book.
So it sounds like it was not all that risky at all - in your experience b/c you were able to get an inspection ahead of time.
SC
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Originally Posted by Conskeeted7
I've bought 2 foreclosures. I, personally, did not find the process to be any different than conventional real estate. Of course, you want to have an inspection to determine if you'll move forward with the property. I never had any trouble getting an inspection. However, you may have a hard time getting the bank to fix anything that you find. So, be prepared to handle that cost on your own. For me, it was worth it to fix things on my own because I bought the houses at 50% of market value and there were no structural issues, strictly cosmetic.
You can find information on foreclosures in your county office (if it's being foreclosed because of taxes) or some realtors work closely with them as well. We actually found ours by driving around and seeing houses that looked 'under the weather.'
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