Question Details

Tracey, Other/Just Looking in New York, NY

What are the cons of buying a foreclosed home?

Asked by Tracey, New York, NY Thu Jan 24, 2008

It seems too good to be true and I don't understand why more people aren't doing it. There has to be negative implications with buying a foreclosed home, but what are they?

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3
Tracey, it also takes forever to hear from the bank. A person making $12 an hr doesn't give a hang about you and no one is going to hold them responsible. Any agent worth their salt will have a package ready to go so it should ease the pain of waiting and speed it up to a snails pace. Also make your first bid your "NO REGRETS" bid so if you are out bid your not kicking yourself. Nothing worse than "shoulda" Have a great day
0 votes Thank Flag Link Fri Jan 25, 2008
One other negative thing I've found as a first time home buyer is this- If the area that interests you is saturated with foreclosures- that means every shopper that shares your likings and budget for that matter is viewing all those badly damaged foreclosed homes you are seeing. Then! It happens! You run into a really nice foreclosure that you absolutely love and make an offer- well guess what those same shoppers saw it too and loved it so now you are competing with 20+ people sometimes for one home. Then, buyers themselves drive the price up by offering way offer the asking price because they are ready to make a purchase.
0 votes Thank Flag Link Thu Jan 24, 2008
The biggest draw back is you have to take the house "as is" so I recomend that you get it inspected by a pro and pest inspected by a pro. spend a small amount of money now than a mountiam of cash later to correct it. also check out the neibourhood at different times of the day check out the web site I left good luck. and say hello to Brooklyn Heights for me.
Web Reference: http://zipskinny.com
0 votes Thank Flag Link Thu Jan 24, 2008
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