is it worth it to buy a house if it is really cheap but in foreclosure? whats the catch?

Asked by Christian Oconnor, 11223 Thu Feb 21, 2008

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Caesar Galin…, , Staten Island, NY
Fri Mar 7, 2008
Give me a call at (718) 698-2179 at Prosperity Real Estate Group, We are on Richmond ave as well, I can help you answer any questions you may have, this is not commitment to come with us. YOu can call and inquire about this even if you are already working with someone. Buying a properity is a constitutional right, and we are here to make sure you are not provided with erroneous information. We welcome this questions because it allows us to do research for you and ourselves which we can share with others.

My Name is Caesar Galindo Office manager, and Law Student at CUNY Law School.
Web Reference:  http://www.ProsperityREG.com
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Julie, , Buffalo, NY
Fri Feb 22, 2008
Christian,

Foreclosure homes are sold "as is". You will want to be able to get into the property to inspect it's condition, especially if it's really cheap as you say it is. The bank is also not going to provide the Title search and survey so this is something you will have to pay for yourself. Make sure the added costs are worth it. Be prepared for the need to do repairs. Some people may neglect to care for their homes once their learn they are being foreclosed on, or worse, do intentional damage to them. My intention is not to guide you against the purchase of a foreclosed home, just make sure you know what you're up against and check out similar properties with your realtor. It's a buyer's market and you can find a lot of great deals out there, foreclosure or not.
0 votes
Lanre Folayan, Agent, Washington, DC
Thu Feb 21, 2008
Absolutely. It is still a buyers market. A lot of the homes currently on the market that is for sale is priced lower than what they should be selling for. So you are getting a bargain. And with interest rates still low,it even makes it much better for you to buy right now. With spring approaching and the market just about bottomed out,you want to buy now before prices start rising again. But before you get preapprove,please prequalify yourself first. Whatever you are paying for rent,please add an additional 40% to it. That will cover gas,electricity,water,home insurance,property tax and other minor maintainance that might need to be done around the house. If you looking to purchase a home or want a list of homes in your area,please don't hestitate to register on my website to receive a list of free homes in your area. Good luck.
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