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Asked by Marlene Graves, Webster, MA Sun Aug 26, 2007

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6
Marlene Grav…, Home Buyer, Webster, MA
Sun Aug 26, 2007
thank you all for the information i did not know that much about it it is very useful. i am sorry webster,new york upstate. thanks again to all marlene graves
1 vote
Pam Winterba…, Agent, Danville, VA
Sun Aug 26, 2007
Marlene....foreclosures are and can be tricky expecially if a notice of default has been filed.

What state are you looking in. Ute and Patrick gave you great advise. Many times the foreclosures and short sales are not great buys. You may be far better finding a seller who really has to go and is motivated and you can negotiate a much better deal. Good luck.
Web Reference:  http://pamwinterbauer.com
1 vote
Bruce Lynn, Agent, Coppell, TX
Sun Aug 26, 2007
I personally don't like this idea. In my experience few people end up buying. This presents a problem as your contract normally obligates you to buy and puts your down payment at risk if you don't. If you want to rent --then do it, RENT. If you want to buy, then BUY, but don't mix the two. We've recently taken steps in Texas to prohibit these types of transactions. There are still people advertising such schemes and think they have a way around it, but the intent and content of the law is clear-NO RENT TO OWN. There's a reason for the law and that is that there were too many bad guys out there taking people's money in a lot of different ways. As a person wanting to rent you put yourself at some risk agreeing to these transactions.
0 votes
Marty Van Di…, Agent, Palmer, AK
Sun Aug 26, 2007
Patrick gave good advice.

I want to echo that just because a property is in foreclosure doesn't mean that it is a good buy. In fact, it more often means that it is a bad buy...or the owner would have been able to sell it and avoid foreclosure.

Purchasing foreclosures is for people who study the market, know construction inside and out, and have the financial strength to take a big loss.

I have worked with investors who specialize in pre-foreclosures. They are very careful and turn down most of the "deals" offered to them. The ones that they take are still calculated risks.
Web Reference:  http://www.valleymarket.com
0 votes
Mr.P, , Arizona
Sun Aug 26, 2007
Thanks Maureen
I do not know Where Webster is either?

It is my opinion that 75% of foreclosures are just above a crack house. When you buy a foreclosure you as a buyer give up a lot of rights. Total Buyer Beware. Someone on Trulia just wrote that they as a Realtor bought a foreclosure, and the basement wall caved in and flooded the home. They were left with zero, and did I mention that they were a Realtor.

Now with that said It is my opinion that 1 in 4 foreclosures may be a good deal. This is the last place you want to get cheap advice( discount Realtor) You need to hire a Professional experienced Realtor. You are buying a home from the bank. They have real great lawyers and Realtors working for them.

You cant just take it over. There are many factors at play. What if you just take it over. You start making the payments on their loan? You mail your check to them( previous owner), because the bank dose not know you exist. Three months go by.
Knock Knock...
Sheriff...Sheriff who......
Sheriff you used a Realtor.

Now you have taken over someones foreclosure, and now it is in foreclosure, because they have not been sending the paymentsto the bank.

Yes it has happened, and it will continue to happen. This is a buyers market and a con man market.

Again, my advice to you is find a Realtor in Webster( where ever that is, I am sure it is lovely) that you trust.

I hope you find your home.
Patrick
0 votes
Maureen Fran…, Agent, Birmingham, MI
Sun Aug 26, 2007
Where is Webster? State?
Web Reference:  http://mibirmingham.com
0 votes
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