Buying a Foreclosure? (long)

posted 3 years ago in Home
Post # 3
Member
2114 posts
Buzzing bee

@hike_katahdin87:  Sorry no experience, but how awesome! That is a great opportunity.

I am sure your dad knows what to ask and look for. Hope it works out!

Post # 4
Member
6048 posts
Bee Keeper
  • Wedding: March 2012

I agree I would have my stomach in knots thinking about a forclosed house… before.  However I’m sitting in one right now.  DH bought the house on his own, just around when we started to talk about dating.  He brought his mom’s b/f to check out the house, and it had good bones.  It’s sound, it’s just the people were using it for their retirement house, and couldn’t find part time jobs in the area to sustain this and another house.  

If your Dad is coming, and he has the fixer upper experience that makes a huge difference.  This house he is going to buy and rent to you all isn’t just a laptop, this is an investment in the future, laptops don’t last that long.  I do know it takes a bit of time to get thru to the bank on foreclosure, because it’s not high on their radar.  I really hope it all works out for you, it sounds like a great opportunity!!

Post # 5
Member
356 posts
Helper bee

@hike_katahdin87:  My house was a foreclosure and it was vacant for 1.5 years before we bought it. My parents and I actually own it together as an investment property. My SO and I live there, pay the bills for the home, but my parents pay for the renovations. There was alot of “cosmetic” work that went into the home before we moved in, but I love that it needed that because now we were able to , in a way, customize it to our liking. I wouldn’t change what we did for anything. Once we sell it, we’ll make a very nice profit and have a down payment for an even better home! What an exciting opportunity for you! Who knows, maybe at some point you can even buy it from your dad!

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