Post # 1
Even if you are just going to tell me how silly I am being please give me your opinion.
I found this adorable house and I believe it may have issues because it is a foreclosure but as a foreclosure it is also less than half of the tax assessment value. It is absolutely adorable and on half an acre. I have not seen it in person because it is not where we are currently living but where SO starts his job in June.
But should I even consider it at all? It will be larger than any rental property we could get for this price but obviously we will have to buy a fridge, washer/dryer, etc. for it. As well as any repairs it needs now or later. And being a foreclosure what does this mean farther down the road? Will it be harder to sell if/when we decide to move? How much does the tax assessment value compare to what we can actually get for the house? I also know it sold for tax value in 2006.
Another issue is that I don’t know how long we will be in the area- this is not SO’s dream job.
If you need any additional info just ask.
Edit: Can this be moved to Home?
Post # 3
@accorn: Will you be paying cash? If not, are you sure you can get financing on it?
Usually foreclosures have been a little neglected BUT just because it’s a foreclosure doesn’t mean it’s a complete piece of junk.
INSPECTIONS, INSPECTIONS, INSPECTIONS!
Post # 4
It being in foreclosure is not necessarily bad. The current/previous owner may have lost their job(s) or had medical problems where they could no longer pay their mortgage. It really could be anything. Just watch the news and see that tons of people across the country are losing their homes because of the economy.
You NEED to go and see the house. Don’t rely on pics. If you and your SO don’t know much about home maintenance/upkeep take someone with you who does, or better yet hire somebody in that town to do an inspection.
This could be a great bargain, but make sure you do your homework first!
Post # 5
DEFIANTLY see the house in person. There was a house that was a foreclosure I looked into, all pics made it look good because the point of the pics on the website is to make it look most desirable. In person, the house had a crack in it (a foundation issue). Pictures would not show this.
A foreclosed house doesn’t always mean the house is “bad”, it means the previous owners stopped paying their mortgage. Could be they lost their jobs, moved, anything.
If you’re serious about the house, see it in person. Its worth the drive to go see it in person. Never offer on a house unless you’ve physically seen it, pics will always show the best sides of the house.
Post # 6
See it in person for sure.
Post # 7
I am going to see it in person before I seriously consider buying it- but I guess I’m asking if I should consider it at all. I will also get it inspected.
However, I won’t be able to see it for a little while due to it being almost 7 hours away.
Post # 8
Don’t rush into a purchase. Rent until you are certain. there is no law that says “responsible adult equals homeowner”. Esp if you are just moving to the area and don’t know how long you will be there. Rent until you are certain.
I bought my house about 3.5 years ago. And, while not a foreclosure it was a “fixer-upper” so the amount of work keeps compounding. I knew I wouldnt live there forever, and my life plan had me out of there by now. However, the current real estate market disagrees thus changing my life plan. I got a good deal at the time, but the market crashed along with home prices in my neighborhood. Had I bought this as a “forever home” it would be no problem, but as I said above, I thought it would be short-term and it wasnt. Granted, I didnt expect to meet the most awesome man in the world, fall in love with him, say yes to his marriage proposal and have to do rock-paper-scissors over whose house we would live in and whose we would rent out…but regardless…
Given current market uncertainties, definately dont buy unless you know it will be a long-term home.