I'm hanging in there. It's still rougher than I'd like it to be, but I keep fighting. But hey, I'm alive and probably better than I should be
Yea, she's here. lol If the worst she does is get on my nerves occasionally then she's a keeper. lawd knows I ain't the easiest person to put up with.
My first home I purchased was a foreclosure and the first home I put an offer on and didnt get was a short sale. Foreclosure isnt really a big deal and doesnt take much longer than a conventional sale but a short sale is a whole other story. Basically with a short sale the homeowner is underwater on their mortgage and they try and sell the home for less than what they owe, well this causes all the bank for whatever reason to take MONTHS literally months to return a verdict of yes or no they agree to let you buy the house for the agreed upon price. From offer to when it finally fell through the house we lost probably took a good 6 - 8 months. After that fell through we bought a foreclosure and closed in like 45 days.
I have bought over 100 foreclosures in the last two years at the courthouse auction. Pretty good success rate with those, but I have a construction company that makes repairs before we flip. Usually cost for repair is around 25k. If you are buying to live, rent, or flip makes all the difference in where to look. A lot of institutional funds have been buying on mass scales and their properties are starting to come on the market after they have been rented for a couple years. Just look at replacement cost vs sale price vs rehab/construction price and you will be fine. Nothing wrong with buying them, just be smart about it.
when you put in your bid make suer you write, (AS IS) on the top of the offer,, and also make sure you know what the fk you are doing,,,, look for black mold,,, look for all of the most hidden damaged that you can, as thats whats gonna kick you in the balls apon receiving it,,
my fiance and I bought a foreclose 3 years 1 month ago,,, for 30 grand,,, main house with a guest house in Historic district,, guest house had to be torn downw as it was 100% riddled by termites. main house also (interior) had to be 100% torn apart as the main support beam it was pivoting on had snapped and the interior of the house was tilting,,, haha,,,
too much info i guess, but suffice it to say,,, were now into it for 140ish its probably worth 200-225 ,,
good luck
my fiance and I bought a foreclose 3 years 1 month ago,,, for 30 grand,,, main house with a guest house in Historic district,, guest house had to be torn downw as it was 100% riddled by termites. main house also (interior) had to be 100% torn apart as the main support beam it was pivoting on had snapped and the interior of the house was tilting,,, haha,,,
too much info i guess, but suffice it to say,,, were now into it for 140ish its probably worth 200-225 ,,
good luck
