Buying bank forclosures? - Tilted Forum Project Discussion Community

TheKak · 07-07-2004, 10:55 AM

Good idea or bad idea? I don't really understand much about and I'm trying to do research on buying my first home, and it LOOKS like a good deal but I don't know anything about it, and I would like to get it straight from people who aren't going to bullshit me. Thanks!

DDDDave · 07-08-2004, 08:19 AM

If this is going to be your first purchase, I would say bad idea.

Foreclosures are complicated and the laws vary from state-to-state. If you have access to a real estate attorney or RE broker they will be able to help you out but the learning curve is steep.

Check out the foreclosure books at the bookstore. That will give you some basic knowledge of the process.

Good Luck.

onetime2 · 07-08-2004, 09:33 AM

Buying foreclosures from banks can be complicated and they can get ugly. Buying from the VA, HUD, Department of Agriculture, and other governmental agencies is far easier and safer as they generally hold the deed free and clear of any other mortgages and liens.

TheKak · 07-08-2004, 06:09 PM

Thanks for the info, I'll make sure to steer clear for now

dpezzo · 07-12-2004, 07:41 PM

do you feel this (bank forclosure) is the same as what they refer to as REO (or Real Estate Owned) by the bank or are those different?

NoSoup · 07-12-2004, 09:20 PM

Quote:

Originally posted by dpezzo
do you feel this (bank forclosure) is the same as what they refer to as REO (or Real Estate Owned) by the bank or are those different?

Indeed, REOs are simply forclosed homes owned by the institution that was holding the mortgage, generally a bank.

07-07-2004, 10:55 AM	#1 (permalink)
TheKak Insane Location: Virginia	Buying bank forclosures? Good idea or bad idea? I don't really understand much about and I'm trying to do research on buying my first home, and it LOOKS like a good deal but I don't know anything about it, and I would like to get it straight from people who aren't going to bullshit me. Thanks! __________________ Roses are red, violets are blue, I'm a schizophrenic and so am I.

07-08-2004, 08:19 AM	#2 (permalink)
DDDDave Addict Location: Sarasota	If this is going to be your first purchase, I would say bad idea. Foreclosures are complicated and the laws vary from state-to-state. If you have access to a real estate attorney or RE broker they will be able to help you out but the learning curve is steep. Check out the foreclosure books at the bookstore. That will give you some basic knowledge of the process. Good Luck. __________________ I am just a simple man trying to make my way in the universe... "Go confidently in the direction of your dreams. Live the life you have imagined." - Thoreau "Nothing great was ever accomplished without enthusiasm" - Emerson

07-08-2004, 09:33 AM	#3 (permalink)
onetime2 Junkie Location: NJ	Buying foreclosures from banks can be complicated and they can get ugly. Buying from the VA, HUD, Department of Agriculture, and other governmental agencies is far easier and safer as they generally hold the deed free and clear of any other mortgages and liens. __________________ Strive to be more curious than ignorant.

07-08-2004, 06:09 PM	#4 (permalink)
TheKak Insane Location: Virginia	Thanks for the info, I'll make sure to steer clear for now __________________ Roses are red, violets are blue, I'm a schizophrenic and so am I.

07-12-2004, 07:41 PM	#5 (permalink)
dpezzo Tilted	do you feel this (bank forclosure) is the same as what they refer to as REO (or Real Estate Owned) by the bank or are those different?