carl1647545492 Posted July 10, 2016 Report Share Posted July 10, 2016 What would be the benefits to me the buyer? and the potential cons? I would expect in a less than ideal way to buy a house there would be some good deals to be had.....I,m wondering if that is true or not? I bought a repo car once from a auction the previous owner didn't give a shit maintaining it duh! I had to pay the piper down the line,that would have been great if I was buying 50 cents on the dollar. Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted July 10, 2016 Report Share Posted July 10, 2016 What? Quote Link to comment Share on other sites More sharing options...
carl1647545492 Posted July 10, 2016 Author Report Share Posted July 10, 2016 Does anyone have any knowledge of Buying Repossessed Homes? Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted July 10, 2016 Report Share Posted July 10, 2016 Sheriff sale? Estate sale? Bank owned? Foreclosures? I've bought each of the above, just depends what you're looking to do with it. I prefer dealing with owner occupant homes that are real fucked up. Quote Link to comment Share on other sites More sharing options...
93 RX-7 Posted July 10, 2016 Report Share Posted July 10, 2016 I like buying bank owned. Unfortunately, there are not many of these available anymore, and there seems to be a lot of investor interest right now. The last one I bid on had 15 offers. What are you looking for? Pros...price. Cons...depends on when in the repo cycle you buy, but mostly condition and transaction headaches. If foreclosure is imminent you are dealing with the owner who probably has no money for maintenance and may not have enough equity to be able to sell without a short sale. If it already at sheriff's sale, you will be buying sight unseen unless you break in. And you will receive a sheriff's deed. Bank owned is much easier transaction although can be slow. You will receive some form of limited warranty deed. Quote Link to comment Share on other sites More sharing options...
Turbs3000 Posted July 10, 2016 Report Share Posted July 10, 2016 Are you planning on living in it? Sent from my SM-G928V using Tapatalk Quote Link to comment Share on other sites More sharing options...
carl1647545492 Posted July 10, 2016 Author Report Share Posted July 10, 2016 Yes I Would plan on living in it.Are a lot of repos not livable? Thanks for the info Mark,buying sight unseen looks like a real crap shoot. Looking on Zillow the pricing does not seem that much different than retail? are there some other sources,thanks. Quote Link to comment Share on other sites More sharing options...
cstmg8 Posted July 10, 2016 Report Share Posted July 10, 2016 Yes I Would plan on living in it.Are a lot of repos not livable? Thanks for the info Mark,buying sight unseen looks like a real crap shoot. Looking on Zillow the pricing does not seem that much different than retail? are there some other sources,thanks. Main difference is that you can make a much lower offer on bank owned. Usually they'll unload at the amount of the mortgage that was owed. Quote Link to comment Share on other sites More sharing options...
cstmg8 Posted July 10, 2016 Report Share Posted July 10, 2016 I'll never buy a house that isn't an investment again. Buying at market value and paying interest with no equity for the first two years sucks. Some of them will take some work before move in, but put yourself in the situation to do that. We bought bank owned 3 years ago (when there were lots), because we loved the neighborhood. Paid $174k, pretty much replaced the entire interior myself, and finishing the basement. We'll have about $30k in renovation the end. A house directly across the Ravine from us, slightly less square footage, fewer updates, just sold for $312k. Feeling pretty good. Oh, the most important thing. Can your wife live through a remodel?? Quote Link to comment Share on other sites More sharing options...
Turbs3000 Posted July 11, 2016 Report Share Posted July 11, 2016 Foreclosures are way down from their heyday in 07-13 so less inventory and alot more demand. Depending on what side of town you live in I'd suggest the government foreclosures as your best bet. Hud, fannie, Freddie. They give preference to owner occupants so you won't be trying to fight off all cash buyers. Don't expect to see anything in the 50-60% range, remeber if you'll pay 60% of value you can be certain someone else is willing to pay 70%. Hud will accept bids lower then precieved value bit most banks won't. It's a sellers market and they know they will get someone to buy it at current value. Sent from my SM-G928V using Tapatalk Quote Link to comment Share on other sites More sharing options...
mugen Posted July 11, 2016 Report Share Posted July 11, 2016 PM sent Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted July 11, 2016 Report Share Posted July 11, 2016 Thanks for the info Mark,buying sight unseen looks like a real crap shoot. This. Sister-in-law has now purchased three sheriff's auctions. The first required a good bit of updating (we're talking 70s shag carpet in some rooms and an honest-to-goodness functional 60s incinerator), and the third just a lot of scrubbing, but both turned out well. One is now a rental, and the other she lives in. The second, though... ewwww... dog shit piled up in the basement, broken support beams which required jacking up the entire house to replace... yeah, the thing had its certificate of occupancy revoked and it's only use right now is a giant storage closet while she finishes the upgrades on house three (turning the walk-in attic into a walk-in closet for her massive collection of clothes). Quote Link to comment Share on other sites More sharing options...
Zx2guy19 Posted July 11, 2016 Report Share Posted July 11, 2016 HUD's and bank owned are down, but there's never going to be a shortage of properties. I'll buy any house that doesn't need basement/foundation work. Messed up roof? Plenty of roofing companies in Columbus. Mold? Cut that shit out, treat it and move on. I buy some pretty jacked up properties. Got burnt on one and lost about 20k, but I've made 10x that the last few years doing what I do. Anything that makes you good money requires risk. I'll also never buy a house that isn't an investment. Even my personal house: 102k purchase price 40k in work Just appraised for 195k Sucked balls doingi it, but my mortgage payment on a 200k house is less than 1k. In Hilliard, in HCS. Quote Link to comment Share on other sites More sharing options...
El Karacho1647545492 Posted July 11, 2016 Report Share Posted July 11, 2016 A friend of mine was looking for an investment property to fix up and rent. He went to see a sheriff's sale one the day before, walked around the back alleys around the house to try to get a peek without breaking in or anything illegal; saw the roof in the back of the house starting to sag. His max based on that would've been $25k, the next day at the auction he left after 10 minutes because it had already gone over $40k and was rising. Quote Link to comment Share on other sites More sharing options...
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