Can any 🐠 who purchased a foreclosed home share your experience? (How did you finance it, were you able to look inside the house or have it inspected, how did the auction work, did you use a realtor or real estate attorney, etc?) TIA for any insights & lessons learned you can share!

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I haven't bit I'm curious about this process as well. House hunting there was a good amt of foreclosed homes posted on Zillow..

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Yes, have done this. I paid cash on both occasion (no snark, they weren’t expensive). Was able to tour the homes—didn’t get “inspected” but brought a contractor friend with me & got a good look at things. Both occasions the houses needed work—and wouldn’t qualify for a loan. Maybe a rehab loan—but I didn’t want to deal with all the red tape. I made out well. No disasters. But it’s a lot of work.

All this said—I didn’t buy though auctions (those tend to be riskier)—I bought bank owned, previously foreclosed, but listed AS-IS houses.

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That’s awesome. Did you purchase them after they failed to sell in auction, or had they not gone to auction yet? Also, what did you ultimately do with each property? (Did you remodel & resell right away, rent them out, &/or live in any of them?)

I’m not sure either went to auction—they were in decent condition (for foreclosures) so the banks thought they could get more on the RMLS than at auction.

Remodeled both, flipped one (bought in at 160K, 40K remodel, sold for 350K in 4 months). It was a hot market in Portland, Oregon. The other bought, remodeled and held for a couple of years so I could get tax benefits and let it appreciate then sold. Rolled the $ into a cash purchase on a house in Mexico and a down payment on another rental/investment property.

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