I’m a new generation home buyer and had some question about buying homes that are currently under foreclosure on my court auction site. I was wondering if anyone could possibly give an in site on how it works and any tips on not falling into a bad deal?

like
Posting as :
works at
You are currently posting as works at

If you aren’t an experienced buyer, you need to partner with someone who is. Foreclosures are not for the faint of heart

like

Issues with the houses, the need to be a cash buyer in a lot of areas, etc.

like

Look at the other houses in the neighborhood. Location is everything. Is it in a flood area? A crime area? How old is the roof? Will you have to immediately replace it? Expect plumbing issues and to redo the bathrooms/kitchen. Who lived there before and why did they leave? Look up the house on the county website. Are there any assessments on the property that need to be paid? Someone I know bought a house with a void underneath it. Like a sinkhole. The previous owners collected the insurance money and left the country.

Buying foreclosures is harder and riskier than buying off the MLS. Most times you do not have the ability to inspect the house so you do not really know the condition prior to bidding. You will most likely need to pay the full amount bid plus closing fees within a day or so of the auction closing. If purchasing at the court house you will need to have a cashiers check for the amount of the winning bid.

In addition to the risks of not being able to know the true condition of the property there are also risks associated with which mortgage you are buying (1st or 2nd), title to the property and the former owners right of redemption.

None of this is to say you can’t or shouldn’t take this action. Just be sure to get educated on the risks and make sure the benefits are sufficient to compensate you for the risks involved.

Happy to chat on this with you! Send me a message.

Related Posts

Starting apartment hunting in NYC soon. Any tips and recommendations for studios & 1 bedrooms in the city in terms of price range, ROI, neighborhood, down payment, best time to invest etc.

Do you have a financial advisor? If so, what firm did you use?

Does anyone have any book recommendations for information on buying a house?

like

What is the best way to invest in IPOs.

like

Want to splurge on a 1BR luxury apartment in Chicago $2100 a month (all inclusive). Make $90k gross, no debt. Saved up quite a bit living at home, would you do it? Coming from a low income fam, never imagined making so much but feeling guilty about spending so much.

like

Hi new to crypto! What apps/sites would you all recommend to start investing? I have Robinhood but it doesn’t have a lot of the crypto options

like

First time participating in ESPP this last period. I received a heads up email that Morgan Stanley will get in touch to open a broker account, but not heard from MS themselves. Anyone in a similar situation?

like

In GMS is it mandatory to declare loans, insurance etc. ? EY Is there any issue if somebody forgot to declare and signed?

like

Hi everyone!

Wanted to know if Amex uses a lot of proprietary softwares/ processes which have no value outside of Amex?

like

Planning buy Audi Q7. Dealer says there are no rebates and offering the car at MSRP. I know we can get it for much lesser. Any tips about negotiating?

Coin a buy ?

like

As we are not frequenting to office and clientsites, anyone plan to return their leased car to save money?

like

Ally bank dropping rates again. CD a good choice?

Having trouble selling my (retired) dad's house. It needs a lot of work, but has great character. What if I buy it myself for a low, low price? Then I would be able to get a FHA 203k loan to do the updates. Rent it out or put it back on the market in the spring.

like

Any PAs that have another stream of income outside of their PA job? Like business/entrepreneurship or IT?

like

I’m in Dallas and have been renting for 5 years. I don’t have any savings, but have about 30k in my 401k. Im thinking about leveraging that to buy a condo/or house. Is that a good idea or am I in over my head? I mostly want to, because I’m tired of renting and I’ve read reports that prices will only continue to go up. Although, I will have to pay back the 401k + pay rent, so maybe not a good idea. Advice/resources would be helpful.

like

I’m an Air Force veteran and a realtor the Atlanta and the nearby areas. I would like to be of assistance in any of your real estate needs. I specialize in VA, investment properties as well as residential and commercial properties. If you need a lender I have a lot of those too. How can I be of assistance?

Post Photo
like

Thoughts on buying pre-construction homes in markets that are popping and flipping selling them when construction is complete?

My uncle does this (he’s a realtor) and usually gets 2-3x return. Obviously there is huge risk because property prices can change a lot in 1-2 years, but at the same time the upside is hard to ignore.

Anyway I protect myself against the downside risk? (other than loosing my down payment)

like

Has anyone made a property purchase using sheriff sales? Can you shed any light on the process or share tips or resources?

like

Sorry if this has been asked a few times but - relocating to Charlotte and looking for apartments, preferably in southend. Any solid recommendations or places to avoid?

Looking for a 1 BR - 2.4K a month or less.

TYSM!!

More Posts

Openings at Accenture. DM for referral.

Post Photo

NOK NOK nice to meet y’all 😉🚀

like

GME above 300 going into tomorrow 🚀🚀🚀

like

What's the range of salary that I can expect with 3 YOE in .NET fullstack

Current CTC- 4.45lpa

like

Hey 🐠 We’re looking for a technical co-founder for a music/metaverse project (pre launch). Game development / Unity, plus Web3 experience a plus. Our team team has 20+ combined years of music/live-events experience and backgrounds in Product Management, Growth Marketing and Consulting. You would be our first Engineering person. Send me a PM if you’re interested in this space would love to chat!

like

Hi fishes, any openings for SAP consultant in American Express in India

like

How can I lower my taxes? I feel like I pay a LOT (30%+) but don’t get many benefits in return.
Single with no kids

like

I have got an offer letter from Morgan Stanley for the QA role in regulatory reporting. Currently I am in a BA role with 7 yrs experience. In MS they are giving a good hike (45%) plus joining bonus. Not sure at this stage should i switch from BA to QA role.

About to finish my first year. I’m a specialist. Only going to hit 65% of my hours (took a 4 week vacation cause of wedding/hm).

I never say no to work and i have fantastic reviews, and the head of my practice (with whom I work a lot for) has great things to say about me.

I’ve been fully utilized starting ~June, but first few months were slow. Am i fine?!

like
like

Is there an issue with American Airlines right now? No one in the Charlotte airport can get a boarding pass in person or from the website

like

This might sound silly but if the job is still posted after you've done your loop, is that an indication the team is still looking? It's day 2 after my loop so excuse my anxiety.

like

At what point in my career as a receptionist should I consider asking for a raise? After one year? After five?

like
like

i joined s&P global recently, I didn’t like the project, how easily can we switch the project here and after how many years?

Hi, i have been selected as Senior Security Analyst in VMware. Wanted to know how is work environment in VMware banglore? Also my current ctc is 12.8 with 9Yoe. How much should I pitch for?

like

I am not sure just how many people are in this bowl but I feel like I just need to say this...I AM SO GRATEFUL AND HAPPY WITH MY DECISION TO PRACTICE IP! I am a newer attorney and I practice solely trademark law. I love it, my boss, my schedule and I am happy! I am seeing so many attorneys posting about burnout, stress, and hating their jobs in the other bowls and I just needed to shout it out to the universe that I think we made the right decision with IP.

like

Currently looking for Tech consulting/ Implementation consultant/ privacy roles in London. I have both CIPP/E and CIPM.
Please let me know if you know any roles that are available? Or any recruitment agencies you can refer me to

Thank you!

like

Hi All,
I am also looking for a referral for Software Developer roles(Java preferred).
YOE : 10 months
LWD : 5th September

Please let me know if anyone can help. Thanks in advance !

I think more agencies are embracing the holidays and closing for a full 2 weeks. Anyone else noticing this reversal in typical agency Scroogism?

likeuplifting

Additional Posts in The Real Estate Bowl

How did you decide where to live? Have a young family, working remote, and currently living in a city. Looking to move to the suburbs but a bit overwhelmed with the number of options. Also struggling since we don’t live close to family and don’t like the areas family members currently live in.

like

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

Planning on Arizona, Phoenix area. What is the best today, purchasing a home or building?

like

Commercial real estate question. When a residential property will likely zone commercial in the coming years, do we, the owner, wait for a buyer/developer to contact us?

like

What do you all think of fundrise and start engine Real estate Reit ? Any experience? Would you invest here if you didn’t have the time to actually buy and rent properties? Any insight is welcome.
Thanks

like

Due to a family situation we are looking to move to a different state. Normally we would sell our current home and buy a new home in our new location. However, with todays prices and interest, will it make more sense to rent out our current home and rent a home ourselves vs. selling and buying immediately when we move? We are moving from Vegas to Sacramento and we are not sure how long we would stay in the new area. Thoughts?

I am wanting to start investing in real estate in the new year… I’m using this month to read up on it and familiarize myself with it. I am a true beginner and wanted to ask for any tips, tricks, advice, books, videos, magazines, podcasts, etc to start? Please let me know!

like

Does buyer have to share appraisal with seller? Can seller request it?

like

What is the term for giving your home buyers a credit for immediate renovations they will have to do before or upon moving in? And how does it affect the seller?

like

I would like to learn more about development and real estate. Can anyone recommend any books or courses that you think are informative. Eventually I would like to own a few apartment buildings, but I know there is a lot I need to learn 1st. Any advice appreciated. 

like

Are most new houses being built with induction cooktop? What has everyone experience been like? I personally had non compatible cookware with induction cooktop and wondering if I should just buy a new cooktop (electric, gas etc).. Other reason is that I read that it's also not healthy due to electromagnetic waves?

like

I am considering putting down an offer for a TH in a community that has Mello Roos. It gets added to the property tax. I am looking at paying an additional 5-6k for that.

Online videos say it’s all good because the money gets invested in building the community .

any potential downsides? In terms of future sales and demand ? What am I missing?

like

Any Property Management recs in Seattle area? :(

like

Can anyone recommend a solid lender in Westchester County single family homes? Low rates, good service, easy to deal with.

likefunny

28 year old with ~125k in cash/brokerage. Have been wanting to begin purchasing rentals but anxious to use a good bit of my liquid savings. Thoughts on biting the bullet vs. investing in stocks. In Houston if that is a factor

like

If you living currently in a home and looking to buy another home but plan to put only 10% on the new home, can I pay the remaining 10% after selling my existing home in 1-2 months .. and get the PMI

like

This isn’t relating to investing but we are looking buy a SFH in South Orange NJ. We are have a 2 yo and we are moving from Sacramento. It is a close to a train station to New York.
Does any one here have any info, good or bad things to know about the area. We toured 3 different homes and they were relatively affordable by (600-750k) and it seemed like a small town community but we are not familiar with east coast/ New England. It’s going to be our first move there.

like

Looking to buy in the DMV suburbs (northern VA). Is this the wrong time for such a move? Beyond down payment, got about 6mo emergency fund and must tap into it for moving&house expenses like furniture

like

I am looking into buying a multi unit (dullex,triplex,quad) in Chicago ideally in Lakeview East/West, Lincoln Park, Wicker Park, Logan Square, Bucktown areas.

This will be my first property and planning on living in one of the units. Downpayment will come from what I have in stock market but wondering if anyone has any models to how to analyze if it would be a good investment property. Would appreciate any help? First in family to get into something like this.

like

Planning on buying a house with MIL. She would lend us half the price of home interest free in return for being able to live in it rent free. We’d have 100% ownership. Repayment only required if we sell the home.

She would maintain the place 100%. We would cover races and insurance.
Relationship aside, does it sound like a fair deal?

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal