Quote:
Originally Posted by stewie
has anyone bought a foreclosure house/condo?
if so, what were the risks? would you recommend others to do it? was it a headache/pain in the ass?
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buying a foreclosure;
pros'
cheaper
a chance of a steal deal
usually banks renovate the property and put new appliances + etc
cons;
1.court date- Bidding is time consuming.
2. you can view the property but some banks wont let you do an inspection
(buyer's risk) and if you do, you have to put the money beforehand even with the chance that you might not win the bid
things to know;
you must have mortgage and deposit ready with you during the court date in case you win the bid
deposit is absolutely non refundable in case of default
since its a court sale; in case you were the 2nd highest offer and if the winning bidder defaults... you may be forced to buy the property even if you dont want to. (all depends in a time clause too)