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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i have in the US, was an easy process - had my broker do all the leg work (this was a bank owned foreclosure, not a courthouse auction.
in canada, because it goes through the courts, the courts aren't meant to sell for less than FMV, as such, you shouldn't be able to get a stinking deal like you can in the US.
as for home ownership, everyone's situation is different. I move around a lot, so for me it's a total financial investment only. from a financial point of view, there is a rule of thumb that if a property is <15x annual rent, you buy; >15x annual rent, you rent - this is just a rule of thumb, though, so many more things go into buying a property than that.
i also live in a place where my place would cost over a million euros and is >100 years old - i'd NEVER take on that kind of risk, so i'm happy renting.