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Fr_Chuck · Jul 4, 2009, 02:52 PM

Ok, I have bought dozens, ( well more than dozens) of homes though the years. I buy a lot of tax sales, and a lot of contract for deed homes.

I looked this week at some foreclosures, I could not believe the low prices, 3 and 4 bedrooms for 30,000 to 40,000 dollars. All need some work but these are homes in areas where houses are still selling for 150,000 plus.

They are all being offered though banks, none will come with any disclouse statements and most banks wanting to sell on a quitclaim deed.

I will of course have a home inspection ( beyond the one I do) and buy title insurance.

Has anyone else bought some of these. Is there anything special I should be looking at or for on the paperwork or purchase

tickle · Jul 4, 2009, 03:04 PM

Ah, the US, land of the free and foreclosures. Not so easy here in Ontario. Interest rates are low and people are hanging on to their houses and properties. Our dollar is low, but that doesn't mean anything right now, will climb. I have my little house and I keep up my mortgage and my interest rarte is 2.5%. It always has been low and not higher than 5. My pay has dropped but I am still hanging in there. Everything equals out.

Off topic ? Maybe, just some insight from a Canadian.

Tick

Fr_Chuck · Jul 4, 2009, 03:08 PM

Its OK, most of my questions always wonder a bit.

I am looking at buying at least one in the next couple of weeks. But thought if someone had went though some nightmares I may avoid

recordhound · Nov 15, 2009, 03:17 PM

Chuck - You are experienced and so, know to expect the unexpected as far as property conditions. What we are looking at now are serious neighborhood declines, what with unemployment, crime, and BRS (broken window syndrome). You can go to Spelings Best Places to check neighborhoods.

Fr_Chuck · Nov 15, 2009, 09:53 PM

I am closing this, please do check the dates, I have bought two or three foreclosures since this was listed.

I will add, don't trust all references of a home inspector, I have went to using a contractor who is not a real home inspector, but the person I would hire to fix the home.

My last home inspector missed so much electric issues, it costs me a few 1000 dollars. Have not used him for the last few times and working hard to make the local real estate brokers know how bad he was.