Foreclosed Homes worth to buy?

DeafSCUBA98

DeafSCUBA98

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I have been thinking about selling my house in small town of Willmar, MN which is about 2 hours west of Twin Cities (minneapolis/st.paul and surround).
then move somewhere near twin cities area. so i can be closer fo family and friends in metro area.. :D

I am wondering if it's worth to buy any foreclosed houses. since some of those house are cheap.. and they're mostly owned by bank and lenders. is it worth it? have any of you experence buying foreclosed homes? how was it?
 
personally nothing wrong with buying forclosed homes -- but do be aware of risks that the homes that has been yanked away from the previous owners due to non payment and such are often destroyed PRIOR to their moving out (holes in walls, graffiti and etc) -- and they often are in need of remodeling work -- check out the homes first ofc

ive checked out a few forclosed homes -- have fun house hunting :D
 
DeafSCUBA98 said:
I have been thinking about selling my house in small town of Willmar, MN which is about 2 hours west of Twin Cities (minneapolis/st.paul and surround).
then move somewhere near twin cities area. so i can be closer fo family and friends in metro area.. :D

I am wondering if it's worth to buy any foreclosed houses. since some of those house are cheap.. and they're mostly owned by bank and lenders. is it worth it? have any of you experence buying foreclosed homes? how was it?
Click to expand...
it sound very reasonable ... but think twice before buy these house since i have heard from pro and con about it ... con is most terrible damage or cost to do the remodel round the house ... and pro is cheaper to buy ... i suggest u to hire house inspection to have their opinion about these house that ur look at ... also, probaly u would need to hire someone else to do the estistate (sp?) cost to do the repair round the house what it really need to be attn. to be repair first ...
 
home inspections on foreclosure homes is
only one of these things... you also have
to find out about the previous owners if
they already paid for hmm i forgot what
was the appropriate word ??? Hope that
someone else can help with this.. I forgot
the word something to do with
taxes or something .. I still do NOT know
how to investigate and find out if
these previous owners already paid or not ????
How ? What's an appropriate word for this ?

Hope someone else can help add and
answer my question here...
 
Y said:
home inspections on foreclosure homes is
only one of these things... you also have
to find out about the previous owners if
they already paid for hmm i forgot what
was the appropriate word ??? Hope that
someone else can help with this.. I forgot
the word something to do with
taxes or something .. I still do NOT know
how to investigate and find out if
these previous owners already paid or not ????
How ? What's an appropriate word for this ?

Hope someone else can help add and
answer my question here...
Click to expand...
property taxes is what u mean Y?

Well, Inspection usally cost $250 per house... expensive...

i did that to my current house right before i buy it... everything turned out fine... its instering.. they can predict when the roof will need to replace and how old the furance, water heater, etc.. are.. its instering and yeah its $250.. but worth it... but however.. do that to 5 houses will cost $1,250.....
 
What my thinking is that.. foreclosure house means that the former owner of the house didn't make the payments for mortgage... that is what i'm thinking it means that.. so once they don't make any payment to the mortgage company the lender took control of the house and force the owner out... am i correct?
 
That's what escrow is for--the people there make sure the title is clear, taxes are paid, no leins on the property, etc, etc..
 
DeafSCUBA98 said:
property taxes is what u mean Y?

Well, Inspection usally cost $250 per house... expensive...

i did that to my current house right before i buy it... everything turned out fine... its instering.. they can predict when the roof will need to replace and how old the furance, water heater, etc.. are.. its instering and yeah its $250.. but worth it... but however.. do that to 5 houses will cost $1,250.....
Click to expand...


Inspection is not that expensive, but what I'm trying to
say this is much more more expensive to pay what
the previous owner owe something
(I still cannot get an appropriate word term
whatever that means ??? I hope someone else can
answer this for me... I am not even sure if it is related
to property taxes and escrow... Could be so...)
 
DeafSCUBA98 said:
What my thinking is that.. foreclosure house means that the former owner of the house didn't make the payments for mortgage... that is what i'm thinking it means that.. so once they don't make any payment to the mortgage company the lender took control of the house and force the owner out... am i correct?
Click to expand...

yes DeafScuba, That's right about your quote comment..

foreclosure house is the best which why.. Highest percentage of lowest the rate and cheaper to sell the house. Grab it.. We will buy a country house comes with foreclosure house or regular sell a house depends on... We'll buy a house next year or so... This year, we have to focus our 3 debts left to go til spotless then can buy a country house.

How much can you afford to buy and payments of mortgage. You have to keep eye on the lowest rate of percentage and make sure look how many years likely (short term or long term depend on fixed or variable.) Banks can be tricky and be careful you must read the contract before sign the bank agreement of mortgage. If you see lowest the percentage of rate comes with fixed excellent ones but... depned how many years. If long years for example.. 5 years 4.75% perfect excellent.. (Canada's rate) I do not know USA rate of percentage plus years ?? ((chuckles))

3 years ago, We were prevouis owner of townhouse and already sold that stoopid home which neighbours are stalking and harrasement too many thousand different issues. Best a house is good enough and peace.

By the way, Wishes you have great luck hunting a house... :cool:
 
Bullym0m said:
yes DeafScuba, That's right about your quote comment..

foreclosure house is the best which why.. Highest percentage of lowest the rate and cheaper to sell the house. Grab it.. We will buy a country house comes with foreclosure house or regular sell a house depends on... We'll buy a house next year or so... This year, we have to focus our 3 debts left to go til spotless then can buy a country house.

How much can you afford to buy and payments of mortgage. You have to keep eye on the lowest rate of percentage and make sure look how many years likely (short term or long term depend on fixed or variable.) Banks can be tricky and be careful you must read the contract before sign the bank agreement of mortgage. If you see lowest the percentage of rate comes with fixed excellent ones but... depned how many years. If long years for example.. 5 years 4.75% perfect excellent.. (Canada's rate) I do not know USA rate of percentage plus years ?? ((chuckles))

3 years ago, We were prevouis owner of townhouse and already sold that stoopid home which neighbours are stalking and harrasement too many thousand different issues. Best a house is good enough and peace.

By the way, Wishes you have great luck hunting a house... :cool:
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yeah... I believe that Fixed rates are the best... reason.. its same rate for full term 15 year, 30 year loans...

If you choose to have variable rate.. BEWARE.. it might seem low.. but be careful never know 2 years later the interest rates went up 10 %... variable means different rates each month depends on the market values..

Thats why i'm always focus on fixed rates cuz its same rate forever...(if you pay on time)

the house i'm currently owning... is on a 30 year mortgage... 28 years left to go.. however. if i sell this house.. i have to make sure the selling price is around 2,500 more than what i owe the bank.. cuz the $2,500 will be for Agent fees

Anyway... in fact it doesn't matter cuz my house value went up big time since i start owning this house.. it went up $15,000 already in past 2 years... its a huge advantage.. since the race track from my back yard moved to new location which makes the noice level down to all house around the race track.. that's how the value of the house raise to all houses around the race tracks.

when i buy my house 2 years ago... the lowest interest rates are 6.5% for a 30 year loan fixed rate however my loan is 7.5% because of first time buyer.. (sucks)

but now.. i heard interest rates in minn.. lowest one for 30 year loan is 5.75% it's still low... Thanks to BUSH :D or thanks to Bin Laden.. since after 9/11 home mortgage rates dropped big time..
 
DeafScuba's wrote:
the house i'm currently owning... is on a 30 year mortgage... 28 years left to go.. however. if i sell this house.. i have to make sure the selling price is around 2,500 more than what i owe the bank.. cuz the $2,500 will be for Agent fees
Click to expand...

Yes.. Depend on percentage of rate and also if you want sign agreement which is the big caution "closed or open" I'd rather stick with open because comes with no penatly. I learned our first leasson that we were signed agreement comes with close.. found out that come with penatly.. geez.. we had to wait another a year pah, it's ren-wal and making agreement many different issues and decide stick with lowest rates comes with open. Pah we were sold that house but we loss lot of money due values investment went down which other complex townhouse are completion with me.. Wha.. a fuk bastard neighbours who trying to beat my values.. We forced our values dropped 10k down.. pah sold. We had to pay 12k owes to the bank.. Glady it's paid off the cost..

We prefer A HOUSE than townhouse... House is best values and can renovation anything you want can be lead to increase excellent values..
Interesting we are learning sumth'n new about it.. By the way, We are still looking for country house and hard to find good taste of ours choice...
We are looking forward the income tax refund coming up and how's we can afford or directly pay off the debts then start over again our build saving to prepare for down payment 5%.
Long the road to go.. (chuckles)~ :)
 
I undy what you're talking about. Im a homeowner for 1 year and counting. The debts are :jaw: but I m able to pay the debts slowly. bleh!
 
DeafSCUBA98 said:
since the race track from my back yard moved to new location which makes the noice level down to all house around the race track.. that's how the value of the house raise to all houses around the race tracks.
Click to expand...

Buy a house/and or block of land that comes close with a Railway lines, or industrial factories, petrol station (gas station) etc, is cheaper and you can buy a tall tree plants to block the view and help to reduce the noise.

I cannot help to noticed few deaf people lives closer to the railway lines because they cannot hear at all! :dizzy:
 
RedRum said:
I cannot help to noticed few deaf people lives closer to the railway lines because they cannot hear at all! :dizzy:
Click to expand...

Hmmm...from certain hearing ppls. views on that might make sense to them to see or know deaf ppls.could live near railroad tracks, etc...BUT....they (deaf/hoh) sure CAN feel the impact of the rumblings and vibrations as a train goes by...likewise, the same with airports...if deaf ppls. living near airports seem a logically thing to hearing ppls....then they sure have a problem NOT understanding that deaf/hoh ppls. CAN feel the motions! ;) ....guess some (not all of 'em) hearing ppls. need to have a better understanding or insight JUST 'cuz we're deaf or hoh...and not able to 'hear' these sort of sounds...but heck, we sure could FEEL it!
 
tekkmortal said:
I undy what you're talking about. Im a homeowner for 1 year and counting. The debts are :jaw: but I m able to pay the debts slowly. bleh!
Click to expand...

Okay,Now, how much percentage of rate mortgage ?
What makes you still paying debts very slower ?
How come ?
If highest percentage of mortgage rates.. that reason makes you slower paying longer years.
Which is the best lowest mortgage rates.. would be benefits higher..
For example:
Mortgage rates.. 4.29% Depend values mortgage house cost (I wud say er um) 90k ..
Mortgage cost 378.00
Mortgage fee: $28.00 (example) but usa ?? dunno
proptax: 118.00
Would be total $524.00 per monthly mortage.. When you pay like this amount.. Don't forget mortgage rates.. will take yours er um.. about 180.00 dollars then left regular mortage you expense on.. $344.00
That makes longest years .. Avoid that..
Use large of sum pay more than 524.00 .. We used to paying 700 month but never use pay monthly because no profit reduce.. prefer paying weekly or bi weekly would be lot of money saved as lot of avoid their profit of banking's..
We pay 750 - 180. = 570 mortage perfect.. best beat that price.
We learned it lot from that..
Anyway..
You have to keep caution and talk your bank and to make sure how much their fee cost and blah blah.. you have to figures how much.. so..
Hopefully this is helpful for you as tip!
 
Bullym0m said:
Okay,Now, how much percentage of rate mortgage ?
What makes you still paying debts very slower ?
How come ?
If highest percentage of mortgage rates.. that reason makes you slower paying longer years.
Which is the best lowest mortgage rates.. would be benefits higher..
For example:
Mortgage rates.. 4.29% Depend values mortgage house cost (I wud say er um) 90k ..
Mortgage cost 378.00
Mortgage fee: $28.00 (example) but usa ?? dunno
proptax: 118.00
Would be total $524.00 per monthly mortage.. When you pay like this amount.. Don't forget mortgage rates.. will take yours er um.. about 180.00 dollars then left regular mortage you expense on.. $344.00
That makes longest years .. Avoid that..
Use large of sum pay more than 524.00 .. We used to paying 700 month but never use pay monthly because no profit reduce.. prefer paying weekly or bi weekly would be lot of money saved as lot of avoid their profit of banking's..
We pay 750 - 180. = 570 mortage perfect.. best beat that price.
We learned it lot from that..
Anyway..
You have to keep caution and talk your bank and to make sure how much their fee cost and blah blah.. you have to figures how much.. so..
Hopefully this is helpful for you as tip!
Click to expand...


Land loan interest is 10% and House loan is government assisted so my taxes and insurance are escrowed (I dont have to pay them). I think the interest on the house loan is 5%.The length of the both loans are 30 years.
 
tekkmortal said:
Land loan interest is 10% and House loan is government assisted so my taxes and insurance are escrowed (I dont have to pay them). I think the interest on the house loan is 5%.The length of the both loans are 30 years.
Click to expand...
*thud* 30 years.. that hell longest years... No wonder.. slow payments!!!
 
Bullym0m said:
*thud* 30 years.. that hell longest years... No wonder.. slow payments!!!
Click to expand...
same as mine 30 year... its much cheaper than 15 year loan or 5 year ARM..

however u can pay more principal than it... so it will make it less years..

as for mine.. 7.5% loan for $60.7K
cost me $424.24 per month

comes with escrow fee so the total payments i had to made is $508.10 per month :D

as for those who don't uddy what escrow fee is.. it means Home Insurance and property taxes all together..

this i don't have to worry about pay a thick payment every 6 month.. so escrow is a best method.. no worries about thick payment every 6 month
 
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