Foreclosure properties listing

What is your opinion on buying foreclosure or bank owned property?

  • Will do it in heart beat

    Votes: 4 40.0%

  • Against the idea of foreclosure and bank owned!!!!

    Votes: 1 10.0%

  • Will consider it as opportunity

    Votes: 2 20.0%

  • No opinion

    Votes: 3 30.0%
  • Total voters
    10
D

Deaf Mortgage

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Here a big directory of bank owned listing.

World's Largest Free Reo Property Directory

I cannot promise any good deals out of this.

Think about buying a foreclosure or REO properties. They are affordable if you manage to get one. There are many but not always in area you liked.

Let say we found a single family house for $30,000. Its annual property tax about $1,200, no associate fee. The house condition is in range of excellent to fair. It cannot be poor condition because it will be consider rehabilitation loan.

Please consider do a mortgage loan for 40,000 to cover closing cost and pay Real Estate Agent for helping with Purchase Agreement and pay lawyer for review the contracts.

You get a mortgage loan amount at $40,000.
Property tax at $1,200.
Home Insurance monthly at $40.
Interest rate 6% (given as Oct 2nd 2008).
Will require 5% down payment, that would be $2,000.
Your monthly payment would be - $367 monthly (escrow included).

That it... Imagine you live in suburban at monthly of $367. Very easy on your budget.

You will be responsible for utilities such as gas and electric in your budget.
 
That is exact what I did back then in 2002, bid my house on Feb 2, 2002 and won the bid. As of right now with all taxes, principle, interest everything, I couldn't find any 3 rooms apartment cheaper than mine!

Not all foreclosed homes are good deal, however there are plenty of good deals out there. :)
 
I am already buying my home, but of course I would do it if I needed a home.
 
diehardbiker said:
That is exact what I did back then in 2002, bid my house on Feb 2, 2002 and won the bid. As of right now with all taxes, principle, interest everything, I couldn't find any 3 rooms apartment cheaper than mine!

Not all foreclosed homes are good deal, however there are plenty of good deals out there. :)
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Right - there are several good deals out there. Wait patiently and act up on it.

Of course be mortgage loan approval first before considering buying bank owned or foreclosure. I am sure you familiar with it. Good opportunity now.
 
I voted no opinion since I'm not ready to buy home, not gonna happen within 10-20 years.
 
Hey DM :)
Since you're in MN, did you know that the MLS recently changed/added an option -- to list a home as a foreclosed home. So if you're a buyer looking for a foreclosure, you could work with an agent and ask specifically for that. The MLS didn't use to have that option, it just got added this year. Don't know if all states are doing that, though.
 
AlleyCat said:
Hey DM :)
Since you're in MN, did you know that the MLS recently changed/added an option -- to list a home as a foreclosed home. So if you're a buyer looking for a foreclosure, you could work with an agent and ask specifically for that. The MLS didn't use to have that option, it just got added this year. Don't know if all states are doing that, though.
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I have seen that option. But not all state have that. In fact, not all Realtor website do that.
 
Deaf Mortgage said:
because of student loans? If you dont mind sharing why 10-20 years.
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Yup, I will plan about enroll at Gally in next year or couple, even no later than couple year, only problem is, the state that where I will move back in Dec 08 wouldn't support me to fund on this college so enough, my debt would projected to be no more than $80,000 after 4 year of college, it would be very long to pay loan off.

I'm employee at retail, they don't pay so very good, even buy house in CA is very unaffordable, house price has went shot so badly during housing bubble in early 2000's until mid 2000's. In after college, if I get good job paying in CA due majority of graphic design businesses then I would still to live in apt if house price is continue to be unaffordable at average.

My parent don't start own house until they are mid 30's.

I'm 20 1/2 years old, too younger and not ready to own it.
 
It really depends, however you made right decision.

If planning to relocate within few years then it is not worth buying house.

However, I would recommend getting 401K because you never bought a house, you could use 401K savings toward to downpayment on your first home. I didn't know that and I didn't save enough. True business there is tax law allows one time for first time homeowner can withdraw 401K savings toward to downpayment. It won't apply if you have owned home 3 years or less.

Foxrac said:
Yup, I will plan about enroll at Gally in next year or couple, even no later than couple year, only problem is, the state that where I will move back in Dec 08 wouldn't support me to fund on this college so enough, my debt would projected to be no more than $80,000 after 4 year of college, it would be very long to pay loan off.

Buying house is not for everyone, especially those who don't have stable employment, or has unpredictable future.

For me, I already bought my house because I knew I will be here for long time. True business it already has been 6 years of homeownership and I have very good job and stable income (yet not enough)! I am not worry about my income as I see few opportunities to promotion at my work in front of me and I am not giving up, I lurvin my job and very happy down there. Once I promote, I would be more comfortable and looking forwarding to it. I know I need to earn it and am earning everyday.

I'm employee at retail, they don't pay so very good, even buy house in CA is very unaffordable, house price has went shot so badly during housing bubble in early 2000's until mid 2000's. In after college, if I get good job paying in CA due majority of graphic design businesses then I would still to live in apt if house price is continue to be unaffordable at average.

My parent don't start own house until they are mid 30's.

I'm 20 1/2 years old, too younger and not ready to own it.
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Yes, took me more than 2 years of "house hunting". The first one and one-half years I was not too serious yet wanted to know what is out there so that I could best prepare buying the right house.

True business, after living in rental house, the house was processing into foreclosure. At first I decided to look at rental house, and couldn't find the one that I could afford. So, I check with mortgage (During Mortgage boom) and found out it was alot cheaper than renting house. I asked my wife, whadda think? Im tired of moving around and hold stable job. This leads me to decide specific areas and what I already knew what to look for.

It took me about 3 months to find this house, I almost bought other house (Thank god I didn't!!! because it will be twice farther to my current job). Reason? Thank to the honest realtor, he advised me to check this house again to make sure you feel comfortable and he was right! The second visit, I was not even comfortable and found several faults, I decided to abandon this one. This leads to my house. It was close to brand new, no lead paints, energy efficent, even though it is somewhat small, but nice HUGE fence backyard with few trees. I love trees, and I was very happy that I made the right decision.

Yes, we do have MLS here with foreclosure listing. But that is not how I found out. I found out though a realtor that broke the city realtor policy, if it were not for this realtor I would never find this house.

That is why it is very important to take your time and don't rush. My 2 years worth of research paid off!

Deaf Mortgage said:
Right - there are several good deals out there. Wait patiently and act up on it.

Of course be mortgage loan approval first before considering buying bank owned or foreclosure. I am sure you familiar with it. Good opportunity now.
Click to expand...
 
My husband and I did the same we got five acres and got a good deal. We even bailed the previous owners out of attorney fees.

If we did not take the opportunity some one else would
 
I would love to buy a house on my own since I am single but I own the bills in the past worst of all is my student loan and credit cards. I am working on to pay off then I can get a house. Heck I am 29 years old and never own a house before but I would love to. I would LOVE to live in loft since I am photographer. This is blow that I gonna wait maybe I will get it when I am 40"s:eek3:
 
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