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Buy A Link
Q.
Is there any advantage to only looking at (and buying) a foreclosed home?
A.
You can get a pretty good bargain on some points, but don’t ever think you’re going to buy a house for a ridiculously low price. The bank is still involved in the foreclosure process in court, and they have a certain dollar that they’re owed.
Unfortunately, there is a big problem with buying foreclosed properties. You can’t get inside the house, so you have no way of knowing what’s going on inside. You could love the outside, but once you buy the house and finally get inside, you could find that the previous owner ripped out all the piping to sell the copper inside because he or she was angry at the bank. Suddenly, you don’t just have a $125K house; you have a $125K project.
Nestpert Jeff D. Opdyke, author of Financially Ever After: The Couples’ Guide to Managing Money
-- The Nest Editors
See More: Buying a Home
christina122 That's not true about not being able to see inside the house....I have been in several foreclosed homes and bid on two. What kind of person would buy a house and not be able to see the inside anyways.
stephyrey The part of not being able to look at the inside of the house is untrue. I have toured several and just had an inspection on one. There is a difference between short sale, foreclosed and auction.
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