Anyone have experience with foreclosure bidding? Trying to understand the process in case it's something that might be interesting to pursue. In the market for a house and I'm not ruling out any options at this time.
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Foreclosure Bidding
- Thread starter danzik17
- Start date
well if you win most you can see until you gett the winning bid... see the inside and u don't know whats in or not in it.. if there are still people living there you have to evict them from the property... its a great way to get a house cheap most are good some are not..
I believe you have to have 10% of the money if you win the bid for the house. Then you have to come up with the rest in 10 days or so. It may very from state to state though. You can go to one of the auctions anytime.
I'd be too scared the people who got foreclosed on might go psycho on me for "stealing" their home. With my luck I'd get the home that belonged to the family where the father died, and the mother was laid off after making 20 years of payments, their son is a sniper for the marines and comes back from Iraq a little out of his mind and makes me his target....
In the Detroit area banks are frequently outbidding people on anything that is decent. That's something to take into consideration. Try to acquire a list of the properties up for public auction beforehand, scope them out as good as possible and have a few alternatives. Just leave the high expectations at home.
I have heard of some people having to go through the evicton proccess it takes about a month or 2 but it can be a pain police show up and kick them and there stuff out on the street and you have to be there....
that's funny!Actually, due to the past housing market crash, allot of these people "walked away" because they suddenly found themselves in a house worth $100k less than what they have morgaged on it. Right now is the time to do it because the banks have SO many homes from just this situation, they're letting them go dirt cheap. I read an article in my local paper stating that in my county alone there was something like 5500 foreclosures in 2009! Imagine that shit? Economy is all fucked up.
Actually, due to the past housing market crash, allot of these people "walked away" because they suddenly found themselves in a house worth $100k less than what they have morgaged on it. Right now is the time to do it because the banks have SO many homes from just this situation, they're letting them go dirt cheap. I read an article in my local paper stating that in my county alone there was something like 5500 foreclosures in 2009! Imagine that shit? Economy is all fucked up.
a lady lost her house over a 300.00 late charge
Obviously some areas are worse off than others. In PA, the banks will do damn near anything to NOT take your house. My neighbor lost his job and the bank told him that he didn't have to pay until he got another one. He lived there for a 13 months without paying. They simply tacked it on to the end of his payments.
be careful with them...Foreclosures are only one step better than the pain of dealing with a short sale. If the past owners/tenants have left, obviously expect fixtures and appliances all gone, but the risky stuff is beyond that. Most of the time, foreclosures have the electricity and gas turned off. The people that left were more than likely pissed off and I've heard a few occasions where the AC, water heater etc were sabotaged...and you can't check them with the utilities are turned off. Worse than that, I've heard of 2 stories here in Tucson where people poured quick-crete down the toilet and flushed, fucking up the sewage line to the city. only option is rent a tractor and tear up the yard....massive costs.
Definitely all good info.
If I were going to lose my house I'd rent a jack hammer and ruin the foundation....
I saw on CNN about some dude who was close to foreclosure and found a buyer in the nick of time...the bank refused the sale thinking they could pull in more and did not approved the sale b/c he didn't have majority equity in the home.
he then bought a buldozer and destroyed the house to rubble...and declared bankruptcy
he then bought a buldozer and destroyed the house to rubble...and declared bankruptcy
Also, depending on the area, there may be damage from the cold. Burst pipes, ice dams, etc. when the heat and/or electricity are shut off.
I saw on CNN about some dude who was close to foreclosure and found a buyer in the nick of time...the bank refused the sale thinking they could pull in more and did not approved the sale b/c he didn't have majority equity in the home.
he then bought a buldozer and destroyed the house to rubble...and declared bankruptcy
Now that change i can believe in..banks what bastards
Hey guys...
Here's a weird twist on the whole foreclosure game!
NYT: Plan to pay homeowners to sell at loss - The New York Times- msnbc.com
Here's a weird twist on the whole foreclosure game!
NYT: Plan to pay homeowners to sell at loss - The New York Times- msnbc.com
