Buying A Home
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Tell me about foreclosed homes...
I understand bank owned properties can sometimes be cheaper.
1) Does your mortgage have to be through the bank that owns the house?
2) What are the downfalls of buying a foreclosed home? Aside from the fact that they could be really beat up (previous owners taking everything).
3) What am I missing here?
I happened to come across a really good deal for a foreclosed home nearby and even though DH and I aren't considering buying a home just yet, I'm thinking maybe our first house could be a foreclosed one. Bad idea? Fill me in.
1) Does your mortgage have to be through the bank that owns the house?
2) What are the downfalls of buying a foreclosed home? Aside from the fact that they could be really beat up (previous owners taking everything).
3) What am I missing here?
I happened to come across a really good deal for a foreclosed home nearby and even though DH and I aren't considering buying a home just yet, I'm thinking maybe our first house could be a foreclosed one. Bad idea? Fill me in.
Re: Tell me about foreclosed homes...
The only ones we would have considered would be ones through Homepath or Homesteps.
- There is usually no sellers disclosure to give you info on previous issues with the house.
- They are usually sold "as-is" and can be hard to get a mortgage for depending on the condition.
- The buyer is typically responsible for all transfer taxes, which are usually split between buyer and seller. That can be pricey.
- Sometimes the water/electricity is off and you have to have it turned on for your inspection.
I would talk to your Realtor, they are full of useful information on these topics and they know your market.
Our Realtor would not deal with foreclosed homes or short sales. According to her, foreclosed homes usually go to developers or people who flip properties and rarely go for their list price.
She wouldn't do short sales because out of 10+ offers she'd put in on behalf of buyers over the year or so prior to when we bought (a year ago), not a single one had gone through and it wasn't worth her (or the buyers) time.
Keep in mind, these are both relative to OUR market, so it could be very different where you are and people on here buy short sales and foreclosures frequently.
pinterest
and this can take forever. offer accepted two weeks ago. power turned on yesterday, and no word from bank if they will dewinterize it for inspectioin or not. frustrating.
How do you handle stress?
We are buying a home in great move-in condition and it is still VERY stressful. There is ALWAYS going to be something wrong with a house, but when you are working w/a seller who is motivated you can get most of your requests met. In a buyers market I would not deal with a foreclosure.
I was able to buy a home in a really great neighborhood that was already priced to sell, talk the seller down $10k ($5k which will go to closing costs), he is getting the permits for the finished basement, $500 credit towards minor repairs, radon remediation, etc. I will also not need to clean when I move in b/c the seller keeps the house in tip-top shape. For me it's about peace of mind, which I def. have here.