Anyone Bought a Foreclosure

[Kolombo]

Abdi,

Here's my city's foreclosures, I check it on a daily basis:

http://www.metrobrokers.com/listings/re ... um=2626569

I'm currently working with an agent. Always get the property inspected, don't try to low-ball and do a crime-stat in the neighborhood before deciding to bid. HUD homes are over-rated and usually have higher bidders than bank foreclosures.

Always do a quick cost-analysis and be prepared to fix up things like electric or plumping issues. Some houses will need boiler or AC unit replacement.

The real estate agent is always paid by the seller, so in addition to the asking price, the only other additional costs will be attorney fees ($500-$1500), local taxes (monthly, quarterly or annual payments) and some other closing costs.

[FAH1223]

koronto, the kitchen and bathrooms in that foreclosed house look like my house

damn, its only $142,000

but no basement

[AbdiWahab252]

Kolombo,

Most the houses out there in ATL are newer. I would advise hiring a solid real estate attorney to review the Bank's terms, lien check. A lot of these properties have liens against them.

You are right about HUD. I would also advise you to steer away from short-sales which tend to be run arounds.

The cost analysis is good but sometimes renovations take a life of their own and things can spiral out of control.


Shamboo,

Have you tried looking in Prince Williams ?