Anyone Bought a Foreclosure

[AbdiWahab252]

How was the process ? Any surprises difficulties ?

[suga_n_spice]

have u?

[AbdiWahab252]

I am eying several. I am unsure how long it takes to close (can be up to 6 months or more if the bank takes its time) & potential damage.

[suga_n_spice]

i want to start a business soon and i was thinkin of buyin some foreclosed office space and so far no luck. any tips?

[Executive]

Foreclosure? Is that what we call Repossession in the UK?

[AbdiWahab252]

Suga,

I wouldn't recommend it unless you have good contacts: plumbers, inspectors, handymen etc. These things may require a lot of work and that work is out of pocket because the bank will only finance the current value. Then there are other issues: back taxes, title issues, liens, etc

Executive


Yep

[suga_n_spice]

exec. yeah pretty much the same

abdi, i know. we're still looking and keepin our options open though.

[AbdiWahab252]

Suga,

Are u paying cash ? Or financing ? Commercial real estate loans are harder to get and are at a higher interest rate.

[surrender]

Foreclosure? Is that what we call Repossession in the UK?

i thought he meant something else. something to do with relationships!

[suga_n_spice]

Suga,

Are u paying cash ? Or financing ? Commercial real estate loans are harder to get and are at a higher interest rate.

no loans saxiib, cash. it's a family business so i won't be doing the investing.

[AbdiWahab252]

Suga,

Sounds good then. I would recommend finding a real good real estate lawyer to do checks on any potential liens on the title & other claims against the building, owed taxes etc. MAke sure to check for ASBESTOS (a nasty material that is cancerous) & the general structure of the building.

Best of luck

[suga_n_spice]

thankz abdi. will do inshallah

[shaamboo]

How was the process ? Any surprises difficulties ?

Abdulwahaab
sxb iam still looking a condo in Miami the cheapst place right now the process is not easy if you are not first time buyer or have a bad credit and not enough down payment .
but if you have around $25 k and are first time home buyer its the perfect time . PS intrest rate today is about 4.7 so buy if u can sxb

[AbdiWahab252]

Shaamboo,

Never buy a condo foreclosure because of various issues:

1. Unpaid condo fees - That unit and the general building - This results in things not being done: run down building no service. You would be liable for all unpaid condo fees for that unit & potential higher condo fees in the future.

2. Condo Building Health - A lot of condo foreclosures tend to occur in clusters and thus the value of all the other condos go down and so does the quality of the building.

In maimi, some condo complexes have foreclosures resulting in unpaid condo fees which leads to things not being done: garbage removal, no cleaning service, dirty pools etc

Read this: http://finance.yahoo.com/news/New-condo ... 04090.html

[shaamboo]

i know sxb but depends on where u buy and what kind of condo loft type condos are best i have one now and i have never had issues . if my brothers are willing to risk we may get a bigger home for a feture investment but right now condo is what i can get iam not going to live there its just investment untill things turn around