Anyone with REO / Foreclosure Experience?

FRPLG · 02-25-2008, 11:56 AM

Know that almost always with foreclosures you are not allowed inside the house before buying it. Leaving you at pretty elevated risk. You need to get a good deal to make it happen. Things like foundation damage, new roofs, flood damage can eat away a $50,000 good deal real fast.

mheisig · 02-25-2008, 12:02 PM

Quote:

Originally Posted by FRPLG

Know that almost always with foreclosures you are not allowed inside the house before buying it. Leaving you at pretty elevated risk. You need to get a good deal to make it happen. Things like foundation damage, new roofs, flood damage can eat away a $50,000 good deal real fast.

Yeah, that's why I was kind of steering away from foreclosure auctions and leaning more toward REO homes and bankruptcy homes.

Seems like foreclosure auctions would be a decent idea for investment property, but not so hot for a primary residence.

02-25-2008, 11:56 AM	#1
FRPLG MVP Join Date: May 2004 Age: 47 Posts: 10,164	Re: Anyone with REO / Foreclosure Experience? Know that almost always with foreclosures you are not allowed inside the house before buying it. Leaving you at pretty elevated risk. You need to get a good deal to make it happen. Things like foundation damage, new roofs, flood damage can eat away a $50,000 good deal real fast.

Anyone with REO / Foreclosure Experience?

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