Interest rates are low, foreclosed properties are plentiful, and it’s a buyer’s market — so, should you buy a foreclosed home? You’ve got to know what you’re doing and pick the right house if you don’t want to lose to your shirt (and your savings). Whether you want to fix up and flip the house or.
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Before the mortgage crisis of 2008-2009, buying a foreclosed home was a much more difficult proposition. Real estate bargain-hunters formerly had to follow auctions put on at courthouses or sift.
Many buyers associate buying a foreclosure with getting a steal of a deal. This can be true, but there are also potential pitfalls. The pros and cons of buying a home involved in foreclosure vary with the phase of foreclosure the property is in when purchased.
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The hidden costs of buying a foreclosed home 1. The cost of repairs can far outweigh the savings. 2. You might need to budget for more property taxes. 3. At auction, you could get caught in a bidding war. 4. You could inherit the previous owner’s debt. 5. Financing can be difficult or.
But what about buying a home after you’ve filed for bankruptcy or if you went through a foreclosure? Well, you’re going to have to show some discipline. And some pay stubs. And dance a few more steps.
With ongoing foreclosure proceedings against their Franklin Lakes mansion, the husband of a former “Real Housewives of New Jersey” star is trying to sell scores of items from their home on Facebook ..
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