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would you buy a foreclosure?

by ForeclosedHomes, Window Shopper

  • Created: June 2, 2010, 4:44 pm
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6 comments

as you can probably guess, I oprrate in the foreclosures niche. I'm trying to get a little live feedback from the business community about how people feel about buying foreclosed homes.

The number of foreclosre sales around is higher than it has been for a long time, creating very attractive prices for buyers, yet many go unsold. Have you considered buying a foreclosure but decided against it? If so i'd love to hear why.
Is funding the problem? What factors influenced yourdecision?

Tags: Discuss Popular Topics, Other Business Issues
‹ Returning Thong/G-String Underwear or Swimwear S Corp - Owner/family denied pre tax health insurance deduction ›

keithsan | Window Shopper | 6/2/2010 - 7:44 pm

Definately but im doing a test post and will delete in a minute. hopefully u dont see it.
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krummelhart | Creator | 6/4/2010 - 10:27 am

My issue would be the condition of the property and the general value decline in the specific area... Also I would want to be assured of a clean sale with no potential past liability issues
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CarlLakeside | Creator | 6/7/2010 - 12:33 am

Yes, personally I have considered buying a foreclosure. My problem has been positive cash flow. After doing the math, its' hard to generate positive cash flow in San Diego from real estate. At least right now. People (including banks) are still holding out with relatively high prices. I do have a friend who did manage to get a tidy cash flow from a foreclosure in San Diego but he bought a home that needed some serious work.

RMiller | Creator | 6/11/2010 - 5:47 pm

Today's market is great for foreclosures, but I would be concerned that the previous owners might have damaged the home to a point it would cost too much to fix the problems. I know most people aren't like this, but I have heard horror stories of people getting into a foreclosed home and found cement in the plumbing, etc.

PhoenixHomes | Window Shopper | 9/20/2010 - 8:12 pm

Personally I would, I live in Phoenix where a huge percentage of homes on the market right now are foreclosures. Probably the only down side is dealing with the banks which seems to be a time consuming and sometimes frustrating task. Most people I deal with in this market are interested in bank foreclosed homes.
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jthorf | Contributor | 9/21/2010 - 11:27 am

With the current economy, its all a waiting game to get the best value for money but I would personally buy foreclose home. Taking th following into consideration ... Location Value And previous owner (I dont want to buy something and have to deal with people who just wont let go, for me its not worth it)