I am thinking of buying a cheap home. Is it a good idea to buy foreclosure. Can you buy cheap here or are there hidden costs? Anyone ever successfully buy one? Which is the best place to look for some?
3 thoughts on “how much foreclosure homes cost and where to buy?”
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In general foreclosed homes are price lower than comparable homes. They may range from move in condition to major repair, but the price reflects the condition. You are buying "as is" but have the right to inspect and cancel if you don’t like the results. There are no hidden costs per se, but there are additional costs. When you but a foreclosed home (usually FNMA) the seller doesn’t pay transfer tax, title insurance and related closing fees. Contact a local Realtor. Banks don’t sell their foreclosures direct (called REO’s) they list them with Realtors.
Realtor.sailor
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They are not cheap. Your local realtor has the list. Foreclosures are sold as is and take 3 times as long to close