What I wish I?d known before buying a foreclosed home
Robert Rieger
A first-time homeowner shares her experience buying a HUD foreclosure and her tips for anyone considering this type of purchase When I began looking for a home on Long Island with a budget of $280,000 three years ago, finding a single-family home that wasn?t on the verge of collapse seemed almost impossible. Like many prospective buyers, I?d see listings for lower-priced foreclosures come up during my searches, but many were cash-only purchases since they were in too poor of a condition to be mortgageable. However, as I scoured the listings every day and dug into my hunt, I found that there were some that were eligible for conventional financing.
So I started submitting offers on those that appeared to be in fair condition (ones that had all windows, doors, interior walls, and floors intact). After many rejections, I eventually made an offer that was accepted and purchased a foreclosed home through the Department of Housing and Urban Development (HUD) last year. I don?t regret purchasing my home, but I do not plan to ever buy another one in this way. Every single step (and there were many!) was fraught with issues. Here are some of the lessons I learned along the way: Pros and cons of buying a foreclosed home
Buying a foreclosure has its benefits; namely, that it?s often cheaper than buying a home the conventional way. In a foreclosure, you?re buying from the previous owner?s mortgage lender because the owner has defaulted on their loan. The reason ...
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