Buy home in foreclosure

[gonepecan]

Is there anything special I should know about buying a home in foreclosure? I understand that the bank wants to have proof of funds, but once I buy it, it's mine correct?

I know with a tax sale, the owner has a certain time period where he can repay the taxes and interest to you, and the house is once again his. Is a foreclosure like that in any way?

 

[gbundersea]

Is there anything special I should know about buying a home in foreclosure? I understand that the bank wants to have proof of funds, but once I buy it, it's mine correct?

I know with a tax sale, the owner has a certain time period where he can repay the taxes and interest to you, and the house is once again his. Is a foreclosure like that in any way?

Nope. Apples and oranges. If a house has been completely through foreclosure, and you acquire it either at the sheriff sale or from the bank (who has reacquired it at sheriff sale) it is indeed yours. Keep in mind though that, just as with any real estate, there's always the potential for title issues, particularly if you buy it at the sheriff sale. Less chance of that if you're buying it from the bank afterwards.

In a tax sale, you are actually buying a tax lien on the property, nothing more. After 3-5 years, if the owners don't redeem it, you can acquire the property for real. There's another recent thread on these same issues, with some pretty good comments.

 

[blackened1313]

Make sure you get a thorough inspection, mang. Cannot stress that enough on the foreclosure.

 

[gonepecan]

Make sure you get a thorough inspection, mang. Cannot stress that enough on the foreclosure.

I plan on doing so. This one's down to the bones though. Brick between cypress posts. Mid-1800s most probably.

 

[ryan]

Nope. Apples and oranges. If a house has been completely through foreclosure, and you acquire it either at the sheriff sale or from the bank (who has reacquired it at sheriff sale) it is indeed yours. Keep in mind though that, just as with any real estate, there's always the potential for title issues, particularly if you buy it at the sheriff sale. Less chance of that if you're buying it from the bank afterwards.

In a tax sale, you are actually buying a tax lien on the property, nothing more. After 3-5 years, if the owners don't redeem it, you can acquire the property for real. There's another recent thread on these same issues, with some pretty good comments.

sent you an email.

 

[gbundersea]

I plan on doing so. This one's down to the bones though. Brick between cypress posts. Mid-1800s most probably.

Probably gonna need cash for that one. Loans and repairs are almost mutually exclusive nowadays.

 

[gonepecan]

Probably gonna need cash for that one. Loans and repairs are almost mutually exclusive nowadays.

Definitely. It needs a good bit of work. Thankfully it's small.