1st time homebuyer, forclosure?

So my man and I are going to buy a house in the spring. We’ve just started looking. I found a house listed as a forclosure not far from our apartments, owned by the bank. Is listed at 109K, appraised for 224K. 3500 sqft. I’m keeping an eye on it right now for the spring.

Does anyone have some good, legit resources for learning about forclosures? Any stories, good or bad, from your own experiences? Anything I should look out for especially?
If it’s that good of a deal, it’s going to be gone by spring. 1 of two things is going to happen. 1. it’s a pile of shit inside and needs 100K in work. or 2. it’s actually a good deal and you need to jump on it.

If you’re set on not moving untill the spring. Don’t even bother looking for houses now. You’ll find one you love and will be dissapointed when it’s gone in a week.

Houses in most areas are staying on the market for months. Although with that kind of price, it wont last long.
The problems with foreclosures is that people are pissed they are losing their house and they tear the hell out of it. Somethings that are visible and somethings that arent. Like people will flush big objects down the toilets, plug drains on purpose, punch holes in the wall, and just be overall destructive.

my sisters house had that. even though it wasnt a forclosure. when we helped move them in none of the toilets would flush and all the sinks and drains were plugged. took a couple of hours to get all of the sinks working properly. even needed to rip some ubends out and snake the bathroom sink.
assholes

my sisters house had that. even though it wasnt a forclosure. when we helped move them in none of the toilets would flush and all the sinks and drains were plugged. took a couple of hours to get all of the sinks working properly. even needed to rip some ubends out and snake the bathroom sink.
assholes

Didn’t they have the house inspected before they closed on it? A thorough inspection will cover all those things and more.

yeah it was inspected before the closing but they didnt move in until a month after the closing because the people were moving out still and rented it for a month.
with forclosures sometimes you dont get an inspection or you have to evict tenants yourself when you buy it..
Only government insured loans require an inspection. But it is a good idea to get one done even if it isnt a loan requirement.
Yes, but even if you get an inspection, it is (as was mentioned above) generally immediately after you sign the purchase agreement, not right before you move in. So it won’t catch that kind of thing.

At best, you might catch a few things in the pre-close walkthrough (if you have one).
If you order the inspection yourself, you can have it done whenever you want as long as it is not a closing condition.
Well, we didn’t buy a forclosure. Got a much better house. Will post pics after I’ve stripped the poo-colored wallpaper.

wallpaper sucks, there are a lot of homes that i liked except for the amount of energy and time it would take to remove the grannypaper from the walls

Congrats on the house.

Sounds like your already getting familiar with the joys of home ownership.
I saw this report that was done saying that right now we’re experiencing the highest rate of defaulted home loans in history because of all the people that got sub-prime mortgages and purchased houses they basically couldn’t afford.

So if you want a foreclosure home, now would be a good time to look probably.