Foreclosure

**Bubblez** · 05-25-2010, 01:18 AM

I have seen a lot of houses online that are really cheap because they are in foreclosure. What does that mean exactly? Is it a good investment? I saw some houses for sale for like $5,000. For a first house, would that be a good idea? Any ideas will be greatly appreciated.

**brownnataly21** · 05-25-2010, 01:28 AM

Foreclosure means that you buy a house under the mortgage and you will have to pay off the loan. That's why it's so cheap.

**Bubblez** · 05-25-2010, 01:32 AM

Oh wow. Ya, that's not a good thing. I guess it could work out if the loan were cheap(ish). hmm.. so that must mean that I would have to be approved for the loan? (Not anyone could just go in and get it huh)

I have really good credit, but no job. My boyfriend has a job though.. I'm not sure if we could both be responsible for it or not.

Sorry I'm tired. I hope that made sense lol

**vijendrasnv** · 05-25-2010, 02:32 AM

Its great that you are thinking to buy your first home and under foreclosure you will surely get some good option and there is no problem in such and you need not to worry as your Realtor will help and guide you on the whole.

Thanks

**Greg** · 05-25-2010, 09:36 AM

Originally Posted by Bubblez

I have seen a lot of houses online that are really cheap because they are in foreclosure. What does that mean exactly? Is it a good investment? I saw some houses for sale for like $5,000. For a first house, would that be a good idea? Any ideas will be greatly appreciated.

Does Steven Atwell know that you are coming on these forums asking dumb questions while you are promoting his real estate website? Why don't you ask him these questions.

**dreamsocialmedia** · 05-27-2010, 07:25 AM

Originally Posted by Greg

Does Steven Atwell know that you are coming on these forums asking dumb questions while you are promoting his real estate website? Why don't you ask him these questions.

well if that is the case, many would wait til the house got foreclosure to get cheap house.

**markbrian** · 05-29-2010, 06:45 AM

Greg, it would appear this thread is full of spammers, from the OP to several of the replies. Some replies seem to be of the me too variety for nothing but link building.

Really hurts the forum and will not help a buyer or seller learn from any of the real estate professionals that frequent this site.

**ramirezhenry55** · 05-30-2010, 06:43 AM

foreclosure properties are actually ok. but still you have to check if it suite your need.

**WILLSRETHOUGHTS** · 05-31-2010, 01:38 AM

A foreclosure occurs when the owner can't pay his mortgage and the bank has to foreclose or take the property back. They can be great investments but you need to be sure of what you are buying. If you're buying from the bank directly which would be an REO they will not warranty anything and rarely will they fix anything. If you are buying it from the existing owner usually a short sale then most like he/she won't have any money to fix anything so you'll need to be sure to inspect the property thoroughly. Also, make sure to consult a realtor in your area they can help you tremendously to avoid an unexpected pitfalls.