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12-12-2011, 07:37 AM #1
Renter
- Join Date
- Dec 2011
- Location
- NYC for one more year, then TN for retirement
- Posts
- 1
BoA owned foreclosure
We are a just about to retire couple who purchased our retirement home 2 years ago. It has been rented for all but 2 months. I never did cancel the realtor searches I had for the area and have learned quite a bit about the area we are moving to from seeing the houses for sale. Anyway, last week a foreclosure grabbed my attention. And then piqued my husband's interest. We are seriously considering this and have gone so far as to apply for a pre-qual.
We can afford to maintain the house in addition to our own. And we could rent it out if needed. The mortgage, taxes, and insurance would bring the monthly payments up to a whopping $200. There are 15 acres and it's a 5 br ranch. How can we not consider buying this?
What is the likelihood we could wind up with a major headache due to the BoA foreclosure issues?
What are we not considering? There must be something we haven't considered or why is this house being sold for under $20K?
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There should not be any more problems than normal since the home is a BofA foreclosure. Get title search and title insurance, do not rely upon a free title insurance policy from the seller...
There is probably a reason the home is so cheap (there always is). Maybe it has been on the market a long long long time OR it has some issue that warrants such a low price, such as MOLD, it used to be a meth lab OR maybe they priced it low to get a bidding war.
I am sure there are many other reasons for it being so cheap. Touch base with the Realtor sending the homes to you and see what they know or can find out. Remember the listing agent is working for the seller.Mark Brian Silver Star Real Estate
Upstate South Carolina Real Estate
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