Profile picture for indlbrso

Going to foreclosure or not?

I found a house on line selling for $205,000.  When I went to see the house there was a note attached to the door that read "per mortgage company we are winterizing your home", dated 11/08.    When you look in the windows the house is completely empty.  The only reason I noticed the property the 1st time driving was some of the wood fence panels were knocked over and it looked like a nice house.  Do you think this house is heading for foreclosure and I could get a great deal?
  • April 06 2009 - Tomah
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Answers (4)

Profile picture for indlbrso
An update on the property.  My wife and I went and saw it last night and it was a very spaciouse house.  Apparently the couple who owned it have been having marital problems and have split up a couple of months ago.  The husband continued to live in the house while both parties were paying 1/2 the mortgage.  Over the last few months the husband has stopped paying his 1/2 and the bank is at it's wits end.  The wife told our realtor that he had finished the basement but had done a really bad job.  When we saw it, "WOW" is the only thing that came to mind.  If you purchase this house the entire basement would have to be torn apart and redone all the way to the studs, including the flooring.  Our agent is finding out where in the process this house is, straight sale or soon to be foreclosure.
My two questions to anyone are should I try and buy on a short sale or test my luck and let it go to foreclosure?  Assuming the paperwork is not already in process.  And if the paperwork is not started is it a good idea to hire an appraiser to see what the real value is now that the husband destroyed the basement? 
There is a lot more fixing then just a fence and minor outside work.  The bank would have to put some serious money into it to get it up the level of the neighborhood.
  • April 07 2009
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Profile picture for sunnyview
I would suggest choosing a good agent and staring to do research on Zillow about your local area. There is lots of good information about neighborhoods, sales trends, past prices etc. that can really help you make a great decision about which house to buy. Buying the first time can be a bit daunting at first, but the more you read and learn the better it will go. Asking questions is always a great way to get info. I wish you good luck!
  • April 06 2009
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Profile picture for indlbrso

Thank you Denise.  I am a 1st time home buyer and all I here is it is a buyer's market.  I want to make sure I don't miss a great opporunity in such a great market to buy.  I have our realtor looking into the property but wanted to post to see what people think. 

  • April 06 2009
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Maybe, maybe not, for all questions! 

The house has most likely already been foreclosed on and the paperwork is winding its way through the lenders system before being placed on the market. You can find out if the bank is the owner by checking local tax records.

If it is a "nice house in a nice neighborhood" then the house is really NOT going to be a bargain.  Lenders consult with Realtors who tell them what the best price for the home will be based on current market activity so if all that is wrong with the house is some needed fence repair and minor outside maintenance, they (the lender) will most likely discount a little or even repair the issues to be able to get more of their investment back.

Hope this helps you out!
Denise
  • April 06 2009
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