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what happens if you buy a foreclosed home

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September 14 2013 - New Lenox
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You can sometimes pay 30 to 50 cents on the dollar of the previous peak price from 2007. That make it worthwhile to pursue.
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September 15 2013
Usually you will have more remodeling to do. A lot more. Unless you where going to do it anyway? These days the prices are not that far away from each other. Foreclosed properties are usually vacant for 6 months to 3 years.
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September 14 2013
You usually get a better deal than if you bought a normal transaction. The process is pretty much the same.
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September 14 2013
I assume you mean a bank owned home that was once foreclosed in the past. You buy it just like any other house, the only difference is the seller is a bank and banks are cold and impersonal and they won't fix anything you find. The old liens and stuff will all be paid off before you can close on it so don't worry about that, but finding them at the last minute can delay closing by days to months if old signatures are needed.


tim
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September 14 2013
Sometimes you have a lot of work to do.  Sometimes you don't.  Sometimes it will close quickly most times it won't.  When you buy a foreclosure  the seller usually will not reduce the price or pay anything towards repairs.

Sometimes there are unsatisfied liens you do not find out about until title work is done.  We just ran into a Fannie Mae where a lien holder was never notified of the foreclosure. 

Get an experienced real estate agent to help you navigate the pitfalls.
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September 14 2013
Sometimes you are happy, sometimes you are not. The sale is final just like any normal sale. Find yourself a good Realtor to assist you and you will be more likely to be happy.
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September 14 2013
Nothing. You just buy one like a regular house.
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September 14 2013
 
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what happens if you buy a foreclosed home
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