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Thread: Buying a foreclosure. Anyone done it?

  1. #11
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    Aug 2008
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    Montana
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    My last two houses in Los Angeles were foreclosures....and I think I did OK on them. The last one, I viewed the day it came on the market which was the day after Thanksgiving, made an offer on Monday, and moved in in January.

    WRT financing, I'd shop around with mortgage brokers, they usually have the best rates. Banks typically are the worst. And I've never been able to get any service AT ALL from the VA
    Good medicine in bad places

  2. #12
    Join Date
    Jan 2011
    Location
    mid-west
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    The last investment property I bought was a foreclosure. Closing was in 32 days. I had been watching the property for 2 months and the bank dropped the price every 30 days. You can still find great properties in nice areas. A good find is the one someone tore apart and didnt finish..the demo is already done!!

    My only 2 deal breakers...black mold or cat urine!

  3. #13
    Join Date
    Jun 2014
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    1

    Default huh?

    [QUOTE=Fidel. MD;696629]My last two houses in Los Angeles were foreclosures....and I think I did OK on them. The last one, I viewed the day it came on the market which was the day after Thanksgiving, made an offer on Monday, and moved in in January.

    WRT financing, I'd shop around with mortgage brokers, they usually have the best rates. Banks typically are the worst.


    you do know the VA doesnt make loans right ?

  4. #14
    Join Date
    Sep 2009
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    KC, Misery-- It's Missouri- you have to 'Show Me'...
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    9,087

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    When did the VA stop making home loans???
    leave the gun... take the cannoli...

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  5. #15

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    Quote Originally Posted by HatetosayItoldyouso... View Post
    When did the VA stop making home loans???
    AFAIK, VA has never made loans. They just guarantee them. When the bank forecloses on the loan, the VA has to buy the home from the bank. Then the VA puts the house up for sale to recoup their money.


    In my experience the VA has been a pain in the ass to work with when buying foreclosures. They have crazy regulations/rules that make the buyer do a lot more leg work, and take longer to close, than buying a foreclosure from a bank.
    Last edited by rankhornjp; 10-18-2015 at 08:46 AM.

  6. #16
    Join Date
    Jan 2010
    Location
    USA
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    631

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    If you come with cash in hand, it might be a very quick process. I've heard anecdotes about killer deals at deep discounts just to get the home off the bank's books.

    Also check into county auctions. You have to bring cash in hand (or bank check?) and you buy the back tax obligations, but if the weather suxxor on auction day on the courthouse steps, you might come away with a real steal...
    Last edited by airborne1092; 10-19-2015 at 11:06 PM.
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