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Olga · Joined: 01 Jan 2005 Posts: 4

ive looked on yahoo and found some foreclosure listings but i dont know if the prices can be real. im looking in the melbourne fl area. ive seen 3/2 houses for like 55-70,000. kinda seems too good to be true. and realtors out there with advice?

RonBerue3320 · Joined: 03 May 2004 Posts: 8

Before going on, I would talk with a realtor. Also, have you spoken to a lender? Before doing anything, talk to both. Unless you're selling, a realtor won't cost you anything. Same with the lender. You need to know where you stand before diving into the deep end.

Sapphire · Joined: 26 Dec 2004 Posts: 4

Foreclosures are a lot more complex than a typical Real Estate transaction. It sounds to me like this is your first time buying an investment property or at least a foreclosure. I would talk to a local Real Estate Broker that knows the market really well. Some of the listings you're finding are auction listings that can be deceiving. If you're new to real estate, first of all I wouldn't jump right into foreclosure auctions, and second I wouldn't do anything without working with a knowledgeable broker. Hope this helps!

matsonb · Joined: 19 May 2004 Posts: 5

Well, In this housing market, these foreclosure properties may be priced at 55-70K... Florida's housing market has plummeted allot... House values have gone down tremendously. I am not sure if you are located in Florida, but I would suggest that you look a little further into it and definitely go see the property... Also, if you are not in a rush to buy property, I would wait till next year, that's when the housing market is going to hit a record low.... Trust me!!!

nickearth1 · Joined: 03 May 2006 Posts: 3

Foreclosures are always a risky bet. The prices you see could very well be real, since the lender forecloses for the amount that they are owed, plus the attorney's fee. You have to tread very carefully when venturing into foreclosed property. When you buy one, you not only buy the house, you buy any liens that are attached to it. That means if Joe Blow was foreclosed on and had a $150,000 judgment against the house, that judgment becomes yours as well, and you can't do anything with the property (selling, refinancing) without that judgment being paid off. Also, some people realize that they are going to lose their home and do everything in their power to destroy the inside of the house. Not all people do that, but some do.This all isn't to say that you can't buy a foreclosed home, but it is more involved than buying a house straight-up from a seller. Find a reputable realtor and attorney in your area to guide you through this process even if you decide against buying a foreclosed property.

TOMS · Joined: 28 Jul 2005 Posts: 3

It's possible. There are very nice homes that are around that price range. With the foreclosed homes however, they are usually auctioned. There is usually a public bidding and the highest bidder gets the home.

lovelylj · Joined: 01 Oct 2005 Posts: 6

You can read VERY interesting advice and proposals here. http://real-estate-note-buyers.blogspot.com/2007/09/first-time-home-buyer.htmltaken care of and faith! Good luck!