me and my husband are planning on purchasing a home for our new little family, It will be me, my husband, our 4 month old little girl, and my father in law. We are planning to look for a 4 room home in santa clarita california, or anywhere from there(because thats where my husband works) through LA (thats where our family and friends live).
My FIL wants us to purchase one in palmdale, but we think its too far from my husbands job, and we go to LA every weekend so thats so much gas, he says their cheaper in palmdale. I have heard that thats true. But i dont like my husband taking an hour to get to work and get home.
so i was wondering if foreclosure homes are cheap in any area?
And how does purchasing a foreclose home work?
Can you just call the real estate agent and tell them you want it, or do you have to go to an auction and bid for them?
i have been checking out websites about foreclosure homes, and i was wondering if where it says “price”, if thats the price of the house?
or is that the price in which the bidding will start?
Buying Foreclosure Homes ?
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We’re in the process of buying a bank-owned forclosed home in Fontana, and it’s our first house, but from what I gather it’s very similar to buying from an owner or listing, except that it’s a bank, not a family, that owns the property.
The bonuses of course are that they’re dirt cheap and the banks are so desperate to get rid of them that they’ll accept offers way below asking price. Also, when viewing, it was nice that we could see more houses and without appointments since the bank-owned properties were all vacant. Also, due to vacancy, escrow is shorter.
The downside is that it’s a crap shoot as to what condition they are in. Some of them look great on paper, but when you see them, you realize the previous tenants were obviously not happy about being foreclosed on and they tear up the house, holes in the walls, water damage, every fixture missing, etc. About half of what we saw were that way, the other half were either move-in ready or regular wear and tear. Oh and while ours wasn’t this way, from what I understand most banks refuse to pay your agents commission or closing costs, so that’ll come out of your pocket.