DON'T Buy a Foreclosed Home if You're a First Time Buyer!
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- čas přidán 29. 06. 2024
- If you're a first time buyer, buying a foreclosed home may be a bad idea. This week I share the hard facts about it.
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I'm Jackie Baker, a Realtor with Coldwell Banker Realty in Allendale NJ. I serve the Bergen County area and would love to help you with your next home purchase or sale. Don't live in NJ? I can connect you with an outstanding realtor in your area!
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My first home was a foreclosure/bank owned and it was hands down the best decision I ever made. Bought many more since and has set me up financially superb.
That’s amazing! Good for you!!!
Sometimes you may not have a choice to buys a foreclosed home. These days you either got to have real good money or really rich to afford a decent place to live in.
Good point
Thanks for the information. I am a licensed plumber and I'm confident I could handle drywalling crack filling and some other minor repair tasks so a foreclosure may not be the worst thing for me so long as I avoid foundation problems, and other major expensive repairs.
They need to show this as a commercial during the house flipping shows.
Thank you for the amazing info! First video I have watched from you and you earned yourself a subscriber!
Thank you for your honesty I most definitely agree with you
Thanks for watching!
Great video thanks
You are full knowledge and thanks a lot
Thank you for watching!!!
Good points! 🤔 BK
Great video ! 🙌🏾
Thank you 🙌
Thank you I’m actually trying to buy a foreclosed home that I’m living in currently
I Bought , a foreclosure back in 97, the story behind that was the homeowner had a gambling problem, they lost I bought, as a first timer. My biggest mistake was not having them replace the roof. which ended up costing 10k in 22.
We live in Canada and I think you're based out of the USA?
We are in a unique situation I don't hear talked about too much. We rented our home for 1.5 years and the landlord foreclosed; luckily we had the means and desire to stay and we bought the home. The market was and still is absolutely bonkers. Thank god we had "first dibs" and didn't have to bid against anyone else or deal with any of that malarkey. We bought for less than the appraised value, and we bought it as our first and only residence with the intention to stay for the long-term. It's in really good shape, though we still paid for an inspection regardless. No major issues, but minor fixes.
A lot of of these foreclosed homes are on a good size of property and the house is a piece of crap. What if you just knock down the home and build a new one on the property?
Absolutely you can do that. But for a first time buyer that may not be feasible.
Wth?... foreclosed or not. Ppl should have the right to know wat they r buying. Such evil... no matter wat "they" try to get their $$ back no matter wat by tricks. Grrrr
getting a home for 25k and take a few years to fix un yes sign me up…. im not gonna pay on a house for 30 yrs on something thats over priced because they put new carpet i. and painted the walls then jacked it up to 400k .. think smart ppl.. buy a house full cash upfront. and never have a house payment
Things to expect when buying a foreclosed or auction homes:
* Don't expect designer showcase or newly remodeled condition. Sometimes these homes end up with dated fixtures, poor paint conditions, damage, or worse. A lot of times homes end up foreclosed because the previous owner was in financial trouble.
* The property may have liens on it from previous unpaid bills
* Don't expect to be able to inspect if you buy at auction.
* Budget for repairs, liens, code violations, etc.
* Don't expect banks and auction companies to pay for closing costs and other expenses.
* Some foreclosed and auction homes can have major damage such as foundation, structural damage, water damage, etc.
* Be weary of homes that have been abandoned for a long time.
Great points!
What if your a first time buyer, but your using it as an investment property?
Foreclosures are good if you’re buying it for investment purposes. Just make sure you use a licensed and insured contractor to do the renovation.
Most of the time, the first time buyers get the hand me down homes.. So what's the difference?
I’m a first time home buyer and trying to get a house in the Bay Area which is btw too hard to find a decent home for $1M 😢
So I just came across foreclosure homes and I thought of looking into it but what if I get a better looking house which might need some light fixtures .. will it be good option then to buy it
Thank you
If you find a foreclosure that doesn’t need a lot of work then go for it.
I rent everything, including my beer.
You remind me of Kristina Smallhorn on CZcams.
Aw thank you! Love Kristina! That is a huge compliment!!
how is a best route to be a 1st time home buyer? thanks to anyone/anybody with their Truth & Honest Response/Reply.. God Bless You ALL
If you can wait, wait for now. Save your money, clean up any debt you may have.
What if it's a remodeled foreclosure in good condition?
As long as you do an inspection and there are no other issues, then go for it!
Too many animation clips
Thanks for the feedback
I very much enjoyed the animations lol
@@lacyrussell7812 thank you!!!
I agree. Everyone is using AI now and you can tell
Came here to make this suggestion lol but I really appreciate the honest opinions on the topic at hand!