Everyone wants to buy a foreclosure until they get to see inside the property

[Bruce Lynn]

Everyone wants to buy a foreclosure until they get to see inside the property.

Look at what this guy won at the tax foreclosure option.
https://www.13abc.com/2024/02/25/buyer-beware-local-man-buys...

It's not always pretty, profitable, and fast flipping like they show on TV and YouTube.

[Susan Maneck]

Quote from @Chris Seveney:

@Jamie Bateman

BasedOn the hud hecm pool looks like a lot of people wanted to buy foreclosures….

The nice thing about buying from HUD as opposed to in auction is you do get some idea as the condition of the property. Most of my properties were either bought from HUD or Fannie Mae, but HUD does at least a cursory inspection.

[Chad U.]

Quote from @Jamie Bateman:

@Chris Seveney well, I don't want to increase the demand for the next trade, but with the HECM NPLs you get interior photos prior to bidding. Removes a ton of risk. 

Yeah they have been some of my best deals, particularly when the seller relies on the BPO.  I once bid and paid more than their BPO.  

[Susan Maneck]

I'm not sure, because what you get is not a clear title but a quitclaim deed. 

[Bobby Cofield]

Hope for the best, but plan and budget for the worst!

[Nate Marshall]

Quote from @Bobby Cofield:

Hope for the best, but plan and budget for the worst!

 Many resemble the pad Sinwar was in when the IDF took him out. Let's be honest. 

[Denny Knapp]

Quote from @John Underwood:

It is typical for them to be bad. It is the exception  to get one that is clean and empty. 

I plan on them being bad and needing lots of work. 

I can still get a "fixer upper" for 30k at auction. This is still a huge discount over what a wholesaler would sell an equivalent house for in my market.

 amazing great job!!

[Staci Ware]

I live in the foreclosure i bought 15 years ago.  It wasn't what I saw inside but what I couldn't see like plumbing!  

its been a labor or love. The unfortunate part is it's often lamented as the nicest home on the block and the fortunate part is it has been made money as a rental for many years and now as a Airbnb super host property.

*Licensed closing agent 

*Real estate consultant for ODOT 

*Licensed realtor

*Property management superstar

*Former underwriter assistant

Inbox me for consultations, property management or co-hosting your airbnb.

thanks