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Posted by njdave on December 01, 2002 at 11:47:54:
In Reply to: foreclosure posted by K on November 30, 2002 at 20:21:20:
Many Realtors can offer a selection of H.U.D. REO (real estate owned) from a distributed inventory list.
There are also Realtors that specialize in selling REO from institutional mortgage lenders. Buying an REO in this way isn't much different than if you were to purchase any other house on the market. The major difference is that the Owner/Seller is a (distant)corporate entity skilled in the liquidation process, rather than an indidual Seller that you would meet face to face. A Discounted Sales Price might be offset by the need to make cosmetic or structural repairs.
Sometimes, the extra trouble it takes to buy a property whose mortgage has been foreclosed results in a savings to the buyer. Sometimes not.
Are you looking for what might become a profitable hobby? Or a career? Or, are you looking for a house that will become your home?
If you are looking for a home... pick out something that you like, that you can afford, and that will serve your needs....
