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What are the cons for buying a foreclosed property?

Posted by Dr.Vermin (aka dr.vermin) Apr 27 '12, 10:07

This may vary by state. But... did I hear something like you have to put more down to avoid mortgage insurance, or is just that for 'short sales', or... what?

Going to look at a house tonight, so I can ask my realtor all these questions, but in the meantime...

Responses:

There could be other foreclosed properties in the area, which would be bad for your property value -- nm - con_carne Apr 27, 10:25
the process takes a lot longer -- nm - ceregon Apr 27, 10:24
bank-owned, so less room for negotiation, and might have a drawn-out settlement. Might be in poor condition if unoccupied for a while. -- nm - znufrii Apr 27, 10:16 1
- Ahhh, interesting. Thanks! -- nm - Dr.Vermin Apr 27, 10:20
I'd look for how long it was vacant...possible issues from long term non-residence -- nm - oblique Apr 27, 10:13

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What are the cons for buying a foreclosed property?

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