Buying a hOuse from Law/Court/Bank.

[RAKESH15]

What is the name of your state?

Delaware.

Daily many people go bankrupt,
can't pay mortgage for their house and the house is pulled back by Bank, Court, or Law !

Sometimes they won't even allow to visit/visulize the house from inside
and everything is on " as is " condition !

How to find these info. in your area?

Is it worth to gamble on such bargain prices?

What are the Pros and Cons ?

Are the prices fair/lower/higher?

How you know about the repair estimates , without entering into da house ?

Pl. eloberate n' extend yr comments.

Thx.

 

[FlyingRon]

Sometimes they won't even allow to visit/visulize the house from inside
and everything is on " as is " condition !

More often than not the foreclosure auction doesn't even take place at the site.
There's no oppurtunity to review. You have to base your bid on what you can observe (drive by inspection, prior sales records, information gleaned from talking to the lender or the current owner/occupants).

Frankly, this is not a good deal for someone who hasn't a clue. Immediately marketable houses are frequently bought for close to the market price by either the lender or people who know what they are doing. You might do better on stuff that needs attention, but there's a lot of risk there.