waxwabbit

Greetings,

Does anyone have any views/ideas/experience on foreclosed homes - downsides, upsides etc.....

There would seem to be a veritable cornucopia of homes in this category....(ebay, yahoo real estate)

I am assuming that these homes were taken back by the bank, as the original owners couldn't keep up their payments for the majority - correct?

good day to you

Leeeeeeee

tony_2003

My wife and I are thinking about buying some land and building a house from scratch. I could probably do a lot of it myself. This seems the cheapest option and you get to pick exactly what you want it to look like.

I have seen the ads for foreclosure houses and often wondered if they are that much cheaper than buying the normal way.

Would be intresting to find out more as well.

Pulaski

We looked at a several foreclosed homes last year and most were absolute cr@p, probably better to buldoze and start again than try to fix them. We did find one decent one and put an offer on it but we were messed around by the vendor bank, and its realtor, who was a complete twit, so we backed out of the deal.

You might find a gem, but you'll have to look hard.

In truth most people who fall into arrears and slide towards forclosure trash the house before they leave. That, or they lived like pigs anyway.

There are a number of pitfalls to buying older homes, like, with most US homes being wooden framed, there are all manner of rots, fungii, and wood-eating insects that can destroy the frame of a house, and which might not necessarily be identified even in a full structural survey, after all the surveyor can't dismantle the house to see all parts of the frame. If a house has been repossessed then you can be fairly sure that, even if hasn't been actively trashed, it has probably been neglected.

BTW Did you know that a roof on a US house, if it's made of asphalt shingles, as most are, only has a life expectancy of twenty-five years?

robclews

A UK masonry built home only has a listed technical life of 25 years as well, we all know they last much longer than that. A British Agrement certification for construction products rarely exceeds 25 years due to manufacturing liabilities.

Rob

SueIP

We bought a foreclosed manufactured home last year. My in-laws spotted it th day it became available. We were lucky/fortunate because although it deperatley needed cleaning and a good lick of paint it wasnt too bad.

Apparently "Earth People" lived there before and their deco was basically brown and blue, with one ceiling with clouds on, twigs as a border in twp rooms and all the doors had their paint scrubbed off to look natural!!

It took 4 of us to get it ship-shape in 2 weeks. We were very very lucky I hasten to add!

Sue

Pulaski

If you're referring to the point I made about asphalt shingles then I'm not quite sure what you point is as it is patently obvious that a properly constructed brick-built house will last easily one hundred and fifty years, and a tile or slate roof probably close to one hundred years, whereas a roof of asphalt shingles does need replacing after twenty-five years or so.

Ray

I seem to remember you were looking at relocating to Florida...Then I would most definitely agree with Pulanski... Especially a property that has been empty for over a year will need substantial work..The Termites will have got in, + other bugs...Mold will be everywhere, Of course if you are in the building trade, there are bargains...if not, keep well away..

robclews

Just producing a statistic that applies to building products in the UK no more no less.

With no reference to anything you posted, it's also interesting that Timber panel homes here in the USA ( called Timber Frame in the UK ) are predominantly stick built on site whereas in the UK they are all Manufactured in factory panel form. This form of construction is equally as durable as a masonry home, considerably more efficient thermally and with the correct exterior treatment can be built in any environment.

whatever

This thread is v. interesting for me.... please can someone tell me, what is a pre-fab house? Is it the same as manufacturered?
Stick built is another description for Timber Frame?

And last but not least - is a foreclosed the same as a 'fixer upper'?

Ray

Sort off..my memory goes back to to the UK prefab houses built after WW2 unfortunately with asbestos walls..to my my mind a Manufactured home is a glorified trailer home...some may argue that point..The Realtor Term for falling down houses is a "fixer upper"and they often refer to a "doll house" which really means, a tiny place ..

SueIP

Hi this is a piccie of MY manufactured Home - personally I think it is great and huge inside :P

Sue

Ray

Hi Sue...I knew you would reply to that....thats why I said
"some may argue that point" yup it does look nice...could you make the pic bigger though (lol)

SueIP

Hi Ray!!

I am still a novice at this computer things and wouldnt know where to start making the photo smaller lol

I did say it was HUGE!!! LOL

waxwabbit

Hi Sue

Nice home.....

Where in Florida are you, we may be neighbours soonish?

May I ask how much your house cost (IM if you'd rather)

Ive been looking on yahoo real estate/ebay to get *some* idea of what I could expect.

Many thanks
Lee

SueIP

Hi Lee, The house is in Davenport just off the 27 - it is at "The Ridge". We were really fortunate as my in-laws spotted it and put a deposit down straight away and a month later it was ours!!!

I am not sure how much they are new to be honest I think about $70,000 - but dont quote me on that!!!

Our house is 4 bedrooms ,big lounge, dining area , huge kitchen, study,utility room, 2 bathrooms, shed and massive gardens. We are really lucky as we have the biggest plot of land on the estate and are right opposite the clubhouse, playarea and pool.

We hope to be out there permanently by the middle of next year when I can get my nursing exam done etc etc!

i have PM 'd you with what we paid ;o)

Sue