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Buying a foreclosed house?
jrussell2015
Posts: 1 Newbie
I saw a really good looking house recently, which I come to know that, is a foreclosed property. I was looking forward for advice to buy that house. When I contacted my mortgage broker, Butler Mortgage, they said that it is possible, but not without some hassles. Is there any advantage as a buyer for buying a foreclosed home? Do you recommend it?
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Comments
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You mean 're-possessed'? 'Foreclosure' is a US term."You were only supposed to blow the bl**dy doors off!!"0
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Buffalo or moose spam.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Buying a respossed house is harder because the seller won't be able to provide you with any information. If improvements have been done they won't be able to provide building regulation certificates. They won't be able to tell you if there are any problems or when this or that was replaced.
You also risk being gazumped at any point. If you agree a price they won't take it off the market and someone can out bid you at any point until exchange of contracts.
Plus you only have 28 days to reach exchange of contracts (although this will usually be extended if you are almost there)Changing the world, one sarcastic comment at a time.0 -
maninthestreet wrote: »You mean 're-possessed'? 'Foreclosure' is a US term.
That figures as Butler Mortgage is based in Canada - we aren't.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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