Would you purchase a foreclosed home?
The Boston Globe poses this question to its readers
Back in February, Liz Curtis wrote a great blog describing her experience as a first time homebuyer. The blog was particularly interesting because Liz's new home was a foreclosed property. In it she explains how she grappled with the decision of whether or not to buy.
On August 19, the Boston Globe posed the same question to its readers I invite you to read the comments on their blog, and share your experience/opinion with us.
I'm still sorting it out.
Buying a foreclosed home
Sadly, yes I would. Had I not already purchased a home out of neccessity when the market was peaking, I would definitely shop the market now that prices are much lower and affordable. Typically, I am not an opportunist but I feel it is neccessary to make decisions that make sense financially and that will advance my family. It is very frustrating to know that I'm paying probably doube what some of my neighbors are paying monthly, but I'm glad to be where I am.
Hypothetically speaking -- If I were to purchase a foreclosed property, I would ask to meet with the owner and find out what their balance was and try to pay that amount or get as close to it as possible if they did not have gap insurance--if it were in reason. Or, I would try to do something in my closing that would help them financially--even if it meant paying their first, last and security in an apartment.
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