Could You Buy A House That Had Previously Been Re-Possessed?

I guess the reason people get their house repossessed is that they fail to pay back the loans.How miserable !If that happens to them.Perhaps you think it is not auspicious for you to buy repossessed house,so give them a wide berth .

I don't think that I would be super comfortable with it, but I think I would still do it if it were cheap enough and my ideal home. Having said that though, friends of ours are currently facing losing their home and I would love to live in it, but would not buy it in that situation after they had lost it. They were unfortunate in their timing in that they bought at the peak of the housing prices here. Not long after they bought, the prices started dropping. Their mortgage is for around $410,000, but the current market value of the house is more like $360,000!

I don´t know how it happens in other countries, Janey. But in mine there are all sorts of reasons why people lose their belongings. One of them (and the most usual) is that people, specially young people) want to live above their means. So they buy bigger houses in better neighborhoods, the have bigger cars ands all sorts of good furniture and gadgets for the house. There are also expensive vacations and good clothes for everyone. Then the system catches up with them and what they have is worth a lot less than the price they paid for it in the first place. We have to learn how to take care of our money and not overspend if we don´t want to end up homeless. People are not usually turfed out for whatever reason, but for sound reasons that most of the time they could have avoided.

Hiya Janey, Really I have said that many many times that I will not buy one of those kind of Houses or Flats. Like one Woman gloated that she had a load of those kind of Houses to sell and did not bat an eyelid while she said it. Just hope it never happens to her and if she can sleep at night knowing that she is selling those kind of Houses. Just wondered by the way are those kind of Houses cheaper over there? Some are being sold at ludicrous prices here they make no secret of where they came from. Even if there was no other Job left in the World I would never take a Job either of ousting these People out of their Homes. I don´t like to see this on the News any more as they have a special bit sometimes where you can actually watch the people having to leave their homes and all upset. What is most annoying about those People who have all those Houses to sell is the way the gloat about it too. I make a point of not watching those kind of programs either. Just my way of seeing it Janey most of my Family over there my Nieces all have Council Houses as to yet they have been lucky enough not to get thrown out for not paying the Rent I will rephrase that finding themselves in the condition where they are no longer able to pay it. I get too upset watching those programs I get too sentimental about it all but I cannot bear to listen to anyone crying Janey its just too much for me.xxx

I actually bought a fore-closed home. The people were already gone...had been for some time. The bank owned it...and I bought it. The way I see it, when you buy something, you have to pay for it. If you can't pay for it, you lose it. That's life.

I see nothing wrong with getting one of those houses. No one really knows what the other people have done. But in this economy, people are always looking for a bargain, so buying a repossessed house or a foreclosure is fine. I am looking to go to P.A. in about a year and I would not mind buying a foreclosure. It save me money.

Sadly, there are properties that folks lose, but you can do a couple of things. When you buy it, you can give them a portion of the proceeds for them to live elsewhere. Or, work out a deal where they can slowly get back on their feet and get something. But when it comes to repossessed or foreclorsure, they are tired. But I won't say hurt them in addition to what is going on with them, but make the way better for them. I have learned that by reading the Nothing Down books. Well I have read the Nothing Down for Women by Richard Allen and Karen Nelson Bell which takes the procedures in 5 minute bite sized lessons and have quizzes and such at the end of them for you to digest and go back too.

you know what? i never thought about it like that at all. i always wanted to get into buying properties like that, because i heard you can make alot of money doing it. i also though that it is a cheap way to get a house. on second thought, i don't like the someone else's loss being my gain. then again, you have to think what would happen to the houses after the family couldn't pay. i am with you, i say then let them live in their house for free until they can pay. this is in a perfect world and that's not going to happen. so, realistically someone is going to have to buy those houses. maybe they should turn those houses into homeless shelters or something. i don't know the right remedy.

You are very compassionate, Janey! I have never thought of re-possessed homes in that manner. Maybe I see it as a lucrative opportunity instead of looking it from a different perspective of the people who had their property foreclosed. To me, purchasing a property is a huge responsibility. We need to think about how we can afford it in the first place. We also need to think about the "what ifs" and ensure you are well-covered. What if the banks increase interest, would be still be able to pay your monthly instalments? If you are retrenched, how will you finance your home? If you die today, will your family be burdened by your debt? Of course, the "what ifs" are endless and there is no way for us to anticipate every thing. If you have not paid your home loan instalments for some time, it is important to engage the bankers and see how they can help before they launch a foreclosure on your home. Worse comes to worse, you may have to sell your property and get a smaller one. You will have to do the math before making any decisions. I know if all forces are against you, you may be in a difficult position and may not have much choices. But let's just wish the family has a better life somewhere else.

Yes, it will always difficult to make a choice, especially when it involved a conscience and financial interests. But for me, it seems i will try my best to prioritize my conscience.......

I wouldn't buy a foreclosed upon home because of the red tape involved but I know that others do. My home was foreclosed upon and there was nothing I could do to save it. I left and had to rent a trailer for years... we are now in the process of buying a home. Actually SIL's mom bought it and we are buying from her. As far as repossessed homes or foreclosed homes.. people have to pay their payments to the bank or mortgage company or they can't keep it. It's life. I don't see anything wrong in buying a home that is foreclosed if they want to save themselves some money. Everything usually works out how it should in the end anyway... I couldn't keep my home by myself. I couldn't afford it. Life is much better now though. It's taken years but I'm happy now that we are going to a beautiful home.

well that's life. Money really makes the world go around even if there's people affected.

If I buy a house I buy a house that feels good to me, where I feel home, no matter if it has been re-possessed or not.

I live in the area where the Fenton, Mo. Chrysler Plant closed and there is all kinds of houses in Re-Possesion. I am a rentor and would love to own my own home. I do know many families that have been Foreclosed on. Most admit that they worked at Chrysler and was living well beyond their means. A couple of people said they should have just bought something they could afford in casethey ever did lose the high paying job. With this in mind, yes I would buy a home in Foreclosure. The payments are lower than a new house because the bank is only allowed to sell the house for what was due on the loan at the time of re-possesion. Sorry for the previous owners loss but their loss is my gain. Dog -eat-dog world nowadays..every man for himself.

Personally, I wouldn't move into such a house. I am not overly sentimental, but I do take that into consideration. Now, if I went into the business of buying and selling houses, then I would really consider it. I know that there could be bargains in those, and I could make a profit. Unfortunately, I am not in that business, and I don't have that kind of cash.