Anyone here have experience with this?
A piece of property my mother has been admiring for 15+ years has gone into foreclosure. On the surface it seems like a very good deal. The house needs landscaping, hardscaping, new kitchens and bathrooms, some floors, etc but is in good structural shape and is in a premium location. The land without the structures might actually be worth the bank's asking price ($1.7MM). The last appraisal was $4.5MM. This deal is subject to the right of redemption which will allow the them to reclaim the property by making payment in full of the sum of the unpaid loan plus costs within 12 months after the sale.
We have heard horror stories about foreclosures so just wanted to see if any of you have gone through the process and if you would recommend it.
Here are a few pictures. Outdated and overdone in many places throughout:
And someone decided to show a little restraint:
A piece of property my mother has been admiring for 15+ years has gone into foreclosure. On the surface it seems like a very good deal. The house needs landscaping, hardscaping, new kitchens and bathrooms, some floors, etc but is in good structural shape and is in a premium location. The land without the structures might actually be worth the bank's asking price ($1.7MM). The last appraisal was $4.5MM. This deal is subject to the right of redemption which will allow the them to reclaim the property by making payment in full of the sum of the unpaid loan plus costs within 12 months after the sale.
We have heard horror stories about foreclosures so just wanted to see if any of you have gone through the process and if you would recommend it.
Here are a few pictures. Outdated and overdone in many places throughout:
And someone decided to show a little restraint:
