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USA foreclosures

  • 23-08-2010 3:29pm
    #1
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭


    hi guys

    jsut wondering if anyone here has every bought a foreclosed property in usa, just wondering on the experience, hidden costs, did it work out etc?


Comments

  • #2
    mrmitty
    Registered Users, Registered Users 2 Posts: 80 ✭✭mrmitty


    What exactly do you need to know?
    FC procedures differ from state to state.
    They are very time consuming and the asking price is seldom the selling price. Bank response time (to offers for example) can take 30-40 days making the negotiating process very difficult.
    Be more specific with your questions and I'll do my best to answer.


  • #3
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    thanks for the reply. do you own any property in the us?


  • #4
    silja
    Registered Users, Registered Users 2 Posts: 2,921 ✭✭✭silja


    I own a property in the US, we live in it :) It was not a foreclosure, though the seller was "very motivated", ie close to foreclosure. One thing I would keep in mind is that if you are planning to buy as an investment, it would have to be very long term, and do not believe the ads you may see about "XXX dollars rental income". Those are often figures from several years ago, plus similarly to Ireland, there is a lot of rental properties (as people cannot sell their houses), so it's a renters market and your property may stand empty for months.


  • #5
    mrmitty
    Registered Users, Registered Users 2 Posts: 80 ✭✭mrmitty


    mickman wrote: »
    thanks for the reply. do you own any property in the us?


    Yes, I have lived in Chicago for 24 yrs and own several properties there.
    There are mainly two types of distressed properties over here (Chicago), Short sale and foreclosed properties.
    Short sale deals seem to be tough to negotiate because communicating with and more importantly getting responses from banks tend to be difficult.
    Foreclosed homes are just that, homes which are owned by the bank (also called REO). When given out to Realtors for sale, these homes can be bought just like any other home but the deed tends to be a sheriff's deed and not the warranty deed , which would be the norm.

    Personally I would not recommend purchasing an investment property overseas anywhere unless it was a very large development and secondly, that you have a good reliable management company to deal with. This phenomenon which sprung up in Ireland during the Tiger era was something I never understood.
    There has not been a justifiable yield to be had in property over here since the early 90's unless you are going for the capital gains aspect and if so you need to look long term.

    Hope this helps somewhat.


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