Re:Ask HN: I've saved up $80k USD. What should I do with it?
by jweather on Wednesday May 06, 2020 @09:56AM
(#23090955)
Buying a foreclosure is the same as any other home purchase -- get an inspection and title search to know what you're getting into. You're not "buying all responsibilities" any more than you are when purchasing a home the "normal" way.
Re:Ask HN: I've saved up $80k USD. What should I do with it?
by glofish on Wednesday May 06, 2020 @10:37AM
(#23091433)
Saying just get title insurance is exactly what I meant you should be prepared to know what is required and is not something you should jump into thinking of it as easy money.
When you are buying a typical real estate the cost of title search and title insurance are usually part of the settlement process and are included automatically, you don't have to do anything, all gets done for you.
The problem is that with foreclosures that they often are sold via auctions where you don't get to inspect the home, you have to pay cash upfront, getting title insurance is not so given either. Plus you have to do it all yourself. All serious issues.
no one should just buy a foreclosed home without thorough preparation