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by steelhamster@aol.com on April 17th, 2007

steelhamster@aol.com

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Buying repossessed property. Does it somehow feel wrong profitting from anothers misfortune?

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  • by theceebs on August 22nd, 2007

    theceebs

    I am actually in the process of buying a foreclosed property. It's been sitting for over a year, and the realtor that currently has it is the 3rd realtor in a year, so she has no idea what happened that caused the previous owners to lose their house.

    I did ask, because I DID feel badly about it. Not badly enough to NOT buy it, because not buying it isn't going to get them their home back, but still a little bad. I don't think I really wanted to know, though, because if it WERE something sad, I would have felt genuinely bad !

    But the realtor told me that, at least in our area (small town, rural state), most repos and foreclosures are due to an increased interest rate on homes purchased with an ARM (adjustable rate mortgage), which brought the mortgage up to an amount they couldn't afford.

    I think the bottom line for me is that I will be able to rest easier knowing I'm not profiting in a pure sense from someone's loss - I will be living in the house, not flipping it to resell.

    Comments

    • You should flip the house once the market rises! Then you could become an investor in real estate. Big money if you buy low, fix up and sell fair.

      Mr.Matt

      by Mr.Matt on July 9th, 2008

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