FORECLOSURE HOMEBUYING EXCITEMENT! The tally from all those rounds of speed-buying at the George R. Brown REDC foreclosure auction yesterday: 106 properties, totaling $7.7 million dollars — plus a few giddy new homeowners: “It happened so quickly that Shamika Hayes wasn’t quite sure how it happened. ‘I wasn’t paying attention and kept raising my hand,’ Hayes told us. But in an auction where houses were selling in 90 seconds or less, the family of four bought their very first home sight unseen. Understandably they were a little nervous about that last fact.” [abc13]
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Great gimmck for the finance companies. Well, it’ll be back in another auction soon enough.
Isn’t it purchases like this that got us into this trouble in the first place??
Auctions are not great way to buy homes. Its a good way to sell them, but ideally if you want a cheap home- get a short sale. You are not competing against anyone and you can actually take a look at the house.
Does anyone know how long after you foreclose you can buy a home again. The best I could find was this article-but it doesn’t really tell you much:
http://www.bankapedia.com/mortgage-encyclopedia/faqs/538-how-long-after-a-foreclosure-until-i-can-buy-a-home-again-