JustAGuy2112
Joined Sun 12/16/07
Posts: 4791
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| Sun 09/14/08 09:10 PM |
So..I am looking to buy a house because I am tired of living in this tiny little apartment.
I found one yesterday that is VERY affordable, meaning I could easily afford it on my current income.
The thing is, this house is a foreclosure.
I was telling a friend of mine about it, and when I mentioned that fact to her, she told me ( in so many words ) that I am wrong for taking advantage of someone else's misfortune by buying a foreclosed house.
Am I wrong to try to get something that I can afford, and that would better my position in life, just because someone else was unfortunate enough to have lost it?
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taboo365
Joined Thu 08/23/07
Posts: 2795
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| Sun 09/14/08 09:14 PM |
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if you don't buy it someone els will.
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snuggles1963
Joined Wed 04/16/08
Posts: 288
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| Sun 09/14/08 09:14 PM |
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I don't think so. It's not like you are tossing them out. They no longer have the house. It is empty. Why shouldn't someone live in and enjoy it?
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Mayhem_J
Joined Mon 07/21/08
Posts: 3212
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| Sun 09/14/08 09:14 PM |
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If you dont....someone else will. Only the strong survive.
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adirtygirl
Joined Tue 03/11/08
Posts: 3204
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| Sun 09/14/08 09:15 PM |
Absolutely not!!!!!!! if you are able to buy this home and be happy by all means do it...The way things are going many people are losing their homes and why should someone else in the position to buy it not do so....GO FOR IT!!!!!!
good luck
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Marie55
Joined Wed 08/30/06
Posts: 5711
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| Sun 09/14/08 09:16 PM |
No, you are not wrong. It is not your fault they couldn't keep up on the payments.
Besides, truth is, if you don't buy it someone else certainly will snatch it up quickly. Wonder if your friend was trying to stall you so they could get a look at it to see if they would be interested in it, by guilting you to slow down your purchase.
You are doing nothing wrong, there are lots and lots of foreclosures on the market now. You might as well buy one you like and can afford while you can. Good luck.
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VladTheInhailer
Joined Thu 05/29/08
Posts: 415
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| Sun 09/14/08 09:16 PM |
they are the ones that didnt pay their loans...anything short of a death or severe injury...welcome to america...get your money and get out of the way...its all you dude!!!
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nurjoyce
Joined Thu 01/04/07
Posts: 10151
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| Sun 09/14/08 09:16 PM |
they have already lost it
do what you can afford so you do not end up in the same position
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JustAGuy2112
Joined Sun 12/16/07
Posts: 4791
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| Sun 09/14/08 09:16 PM |
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QUOTE:
If you dont....someone else will. Only the strong survive.
That's kinda the way I look at it too....if I don't...then someone else will..and I will kick myself for not at least trying.
I think the biggest reason my friend thinks I am wrong is because she used to work for one of the mortgage companies that were writing the loans that got people into these predicaments.
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VladTheInhailer
Joined Thu 05/29/08
Posts: 415
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| Sun 09/14/08 09:17 PM |
tell your friend that there are people that need to learn lessons the hard way...people cant live on credit alone
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livelife68
Joined Sun 12/30/07
Posts: 3019
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| Sun 09/14/08 09:17 PM |
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Not at all. I bought a foreclosure. It's the best thing I ever did. Why keep giving a landlord all your money. If it's a foreclosure the people are already out of it. It was the bank that took there house away not you. Just be careful usually the people who have been kicked out know it's coming. Sometimes they trash the house. rip out sheetrock, rip out electrical, cement down the plumming etc. Make sure you get a good inspector. good luck.
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CircuitRider
Joined Fri 07/04/08
Posts: 1170
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| Sun 09/14/08 09:18 PM |
Since it is already a Foreclosure, there is nothing Un-ethical about your buying it...
It is not like you were holding the note and foreclosed on the owners...
Go for it...!!
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JustAGuy2112
Joined Sun 12/16/07
Posts: 4791
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| Sun 09/14/08 09:19 PM |
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QUOTE:
they have already lost it
do what you can afford so you do not end up in the same position
That's another thing I am looking at. This house, because it does need some work ( but nothing really major that I can see ) is going very, VERY cheap. Especially when the location of the house is considered.
I just don't think I could look at myself in the mirror if I didn't try to get it.
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hellkitten54
Joined Sun 01/06/08
Posts: 8999
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| Sun 09/14/08 09:21 PM |
I'm sorry that people have lost their homes, but they cant just sit there and have a tombstone put in the front yard. They have to be resold. Buy it up and read and reread your papers so nothing bad happens to you.
Good luck.
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adirtygirl
Joined Tue 03/11/08
Posts: 3204
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| Sun 09/14/08 09:21 PM |
well all i can say is if you do buy it....let us know and we can have a huge "JSH MOVING & HOUSE WARMING PARTY"!!
who is bringing what????
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JustAGuy2112
Joined Sun 12/16/07
Posts: 4791
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| Sun 09/14/08 09:24 PM |
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QUOTE:
I'm sorry that people have lost their homes, but they cant just sit there and have a tombstone put in the front yard. They have to be resold. Buy it up and read and reread your papers so nothing bad happens to you.
Good luck.
I know one thing...an adjustable rate mortgage is absolutely out of the question. If I can't get a fixed rate loan...I'll keep renting till I can.
Thanks you for wishing me luck.
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Ruth34611
Joined Sat 08/02/08
Posts: 4539
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| Sun 09/14/08 09:24 PM |
There are no ethical issues involved in this at all. You are buying a house that is for sale. It doesn't matter that the previous homeowners couldn't make the payment. If I have a garage sale because I need some extra money for a medical bill, are the people buying my stuff taking advantage of the situation? No, they get a good deal on something and I get the money I need.
The worst thing would be if no one buys the foreclosed homes. Vacant homes owned by out-of-state banks cause neighborhood properties to lose value. They are generally uncared for and often attract a criminal element into the neighborhood. Much better to sell to a new owner.
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JustAGuy2112
Joined Sun 12/16/07
Posts: 4791
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| Sun 09/14/08 09:25 PM |
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QUOTE:
Sounds like a plan to me. But the house isn't very big..lmao
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itsmetina
Joined Sun 12/09/07
Posts: 18946
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| Sun 09/14/08 09:26 PM |
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dam what is the person that told you this thinking
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JustAGuy2112
Joined Sun 12/16/07
Posts: 4791
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| Sun 09/14/08 09:30 PM |
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QUOTE:
dam what is the person that told you this thinking
She's thinking that I shouldn't take advantage of the misfortunes of others.
I can ( kinda ) understand her position, but like I said before, I wouldn't be able to look at myself in the mirror if I didn't try for it because of the location and the price.
The house is only 150 feet or so from being considered " Lakefront " property, and the price is less than 20K. The yard is kinda small, but I don't have kids ( just my dog ) so that doesn't matter much to me.
I think it would be STUPID of me not to try for something like that.
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