Thread: Pros and Cons of buying a foreclosure?

Originally Posted by claytor

Is it possible that the person who previously "owned" the house could come up with the money and buy the house back from the bank? Someone told me this was possible but I was fairly skeptical. Is there any merit to this?

That is true but first come first serve

I would think at least in Minnesota there are two reasons foreclosed houses could be trashed: 1) The occupant feels they have little to lose to loot the home, fixtures, etc. 2)In Minnesota at least, I know that home occupants have IIRC somewhere between three to six months after a foreclosure before they have to actually vacate the home. Many people probably figure "Why fix anything if it breaks?"

Chris L