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DON'T Buy a Foreclosed Home if You're a First Time Buyer!

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  • เผยแพร่เมื่อ 15 ส.ค. 2024
  • If you're a first time buyer, buying a foreclosed home may be a bad idea. This week I share the hard facts about it.
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    I'm Jackie Baker, a Realtor with Coldwell Banker Realty in Allendale NJ. I serve the Bergen County area and would love to help you with your next home purchase or sale. Don't live in NJ? I can connect you with an outstanding realtor in your area!
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ความคิดเห็น • 44

  • @marketinggenius4438
    @marketinggenius4438 4 หลายเดือนก่อน +13

    My first home was a foreclosure/bank owned and it was hands down the best decision I ever made. Bought many more since and has set me up financially superb.

    • @JackieBaker
      @JackieBaker  4 หลายเดือนก่อน +1

      That’s amazing! Good for you!!!

  • @ashleyspitzer6672
    @ashleyspitzer6672 ปีที่แล้ว +49

    Sometimes you may not have a choice to buys a foreclosed home. These days you either got to have real good money or really rich to afford a decent place to live in.

  • @krakenthrottle2199
    @krakenthrottle2199 ปีที่แล้ว +10

    Thanks for the information. I am a licensed plumber and I'm confident I could handle drywalling crack filling and some other minor repair tasks so a foreclosure may not be the worst thing for me so long as I avoid foundation problems, and other major expensive repairs.

  • @jamesbraun9842
    @jamesbraun9842 ปีที่แล้ว +10

    They need to show this as a commercial during the house flipping shows.

  • @allenmike21
    @allenmike21 4 หลายเดือนก่อน +3

    getting a home for 25k and take a few years to fix un yes sign me up…. im not gonna pay on a house for 30 yrs on something thats over priced because they put new carpet i. and painted the walls then jacked it up to 400k .. think smart ppl.. buy a house full cash upfront. and never have a house payment

  • @YOUR-WORD-IS-YOUR-BOND
    @YOUR-WORD-IS-YOUR-BOND 3 หลายเดือนก่อน +2

    Most of the time, the first time buyers get the hand me down homes.. So what's the difference?

  • @A1Bokeh
    @A1Bokeh ปีที่แล้ว +6

    A lot of of these foreclosed homes are on a good size of property and the house is a piece of crap. What if you just knock down the home and build a new one on the property?

    • @JackieBaker
      @JackieBaker  ปีที่แล้ว +3

      Absolutely you can do that. But for a first time buyer that may not be feasible.

  • @darbirhian
    @darbirhian ปีที่แล้ว +1

    We live in Canada and I think you're based out of the USA?
    We are in a unique situation I don't hear talked about too much. We rented our home for 1.5 years and the landlord foreclosed; luckily we had the means and desire to stay and we bought the home. The market was and still is absolutely bonkers. Thank god we had "first dibs" and didn't have to bid against anyone else or deal with any of that malarkey. We bought for less than the appraised value, and we bought it as our first and only residence with the intention to stay for the long-term. It's in really good shape, though we still paid for an inspection regardless. No major issues, but minor fixes.

  • @normaondina9687
    @normaondina9687 ปีที่แล้ว +4

    Thank you for your honesty I most definitely agree with you

    • @JackieBaker
      @JackieBaker  ปีที่แล้ว +1

      Thanks for watching!

  • @stphinkle
    @stphinkle 5 หลายเดือนก่อน

    Things to expect when buying a foreclosed or auction homes:
    * Don't expect designer showcase or newly remodeled condition. Sometimes these homes end up with dated fixtures, poor paint conditions, damage, or worse. A lot of times homes end up foreclosed because the previous owner was in financial trouble.
    * The property may have liens on it from previous unpaid bills
    * Don't expect to be able to inspect if you buy at auction.
    * Budget for repairs, liens, code violations, etc.
    * Don't expect banks and auction companies to pay for closing costs and other expenses.
    * Some foreclosed and auction homes can have major damage such as foundation, structural damage, water damage, etc.
    * Be weary of homes that have been abandoned for a long time.

    • @JackieBaker
      @JackieBaker  5 หลายเดือนก่อน

      Great points!

  • @thsone
    @thsone 5 หลายเดือนก่อน +3

    Wth?... foreclosed or not. Ppl should have the right to know wat they r buying. Such evil... no matter wat "they" try to get their $$ back no matter wat by tricks. Grrrr

  • @joaquimrodriguez8961
    @joaquimrodriguez8961 4 หลายเดือนก่อน

    I Bought , a foreclosure back in 97, the story behind that was the homeowner had a gambling problem, they lost I bought, as a first timer. My biggest mistake was not having them replace the roof. which ended up costing 10k in 22.

    • @Ukrainianification
      @Ukrainianification หลายเดือนก่อน

      Are you serious? You got 25 years from the roof and still complaining

  • @Unknown-io8rk
    @Unknown-io8rk 8 หลายเดือนก่อน

    Thank you for the amazing info! First video I have watched from you and you earned yourself a subscriber!

  • @lauriekepaa8464
    @lauriekepaa8464 ปีที่แล้ว

    Thank you I’m actually trying to buy a foreclosed home that I’m living in currently

  • @GTLifeStyle23
    @GTLifeStyle23 ปีที่แล้ว +3

    What if your a first time buyer, but your using it as an investment property?

    • @JackieBaker
      @JackieBaker  ปีที่แล้ว +4

      Foreclosures are good if you’re buying it for investment purposes. Just make sure you use a licensed and insured contractor to do the renovation.

  • @zainabadin6586
    @zainabadin6586 ปีที่แล้ว +2

    I’m a first time home buyer and trying to get a house in the Bay Area which is btw too hard to find a decent home for $1M 😢
    So I just came across foreclosure homes and I thought of looking into it but what if I get a better looking house which might need some light fixtures .. will it be good option then to buy it
    Thank you

    • @JackieBaker
      @JackieBaker  ปีที่แล้ว +3

      If you find a foreclosure that doesn’t need a lot of work then go for it.

  • @kiarashjahan8780
    @kiarashjahan8780 6 หลายเดือนก่อน

    Great video ! 🙌🏾

    • @JackieBaker
      @JackieBaker  6 หลายเดือนก่อน +1

      Thank you 🙌

  • @bkfromtherockies
    @bkfromtherockies ปีที่แล้ว +2

    Good points! 🤔 BK

  • @bbqworld2103
    @bbqworld2103 ปีที่แล้ว

    Great video thanks

  • @brigidasuquilanda
    @brigidasuquilanda ปีที่แล้ว

    You are full knowledge and thanks a lot

    • @JackieBaker
      @JackieBaker  ปีที่แล้ว +1

      Thank you for watching!!!

  • @edgregory1
    @edgregory1 6 หลายเดือนก่อน

    I rent everything, including my beer.

  • @takishabaker7520
    @takishabaker7520 11 หลายเดือนก่อน +1

    You remind me of Kristina Smallhorn on TH-cam.

    • @JackieBaker
      @JackieBaker  11 หลายเดือนก่อน

      Aw thank you! Love Kristina! That is a huge compliment!!

  • @AssortedVideosforALL
    @AssortedVideosforALL 3 หลายเดือนก่อน

    how is a best route to be a 1st time home buyer? thanks to anyone/anybody with their Truth & Honest Response/Reply.. God Bless You ALL

    • @JackieBaker
      @JackieBaker  3 หลายเดือนก่อน

      If you can wait, wait for now. Save your money, clean up any debt you may have.

  • @groc2273
    @groc2273 ปีที่แล้ว

    What if it's a remodeled foreclosure in good condition?

    • @JackieBaker
      @JackieBaker  ปีที่แล้ว

      As long as you do an inspection and there are no other issues, then go for it!

  • @keving1774
    @keving1774 ปีที่แล้ว +8

    Too many animation clips

    • @JackieBaker
      @JackieBaker  ปีที่แล้ว

      Thanks for the feedback

    • @lacyrussell7812
      @lacyrussell7812 ปีที่แล้ว +10

      I very much enjoyed the animations lol

    • @JackieBaker
      @JackieBaker  ปีที่แล้ว +1

      @@lacyrussell7812 thank you!!!

    • @thisangryblackfemale
      @thisangryblackfemale ปีที่แล้ว

      I agree. Everyone is using AI now and you can tell

    • @marievanderwarn1643
      @marievanderwarn1643 ปีที่แล้ว

      Came here to make this suggestion lol but I really appreciate the honest opinions on the topic at hand!