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The Hunt Is On



We made it through the holidays! I just learned about a property that is promising - a little house on 3+ acres. I am trying to get in to see it this week. We had not planned to buy anything until our current place sold, but maybe we could swing this one. It is a foreclosure, and priced quite low.


I have mixed feelings about buying a foreclosure. I have never been one to want to profit from another' s misfortune. But if this place could work for us, it could be a Godsend. Still, somebody lost the home and I imagine has shed many tears.


I need to figure out if I can be OK with buying a foreclosure. Does that sound bizarre?


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That doesn't sound bizarre at all, it shows you have concern and compassion for others.


Whether you get the foreclosure or not, the other person is not getting the house back. You woudn't really be benefitting from their misfortune -- the banks, loan officers, etc. were the ones who have done that -- well, if that was even the case, it could have been that the person was just reckless. Though you can never really know the circumstances of the foreclosure or the history of the person/family who lived there before, you can be assured that if you, someone else, or no one else buy the property, that person/family have already lost it, and it's now in the bank's hands.


Maybe it will be less personal if you look at it as something between you and the bank, not you and the people who previously owned? Because in essense that is what it is, between you and the bank, because the other person is already out of the equation.


I do admire your concern for others, esp, in this day and age where most are looking to get ahead at any cost. At the same time though, it would be sad to see you miss out on something that may be a perfect fit for your family.

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Often the condition of the property will tell you how much the previous owner "cared" for the home. Like Lumabean says...it's not their any more regardless. Also, whether we like it or not, when we open a bank account we usually are not reading fine print that says we're "giving" our money to the bank to do with as they please...even close up shop & take our money! Loans are no different. When we go in debt we know we're at risk should something happen to our finances. Maybe the previous owners will be glad to know somebody who can love & care for the home is taking it and not an investor that will put lipstick on it & try to find some unknowing person to buy problems that have not been revealed. Hope it works out for you & your family. Sounds like what you're wanting!

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