Buying repossessed property. Does it somehow feel wrong profitting from anothers misfortune?
Sunday, March 29th, 2009 at
4:06 pm
Buying repossessed property. Does it somehow feel wrong profitting from anothers misfortune?
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Tagged with: Misfortune • Repossessed Property
Filed under: repossess property
Eigenlijk, ja, vooral wanneer you/we het voor een goedkopere prijs, en met minder zorgen dan het oorspronkelijke contract krijgt.
Ja, af en toe ik, maar het wordt aangeboden voor verkoop en als het is u wil, dan koopt het. Als u niet, iemand anders.
No. I figure they bought in over their heads, something I would never do.
Somebody has to buy those properties right? I might be wrong but I think a lot of those situations come from people making stupid decisions and buying houses they can NOT afford. Honestly, they asked for it if that’s the case. Nobody should feel bad for “profiting” by buying a house for cheap. The bank is owed money, they should get it. You’re actually doing the banks a favor – not punishing the previous owners. You didn’t go and directly take their house. I’d buy a repossessed house in a heart beat.
It depends. Buying a foreclosed home in the state I live in would make me feel a little guilty. Not guilty enough not to do it mind, but still guilty. Buying a home in one of the areas that had a big “bubble,” I wouldn’t feel bad about at all.
In my area I know that most of the foreclosures are due to misfortune and not greed. ie foreclosures are up mainly because of unemployment. In the bubble areas a good portion of the foreclosures are due to greed on not only the part of the lender, but the former owner as well. People getting in to homes that they couldn’t really afford using interest only or arm loans shouldn’t have been shocked when they lost their homes.
I don’t think you should feel bad. Someone is going to buy them. People like us who are able to buy these houses will help our economy. I do feel bad for the people around here that have lost homes. I don’t agree with what the others have said about them being stupid and buying what they couldn’t afford. Honestly, most people around here have lost their jobs. Nothing they could have ever planned for. Of course there are some who lost them due to over-extending themselves… The major problem with the mortgage crisis is unemployment. I hate when people speculate and assume that someone lost their home because they bought more than they could afford. In Michigan (at least), that is not the case.
its not wrong at all. think about it. the person is about to be foreclosed on the property. The bank is going to kick them out of their house, they’ll lose all of their equity if they have any. and they’ll have a foreclosure on their credit which is REALLY BAD. someone who then buys the foreclosure (if done properly) will give them out of the obligation of their mortgage & possibly save their credit score