How do you feel about purchasing a foreclosed home?

Question

I'm just kind of curious about whether most people would feel okay (morally) purchasing a home that was foreclosed on another family. In other words, do folks view it as benefiting from someone else's misfortune?

Answer 1

In most of the cases I have seen, the original owner  bought more home than he could afford, and when the rates changed could not pay for it.... While it is unfortunate that someone lost their house, they should not have let someone talk them into more than they could afford...

To me it's just an oppurtunity to get a good deal....

Answer 2

In today's market, foreclosures are the only homes representing true market value.  I wouldn't get anywhere near anything except for a foreclosure.

Although nobody had issues with house prices going up 25% per year, when you tell a seller they have to lower their price 25%, they get all offended and their house continues to sit on the market.

Avoid that nonsense.  Only buy and only consider foreclosures until at least 2010.

Morality is not involved.  It is a business transaction.

Answer 3

You the buyer don't know about other people why the loose the house in the first place. I agree, that it feel weird, but - those people are already gone, they loose their house and what we can do is only wish them the best and hope, that loosing the house put them in the better financial situation and they can start to rebuild their life and will have a change for fresh start.

Answer 4

I went through a little bit of that with my house purchase.  Part of me felt bad for their kid.  It would be rough to cope with something so bad that you could do nothing about.

On the other hand, we know from the listing agent that the former owners made some bad financial decisions. So while initially I felt a little bit like I was profiting from someone else’s loss, in the end, I know it’s their fault they lost their house. It’s not like I’m in any way responsible for their bad choices so I have no reason to feel bad for them.