ravenmickey
New member
- Jun 17, 2008
- 4
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Every couple months I go to Puerto Rico to visit family and once seeing how much cheaper the houses are there, I got the idea in my head to buy a home as an investment and eventually vacation home. I am interested in buying a foreclosure property in Puerto Rico and would prefer to pay for it in cash seeing the asking price is $52,500. I am aware of the risks involved for repairs/renovations and have family that I can depend on for that in PR.
I would like to know if the process of buying a foreclosed home owned by the bank is pretty much hassle-free seeing I'd be purchasing the foreclosure from the bank. Incidentily, I was pre-approved at Banco Popular at 6.25% but once I did the math I see that the interest would be almost be as much as what I paid for the house in the end. Which is why I am seriously considering paying in cash. Any advice would be greatly appreciated!
I would like to know if the process of buying a foreclosed home owned by the bank is pretty much hassle-free seeing I'd be purchasing the foreclosure from the bank. Incidentily, I was pre-approved at Banco Popular at 6.25% but once I did the math I see that the interest would be almost be as much as what I paid for the house in the end. Which is why I am seriously considering paying in cash. Any advice would be greatly appreciated!