How Do You Get Started Buying Foreclosures?
It seems everyone wants to know how to get started buying foreclosures. Whether you are just trying to get a good deal to buy a house or want to invest in rental property, the foreclosure crisis has created a unique opportunity for those in the know. Is buying foreclosures too risky? Should you bid at a foreclosure auction? Will you get a really good deal or a nightmare? There are threeopportunities foryou tobuy properties in the foreclosure process: • A pre foreclosure sale occurs before the foreclosure auction • Purchase of the property at the foreclosure auction • Buying bank owned real estate after the auction I will be discussing the second and third options in this article. Purchase of a house at a foreclosure auction is usually a risky proposition. You generally do not have an opportunity to inspect the property before you bid, you must bring a large deposit (10-20% of the winning bid price) and have funds to close within 30 days after the auction. In addition, you sometimes fin
