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Author: JRockne One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127464  
Subject: Re: Foreclosed Homes Date: 6/21/2001 11:10 AM
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Other risks?
Your real estate agent was correct in that you will need to be ready quickly and this can be one of the biggest sources of problems.

If you are going to be buying at a foreclosure sale (at the auction) the seller will require cash shortly after the sale. (I'm not sure the exact time in Texas but your attorney should be able to advise you on that.

Also, in the "speed" of the transaction you may not be able to get adequate inspections done or title reports/insurance.

Bear in mind, (with the current stock market slump I had too, sorry) that many many people have been to the "get rich quick" seminars and have "learned how to buy properties in foreclosure." This has increased the number of buyers at the foreclosure sales which - in my opinion - has resulted in higher bids than was historically seen. In otherwords, homes are often sold at foreclosure sales near their market value.

With all that said, I have friends/clients who do buy properties at foreclosure sales. Usually they look for beaten up properties that aren't too great to look at. They buy them and spend some money and time fixing them up and then put them on the market. They don't get rich but they do alright.

Good luck.

Joe
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