UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev | Next
Author: JRockne One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 128129  
Subject: Re: Foreclosed Homes Date: 6/21/2001 11:10 AM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
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.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev | Next


Useful Resources
Our Home Center has all you need to make buying and owning a home a great experience. Get or refinance a mortgage and much more!
Buying/Selling a Home FAQ

Mortgage Professor
Offsite resource for mortgage questions.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Berkshire Hathaway

Collected Mungofitch Quotes
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.