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Subject:  Re: OT: KISS Date:  11/22/2002  2:29 AM
Author:  SeattlePioneer Number:  83778 of 882490

<<Can you get hardmoney loans for the properties that are sold by banks at the courthouse, or do you just have to use your own money and then can you get a regular loan to refinance it?

In Seattle, there are some organized aids to buying properties being sold at deed of trust sales. One is a website that lists information on all such sales, and the second is a real estate broker who makes these sales his business.

The real estate guy has a weekly meeting for his clients, reviewing pending sales for the week. This gives those interested an opportunity to investigate properties up for sale. Additional meetings later in the week update the rapidly changing situation, which often sees properties withdrawn from sale at the last minute.

The date of the sale is interesting. You have to have cash or cashiers checks to cover your bids on your person. If you are the winning bidder, you hand the seller your cash and get the deed in return, and the property sale is closed.

You may be bidding on a house in which you've never been inside and have seen only from the outside. Unknown liens or other problems can trap buyers. It's pretty hairy business, but you can make really good deals, too.

When I was checking out this market, real estate was liquid enough so that there were few really good deals ---people could usually sell their property without going through a sheriff's sale. That's probably still true today. But if/when we get a real estate credit crunch, I might investigate this again ---that's when the real deals may be there in abundance.

Seattle Pioneer
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