I've seen the commercials and I want to actually try it out if it isn't illegal of course. I mean the buying of government repossesed houses and property and paying off the tax they owe. Then repairing them and selling them back. How does this work? Thanks!
2006-08-08 14:32:52 · 4 answers · asked by storyguy13 2 in Business & Finance ➔ Renting & Real Estate
You don't have to worry about the old owner if you buy it via the federal government.
Check out the buying link for your area at....
www.hud.gov
You should never have to pay money to obtain this information.
The way you would benefit is by buying the home for less than it's appraised and if it was in good condition and you didn't have to put a whole lot of work and money into it before you resell it. Choose wisely and know the market in the area you are purchasing in.
2006-08-08 15:07:41 · answer #1 · answered by treday25 5 · 0⤊ 0⤋
if you are buying them for back taxes be forewarned that the owner has 1 year I think to pay them and reclaim his house, foreclosed homes are discounted dollar wise but you really have to make sure you can turn a dollar on them
2006-08-08 14:38:52 · answer #2 · answered by Iron Rider 6 · 0⤊ 0⤋
you buy them cheap and either repair and sell them quickly or fix and rent them out for income. the issue is selling it before the mortgage payments exceed the profit of the purchase
2006-08-08 14:38:41 · answer #3 · answered by ML 5 · 0⤊ 0⤋
Usually you buy repossessed houses for less than what they are worth, and then you fix them up and sell them for what they are worth
2006-08-08 14:37:17 · answer #4 · answered by erik c 3 · 0⤊ 0⤋