I'm 19 years old and i was thinking of getting my mom into buying foreclosed homes and reselling them. She doesn't have a job and she wants to make money but doesnt know how. I've heard it's a great thing to do. We don't have alot of money so we do what we can. Can anyone help me out?
2007-06-11 05:44:50 · 3 answers · asked by rose123mc 1 in Business & Finance ➔ Renting & Real Estate
You are so nice to think of ways of helping your mom. But I believe buying a foreclosed home is not that easy unless you know someone expert on foreclosures to help you. You have to do some bidding (highest bidders will get the property) on the property and you have to pay CASH for that transacton. If you plan , better get the properties that are in pre-foreclosures....because that is cheaper.
2007-06-11 05:53:06 · answer #1 · answered by pinaytechie 2 · 0⤊ 0⤋
It's very nice to want to help Mom, but this is not the way to do it. Buying foreclosures and reselling for a profit takes an excellent credit line and available cash to use.
Furthermore, at this time, the market is very unstable relative to home sales. You may end up buying a foreclosure, doing some repairs, and then discovering that the property is now worth even less than you paid for it.
Money can be made doing the foreclosure thing, but I do not recommend it for newbies without excellent knowledge of the real estate market where they intend to purchase.
2007-06-11 12:49:48 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
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2007-06-14 12:37:38 · answer #3 · answered by Anonymous · 0⤊ 0⤋