I hear the ads on tv, the newspaper....are the deals really as good as they say? Are you able to have the foundation checked, or is it an auction? Looking for general info plz.
2007-07-05 14:10:30 · 6 answers · asked by belle 5 in Business & Finance ➔ Renting & Real Estate
Yes there are a lot of foreclosure deals out there. Some of the deals are as good as advertised and many others are not. You really have to do your homework when purchasing a foreclosure property. If you buy them at auction, getting financing can be tough as you will not be able to go into the home and check it out or get an appraiser or inspector into the home most likely as well. If you buy the home from a distressed seller or from a Realtor then you can have the home appraised, inside and out, and you can have an inspection done on the home as well. Buying foreclosed property can be a very lucrative business if done properly, but the problem is that most people do not have the know how or the background in buying and selling houses to be successful at it. There is a lot of work to do and a lot of patience required making sure you only buy profitable homes.
2007-07-05 14:26:27 · answer #1 · answered by dzwreck 4 · 1⤊ 0⤋
Generally speaking, they are nowhere the deals advertised on television. When a property heads into foreclosure, the lender repossesses the property under its loan contract. In nearly all foreclosure cases, the amount owed is equal to or exceeds the actual market value of the property. The lenders take as much as they can get on foreclosure sales.
The last one with which I dealt ended up selling fore more than $20K over the initial asking price.
2007-07-05 14:15:08 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
Buying foreclosures and making good money off them is possible, but the things you hear on the TV and the Internet are widley over hyped and exagerated.
They are quite possible, but you have to have a discerning eye for not getting involved in a bad situation (read unprofitable) and when you do get one there is a lot of hard work you have to do, working with banks, etc, to make it go.
And generally, they claims they make about having success without any money and bad credit, while possible, is a 1-10,000 type of thing. Most successful people find they need to have good credit and at least some liquid assets ($10,000-50,000) to make a profit in foreclosures.
But it is possible.
2007-07-05 14:24:55 · answer #3 · answered by rlloydevans 4 · 0⤊ 0⤋
Buying foreclosures and making good money is possible.
I had good luck here. Good luck!
http://www.foreclosureinfousa.net
2007-07-06 05:08:53 · answer #4 · answered by Anonymous · 0⤊ 0⤋
go to an auction. get place to start and learn. dress well, and ask questions.
2007-07-07 16:37:37 · answer #5 · answered by just hanging around 5 · 0⤊ 0⤋
Try http://flippersonline.biz has some free information for you. Hope it helps.
2007-07-09 05:02:41 · answer #6 · answered by Anonymous · 0⤊ 0⤋