Can a person make themselves wealthy by buying and selling forclosed houses?How do u go about doing it?

Answer 1

Yes they can as this can be a very lucrative business. However, it is not a get rich quick way to make money. There is a lot of hard work, time and patience that is needed to be successful at buying and selling foreclosed homes. You need to be knowledgeable in general construction, good at preparing accurate repair estimates, knowledgeable about the real estate market and buying properties that are wise investments. Check out the links below for more information on how to buy investment properties.

Financing these types of properties can be sometimes difficult, especially if they are run down and in bad shape.

Answer 2

Yes, but you need money to make money.

Most of the people clamoring for Foreclosure information dont' have the money to pay all cash at the auction on the courthouse steps.

Many believe they can buy foreclosures just like they buy any other house.

If I win the bid, they think, then I'll go to the bank and get the financing.

This is NOT how a real foreclosure sale works.

If and when you are the high bidder, you have 24-48 hours to pay in guaranteed funds for the home you won the bid on.

There is no financing, as most banks will require an appraisal, and there is no time for an appraisal when they give you such a short time to pay for the property.

Answer 3

Going to foreclosure auctions sounds simple, and it is simple. All you need to know is that a property under auction at foreclosure will ALWAYS have a bidder there representing the lender(s) on the property. These lenders buy back the property FOR the lender if the bids don't go high enough to suit the lender.

The greater majority of foreclosures these days are 'upside down' (More is owed on them than market value). The few which hit foreclosure with considerably less are snapped up by professionals with CASH in hand.

Answer 4

YES you can .. but to really make tons of money, you need to go to auctions and buy foreclosed homes at the auction ..

it's typical to save about 20% to 30% off market value

see here

http://www.theforeclosuresinfo.com/foreclosures-listing/auctions.html

Answer 5

you can easily make money off of buying foreclosed homes then cleaning them up and selling them, you have to pay taxes once they are sold though... it can be good money if you go about it the right way
found some great buyers and sellers tips
http://www.yourdeserthouse.com/homebuying.html
http://www.yourdeserthouse.com/homebuying.html