I was wondering homes that are foreclosured and sold are cheap because I saw on tv that I woman bought a $1.5million home for like $600,000 from an auction(not a ad or infomecial) . Am I imagening or is there money to be made in foreclosure homes. Can homes be that cheap?
2007-08-12 05:45:52 · 7 answers · asked by youngsincere88 1 in Business & Finance ➔ Renting & Real Estate
But you do not know how much she was required to put as down payment, it could have been as much as $400,000. While purchasing a foreclosure can be a good investment if purchased at the right time and right price. Remember foreclosures are bid on at sheriff sale. You have to bring cash or certified funds. Some may have equity, most do not and most need expensive repairs. The get rich quick schemes are just that, hot air. If you are truly interested in being an investor in real estate, consider buying properties for rentals. All these folks losing their homes are going to need a place to rent.
2007-08-12 06:08:27 · answer #1 · answered by Anonymous · 1⤊ 1⤋
First when you buy at an auction it is all cash, no financing at all. It takes money to make money at the auctions. After you win high bid you have one hour to go to the bank and get a cashiers check and give it to the trustee and in about a week you will get a trustee deed. The real good deals are gone, there are so many people bidding at the auctions, they are almost paying market value for the prop. They have these auction at your local court house at least once a week.
2007-08-12 06:39:03 · answer #2 · answered by Leo F 4 · 1⤊ 0⤋
read the news, listen to the media and do some reserach----yes there are many foreclosures....can yu make $$ buying them---doubtful
banks are not letting the foreclosures go for nothing....they have gotten assistance from the federal reserve and are going to hang onto properties until they can sell for the default amount.
are those occassional good deals - maybe short sale---sure, but few and far between.
good luck :)
2007-08-12 06:50:45 · answer #3 · answered by Blue October 6 · 0⤊ 1⤋
The issue is . . .Who will pay you for it after you buy it ?
They had to go to auction because No one would pay the higher price . . .
So after you get it , How are you going to make $$$ if No one will pay more than that auction price ?
Yes , you can buy it that cheap and then you live in it .
Good Luck tho on selling it to anyone else !
>
2007-08-12 05:51:35 · answer #4 · answered by kate 7 · 0⤊ 0⤋
i wade by this with a shopper top now. you will be able to desire to do a brilliant form of digging... and that i advise plenty.... you will be able to desire to look at a brilliant form of homes besides. With financial corporation owned homes you could finally end up dropping fairly than gaining. maximum of those homes choose a brilliant form of artwork so which you finally end up putting extra into it than its particularly worth. I visited 3 foreclosed homes the day gone by. They have been all disgusting and needed extra artwork than it grow to be particularly worth. as an occasion, one assets grow to be priced at 100K. there have been holes punched interior the partitions, writing on the partitions, stains on the carpet, broken abode windows, flooring needed to be pulled up, etc,etc,etc. comparable homes that don't choose the artwork sell for 130K. So, it wasn't particularly worth it. a brilliant form of those assets vendors trash the abode in the previous they depart. assets vendors have many times a pair of year to sell or pay the loan wherein they (in the event that they're clever) will positioned the abode on the marketplace. as an occasion, a buddy of mine (long tale) grow to be in preforclosure. She had 6 months to sell her abode. So, it grow to be particularly worth 229K and we listed it at 199K for a rapid sale. the abode did no longer choose ANY artwork. We ended up merchandising for a hundred ninety to get her out. this is a extra robust deal than an particularly forceclosed abode. maximum of those foreclosed abode have little to no fairness whilst they're actual foreclosed. subsequently they do no longer checklist it. they only enable it get taken with the aid of fact there is particularly no longer plenty they could do. confident, the forged deals are available. it may desire to or won't be a foreclosed abode. yet, do no longer close your ideas for the reason which you will detect very plenty without the abode being a foreclosure. If it grow to be that ordinary particularly everyone might do it. in basic terms wait and spot and hire an agent.
2016-10-10 01:43:08 · answer #5 · answered by ramswaroop 4 · 0⤊ 0⤋
Which real estate rip off artist's method was it that you saw? Remember most of those jerks make their money selling their books.
2007-08-12 05:50:57 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Example - Foreclosure - $116,900
Assessment - $146,500
No Upgrade - $146,500 (no upgrades)
Upgrades - $178,000
In two months made $61,100
True Story
2007-08-12 05:55:18 · answer #7 · answered by Anonymous · 1⤊ 2⤋