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Part 2, Foreclosure - a Red Hot Deal?
Here's a follow up to Foreclosure - A Red Hot Deal?
I looked at my own dribble and found I had more to say about foreclosed homes, REO's, bank owned properties, etc. Earlier, I was telling Lauren B that pre-foreclosed houses at the county foreclosure auction really aren't something a fledgling investor or bargain hunter might want to jump into. I still stand by that advice. There are too many dangers and unknowns for the inexperienced, short-of-pocket buyer. However, what I didn't really talk about were the bank owned homes that have been assigned to a broker for listing in the local listing service. There are indeed more than just a few needles in the haystack; with a little research you can find a smokin' deal AND keep from getting burned or burned out in the process.  First, find an agent that can walk you through the analysis of a bank owned listing. You'll find the basics don't change. In fact, everything after this sentence will apply to nearly any purchase listed traditionally with a broker, bank owned or not. First and foremost is price, the main indicator of whether or not it's a good deal. Everything else in any analysis after ... more

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