This was a question a client of mine asked me lately. I have read many articles on this topic and wanted to shed some light. With all of the creative financing in the last few years, many buyers were able to afford the purchase of their homes but now find that with property tax increases, and just the increased cost of living-they may soon face forclosure. Investors are waiting to cash in on these so called special deals. But sometimes these specials are not so great. There was a home in the Teaneck area that seemed to have a knock out price. When the new owner gained access to his investment, it was filled with the previous owners belongings. Not to mention the unsanitary conditions left behind from the family dogs. There was another home that a buyer purchased and it was filled floor to ceiling with rubber tires. Could you imagine the removal and recycling expense that was.
It's hit or miss with forclosed properties. Always make sure you gain access to the property before you sign on the dotted line. Forclosed properties are a good investment if you could get to the good ones before someone else does.
Please share your thoughts or forclosure investment stories?