investment real estate: I know what it sold for at the courthouse (part 1)
- 09/13/10 03:44 PM
Courthouse foreclosure sales usually result in the mortgage holder buying back the property. Spectators often believe that final bid represents what the bank will take when they resell the house. After the courthouse sale, speculators may start trying to make offers according to the ending bid. They try on their own to make an offer to the bank and then they seek out an agent who they believe can help them snatch up the property. Especially if they attended the courthouse sale, they believe they have inside knowledge about what to offer; and that makes them anxious to lock in a deal. Several things are … (7 comments)
investment real estate: Foreclosures for PENNIES on the DOLLAR?
- 05/19/10 12:25 PM
You have, no doubt, heard the claims on radio, on late-night TV, and maybe even at the coffee shop! Yes, it's true. You probably can buy a foreclosure for pennies on the dollar, but that may be 95 pennies on the dollar!"But that cannot be, because everybody knows that foreclosures are such a good deal," you may say. The truth is that foreclosures usually are a good deal, but the "pennies on the dollar" myth is way overblown. Foreclosure properties are appraised before they are priced for the market, and they list at a somewhat discounted, but reasonable, price that … (3 comments)
Courthouse foreclosure sales usually result in the mortgage holder buying back the property. Spectators often believe that final bid represents what the bank will take when they resell the house.
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