Hey everyone out there. So you've seen and heard the commercials. "I bought this house for pennies on the dollar," or "I bought 3,000 square foot house for $50,000!" Yea...if it only worked that way for everyone. It doesn't. Typically what these companies are referring to are the foreclosure and tax sales held every first Tuesday of the month at the county court houses. Picture a room packed full of people looking for "a deal." Well, your "deal" has been research by amateurs and pros alike.
If you want to go down to the court house steps to buy one of these foreclosed homes, make sure you do your research on the property. If the owners or tenants are still living in it when you buy it, you have to evict them. You are now the owner of that property and with ownership comes all the perks (liens, back taxes, etc.). And often before you can big on the property, the lender places the first bid on it. If the previous owner owed a large sum, arbitrary and decided on by the lender, the lender will bid the outstanding loan balance. Sometimes the lender makes no bid.
Research, research, research before you go to buy! Do your homework!...when's the last time you heard that?
Alright all. Until next week...I gone.
DL
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