anyone ever bought real estate through a Sheriff's Sale/Auction?

[edprush]

Someone was telling me that big $$$ can be made by buying property at Sheriff's Auctions then reselling it on the open market.

Have you tried this?

 

[MrsBugi]

Originally posted by: edprush
Someone was telling me that big $$$ can be made by buying property at Sheriff's Auctions then reselling it on the open market.

Have you tried this?

I've been advised against it, as there are too many people who do this professionally and n00bs such as myself wouldn't stand a chance mucking around without a clue. 😛

 

[GeekDrew]

My adopted parents have done so, though I wouldn't recommend that any non-professional try it. It's definitely a lot of work and a PITA.

 

[swtethan]

dont forget the hidden drugs 😉

 

[kranky]

Originally posted by: MrsBugi

Originally posted by: edprush
Someone was telling me that big $$$ can be made by buying property at Sheriff's Auctions then reselling it on the open market.

Have you tried this?

I've been advised against it, as there are too many people who do this professionally and n00bs such as myself wouldn't stand a chance mucking around without a clue. 😛

That's true. You have to ask yourself "Do I want to pay more for that house than everyone else, even though many of the other bidders are professionals at this?"

 

[mrchan]

Originally posted by: kranky

Originally posted by: MrsBugi

Originally posted by: edprush
Someone was telling me that big $$$ can be made by buying property at Sheriff's Auctions then reselling it on the open market.

Have you tried this?

I've been advised against it, as there are too many people who do this professionally and n00bs such as myself wouldn't stand a chance mucking around without a clue. 😛

That's true. You have to ask yourself "Do I want to pay more for that house than everyone else, even though many of the other bidders are professionals at this?"

The pro's probably have higher expected profit margins. They may want to make 50% when you will settle for 25%.

 

[dabuddha]

Originally posted by: mrchan

Originally posted by: kranky

Originally posted by: MrsBugi

Originally posted by: edprush
Someone was telling me that big $$$ can be made by buying property at Sheriff's Auctions then reselling it on the open market.

Have you tried this?

I've been advised against it, as there are too many people who do this professionally and n00bs such as myself wouldn't stand a chance mucking around without a clue. 😛

That's true. You have to ask yourself "Do I want to pay more for that house than everyone else, even though many of the other bidders are professionals at this?"

The pro's probably have higher expected profit margins. They may want to make 50% when you will settle for 25%.

Or they have lower expected profit margins because they deal with a lot more properties than joe schmoe.