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buying a foreclosure

A

alien42

Lifer
i found the official list of houses that are going up for auction in on the courthouse steps and i am really interested in buying a foreclosed house. any atoters have any good books they recommend on the subject? any other advice?
 
Not that Ive done it myself, but around here it's real tough. You cant inspect the house beforehand and you have to pay the entire amount in cash/cashier check at the time of your bid. There are many sharks out there buying foreclosures so if youre not careful you can get hosed. They can afford to buy lots of properties and spread their risk, but if you buy one property and it's one that the PO'd owner dumped concrete down the toilet, youre hosed.

But due your due diligence and you should be OK, a safer route may be to look at bank repo's. Or you can wait 2 years for the bubble to burst and prices to tank, you'll pick out a house for 20-70% less than what it is now.

 
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