Opher BanarieHow To Buy Foreclosures
August 18th 2008 20:43
CNN Money has a series of columns about the Mortgage Meltdown. A recent column highlighted the foreclosure process and what your options are to buy one.
The article makes it clear that buying a foreclosure may be riskier than some anticipate. Here's one experience:
Do you have any experience with foreclosures? Have you purchased one (or more)? Let us know what your experience was like, and if you would do it again in today's real estate market.
The article makes it clear that buying a foreclosure may be riskier than some anticipate. Here's one experience:
"The first time, I bought, renovated and sold the house all within 29 days and made a killing," [Duane LeGate] said. "I thought I was a mini-Donald Trump. The second time, the previous owner poured cement into the pipes before he left and when I turned on the water, it clogged everything. I lost more on the second house than I made on the first."
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