« « The Risks Involved in Buying an REO

Bidding Low for Bargain Buys

Let’s face it—homes are expensive, very expensive. These days, experiencing sticker shock when looking to buy is not uncommon.

One way to make a home more affordable is to cut the price—to pay less than the seller is asking. For each $10,000 less in price you pay on a home when interest rates are running at 7 percent, you will save yourself about $75 a month (principal, interest, taxes, and insurance). [Read more…]

Buying on the Courthouse Steps

The second opportunity to buy a property in foreclosure is when the court or the trustee sells it to the highest bidder “on the courthouse steps.” (Don’t laugh; many times this is quite literal—the deal is done on the steps.) [Read more…]

Buying During the Preforeclosure Stage Part 3

In some states this redemption might even apply after you buy the property from that person during the default period. This means that sometime after you buy, fix up, and then try to resell the property, the original borrower- owner could come back, pay your costs (for purchasing), and take the property away from you! [Read more…]