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Buying a Foreclosure Property Duff2 04-20-2008
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Posted by Duff2 on April 20, 2008, 1:19 pm
They are auctioning off some houses at foreclosure at the courthouse.
A couple are in my neighborhood and seem like good fixer uppers. Any
advice on whether to participate and bid on one of these?





Posted by Jim on April 20, 2008, 1:35 pm
On Sun, 20 Apr 2008 12:19:49 -0500, Duff2 wrote:

> They are auctioning off some houses at foreclosure at the courthouse. A
> couple are in my neighborhood and seem like good fixer uppers. Any
> advice on whether to participate and bid on one of these?


Learn of any special deed/title restrictions benefiting the current
owners. In some areas I believe a person can recover their property lost
to a tax sale for a period of up to two years. Knowing in advance might
save you from sinking too much cash into something not 100% yours yet.


Posted by John Grabowski on April 20, 2008, 1:50 pm

> They are auctioning off some houses at foreclosure at the courthouse.
> A couple are in my neighborhood and seem like good fixer uppers. Any
> advice on whether to participate and bid on one of these?


Try to bid only on units that are unoccupied. It can cost a lot of time and
legal expense to get the occupants out.


Posted by dpb on April 20, 2008, 1:58 pm
Duff2 wrote:
> They are auctioning off some houses at foreclosure at the courthouse.
> A couple are in my neighborhood and seem like good fixer uppers. Any
> advice on whether to participate and bid on one of these?

Yeah...be dam'ed wary. There can be all kinds of other (besides tax)
unsatisfied liens, unproved title issues, even possible environmental or
other things you can get into.

While sometimes it's as simple as a single homeowner in default, usually
by the time it gets to a tax sale there are a myriad of problems that
have built up over a long period of time and may be extremely convoluted.

I'd strongly suggest consulting local attorney and some real estate
folks in the area who have some experience for some help protecting
yourself rather than just jumping in on your own.

--

Posted by ransley on April 20, 2008, 2:23 pm
> They are auctioning off some houses at foreclosure at the courthouse.
> A couple are in my neighborhood and seem like good fixer uppers. =A0Any
> advice on whether to participate and bid on one of these?

Have you rehabbed a house, often a junk is better torn down. Getting a
junk to code can mean redoing everything. Talk to an inspector or
someone in your area that does it. I would want to see what I am
buying and know local codes.

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