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Posted by Smitty Two on April 20, 2008, 4:12 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?
>
>
>
>
May not ever be a great idea unless you're damn sure you know what
you're buying, which includes not only property condition, but also
liens and encumbrances that are *your* responsibility to uncover.
In the current market, depending on where you are, this may be even less
of a good idea. The foreclosing lender is going to try to get his money
back on the courthouse steps. If no one buys, the property becomes "REO"
-- Real Estate Owned (by the lender.) Then he will put it on the MLS and
sell it for whatever he can get, which may be far, far below what is
owed.
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