Should I invest in Forclosures or leave them alone?

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Real Estate Agent with Prominent Properties Sotheby's International Realty

This was a question a client of mine asked me lately. I have read many articles on this topic and wanted to shed some light. With all of the creative financing in the last few years, many buyers were able to afford the purchase of their homes but now find that with property tax increases, and just the increased cost of living-they may soon face forclosure. Investors are waiting to cash in on these so called special deals. But sometimes these specials are not so great. There was a home in the Teaneck area that seemed to have a knock out price. When the new owner gained access to his investment, it was filled with the previous owners belongings. Not to mention the unsanitary conditions left behind from the family dogs. There was another home that a buyer purchased and it was filled floor to ceiling with rubber tires. Could you imagine the removal and recycling expense that was.

It's hit or miss with forclosed properties. Always make sure you gain access to the property before you sign on the dotted line. Forclosed properties are a good investment if you could get to the good ones before someone else does.

Please share your thoughts or forclosure investment stories?

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Rainer
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Mario Levesque
Advantage Avenue Real Estate - Wesley Chapel, FL
Tampa Realtor

Hi Allegra,

Good post, I recommend joining the local real estate investors club to learn the trick of the trade with foreclosures.

and ... Welcome to the ActiveRain Blog network. 
Shortly after I started blogging on Active Rain, I started having questions on how to do things and could not find the "Operating Manual".

I asked some questions to other bloggers and soon realized the the power was in the network since most questions had already been answered by other users more familiar with this website.

If you find yourself in this situation, and need to know how to do things, visit the post below and you will find tips, info and many features of ActiveRain that have been documented by other members.

   Instructions, Getting Started on ActiveRain Blog community, Google Ranking, Networking info
Nice having you on board,
Mario

February 19, 2007 07:35 PM #1
Rainer
6,780
Allegra T. House
Prominent Properties Sotheby's International Realty - Fort Lee, NJ
Sales Associate, ABR,CDPE, SFR
Thank you for the invitation. I will certainly keep this information in mind.
February 20, 2007 06:50 PM #2
Rainmaker
130,709
Bill Exeter
Exeter 1031 Exchange Services, LLC - San Diego, CA
1031 Tax-Deferred Exchange Expert

Hi Allegra,

Foreclosures can certainly be a good buy, but you just have to know what you are doing.  The buyer needs to know that foreclosures are as is and have all sorts of risks that a normal purchase does not.

January 08, 2008 03:14 PM #3
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Rainer
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Allegra T. House

Sales Associate, ABR,CDPE, SFR
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