During the recent real estate turmoil, it occurred to me that there were probably many savvy investors snapping up foreclosed homes at bargain prices. Recently I visited houseforeclosures.biz, a site that, as the name implies, helps people find house foreclosures.
According to them, the average foreclosure can be discounted from anywhere between 5 and 30 percent. So if you really did your homework, and looked through a huge pool of foreclosed houses, you just might be able to buy a $100,000 house for $70,000. Then wait a little bit while the market turns around, flip it, and bingo. You're up 30 grand. Sounds like a good deal.
They say the most knowledgeable experts can buy real estate from many different places, including at auction. To be safe, your best bet is actually to go with bank foreclosed homes, since the property titles are usually guaranteed in that situation. However, the safe bet isn't always the most lucrative, and will usually result with a price that is closer to fair market value.
HouseForeclosures.biz has some helpful tips on buying foreclosed properties, and can direct interested buyers to the information they need on a per-state basis.
Saturday, November 10, 2007
Get Rich With Real Estate Foreclosures
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