TO BUY A FORECLOSURE
The reality about buying investment properties in default is three-fold...
1- Foreclosure proceedings can take a very long time, (and in Suffolk County it is rumored to be up to two years from a missed payment)...and a loan modification could take the place of a sale at the last minute.
2- If a property is foreclosed and sold at an auction, often the house has not been taken care of and needs at least some minor work, and sometimes a lot of work that one cannot see...nor have time to inspect properly.
3- Often a house is foreclosed because there is more owed on the property than it is worth. Read this as many times as you need to until you understand what it says. Foreclosures do not always represent a good deal.
Occasionally they do represent a value, as banks do not want to own real estate. They do not want to manage the properties, nor do they want to affect their ratios. Always keep in mind that banks are savvy sellers, and the buyers circling the foreclosures are also well versed and often experienced lawyers, sometimes they're sharks. Sometimes they're rank amateurs that are dangerous to even themselves. If you don't know which one you are, then you're probably not a shark...and you probably could get hurt.
There's also some negative energy attached to investing in foreclosures, and it isn't always pretty. Sometimes it's a business decision to let a bank take a home, and sometimes it is a family that met with unforseen circumstances. That might not be something you've thought about.
The reality about buying investment properties in default is three-fold...
1- Foreclosure proceedings can take a very long time, (and in Suffolk County it is rumored to be up to two years from a missed payment)...and a loan modification could take the place of a sale at the last minute.
2- If a property is foreclosed and sold at an auction, often the house has not been taken care of and needs at least some minor work, and sometimes a lot of work that one cannot see...nor have time to inspect properly.
3- Often a house is foreclosed because there is more owed on the property than it is worth. Read this as many times as you need to until you understand what it says. Foreclosures do not always represent a good deal.
Occasionally they do represent a value, as banks do not want to own real estate. They do not want to manage the properties, nor do they want to affect their ratios. Always keep in mind that banks are savvy sellers, and the buyers circling the foreclosures are also well versed and often experienced lawyers, sometimes they're sharks. Sometimes they're rank amateurs that are dangerous to even themselves. If you don't know which one you are, then you're probably not a shark...and you probably could get hurt.
There's also some negative energy attached to investing in foreclosures, and it isn't always pretty. Sometimes it's a business decision to let a bank take a home, and sometimes it is a family that met with unforseen circumstances. That might not be something you've thought about.
The reality about buying investment properties in default is three-fold...
1- Foreclosure proceedings can take a very long time, (and in Suffolk County it is rumored to be up to two years from a missed payment)...and a loan modification could take the place of a sale at the last minute.
2- If a property is foreclosed and sold at an auction, often the house has not been taken care of and needs at least some minor work, and sometimes a lot of work that one cannot see...nor have time to inspect properly.
3- Often a house is foreclosed because there is more owed on the property than it is worth. Read this as many times as you need to until you understand what it says. Foreclosures do not always represent a good deal.
Occasionally they do represent a value, as banks do not want to own real estate. They do not want to manage the properties, nor do they want to affect their ratios. Always keep in mind that banks are savvy sellers, and the buyers circling the foreclosures are also well versed and often experienced lawyers, sometimes they're sharks. Sometimes they're rank amateurs that are dangerous to even themselves. If you don't know which one you are, then you're probably not a shark...and you probably could get hurt.
There's also some negative energy attached to investing in foreclosures, and it isn't always pretty. Sometimes it's a business decision to let a bank take a home, and sometimes it is a family that met with unforseen circumstances. That might not be something you've thought about.
The reality about buying investment properties in default is three-fold...
1- Foreclosure proceedings can take a very long time, (and in Suffolk County it is rumored to be up to two years from a missed payment)...and a loan modification could take the place of a sale at the last minute.
2- If a property is foreclosed and sold at an auction, often the house has not been taken care of and needs at least some minor work, and sometimes a lot of work that one cannot see...nor have time to inspect properly.
3- Often a house is foreclosed because there is more owed on the property than it is worth. Read this as many times as you need to until you understand what it says. Foreclosures do not always represent a good deal.
Occasionally they do represent a value, as banks do not want to own real estate. They do not want to manage the properties, nor do they want to affect their ratios. Always keep in mind that banks are savvy sellers, and the buyers circling the foreclosures are also well versed and often experienced lawyers, sometimes they're sharks. Sometimes they're rank amateurs that are dangerous to even themselves. If you don't know which one you are, then you're probably not a shark...and you probably could get hurt.
There's also some negative energy attached to investing in foreclosures, and it isn't always pretty. Sometimes it's a business decision to let a bank take a home, and sometimes it is a family that met with unforseen circumstances. That might not be something you've thought about.
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