Buying Foreclosures Takes Due Diligence
This is a very good quote from the New York Times on buying foreclosures. If you are good at it and do your due diligence there are great profits to be made. But if you are an amateur or just throwing money at properties without understanding the history and condition of each property there are many problems that can befall you.
Pitfalls vary. There are buyers who bid too much in an auction frenzy. There are buyers who cannot inspect the property beforehand and find out later that it is missing items like copper wiring, toilets and cabinets. Or, a property may have a cloudy title, which may leave the buyers responsible for thousands of dollars in unexpected debts, say real estate agents, foreclosure investors, mortgage bankers and lawyers. “There is danger in today’s market because people who are thinking they are going to steal a foreclosure property and flip it for a profit are making the same error that caused half of the foreclosures taking place in the country,” said Wayne Palmer, who owns National Note of Utah, a money management firm in Salt Lake City. via the New York Times.
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