cupofjoe04 said:
CS78 said:
From the bank itself, courthouse auction, or off the MLS?
I'm unsure. Don't have a property in view yet. I'm just looking at options and wondered if foreclosures were something that should be seriously considered.
Obviously- not a super knowledgeable buyer, but can whip a home into shape.
Save any courthouse auction buying for the experts. Pretty advanced technique.
Buying directly from the bank doesn't happen a lot unless you know someone at a small bank.
Ive bought foreclosures directly from hubzu. It seems scamish but it's legit. They do a bunch of shady stuff like shill bidding, artificially low starting prices, etc. but the potential for a good deal is there.
Hudhomestore.gov is worth watching.
There's other pre-foreclosure techniques that you can learn.
Besides that, just watch the MLS like a hawk.
The most important thing is to know your market inside and out ahead of time. When a potential deal hits the market, you should know what's its worth before your realtor can even pull comps. This gives you the confidence to move fast when needed. You don't want to overpay and you don't want to be analyzing while someone else is signing a contract.
