Re: foreclosure
Posted by steele in minnesota on November 20, 2007 at 21:39:04:
In Reply to: foreclosure
Posted by Lauren on November 19, 2007 at 07:02:26:
Much of the information out there is incorrect. Most typical is that these national companies that have lists of houses will have misinforamtion due to computer errors.
For example in Minnesota a national foreclosure sites claims that there are all these townhouses available for pennies on the dollar. They turn out to be associations foreclosing for back dues. There is still a first mortgage, sometimes even a second as well. This still goes with the property.
Know the real story before you get into this. Work with someone who knows foreclosures for your area. They can give you the real scoop.
Foreclosures can be excellent bargains. But they are not the steals late night television suggests. I know, I get to disappoint would be investors with the real facts nearly every day :>)
"No you can't buy a $600,000 property for $60,000. Here's the real story on this one..."
Steele
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