Foreclosure??
Question:
Answer:
Yes you can, The turn around time can very from state to state, In most states once it goes to auction it is past the rights of redemption but check with your state, Most have a department of housing web site where you can find out more. What could be bad about it, when the home hits the foreclosure market the bank or lender who owns the paper on the house has already taken it, so the person who defaulted on the loan has been removed from the home, in short your not forcing anyone out of there home there already gone, when you buy the home below market value you lower the market for the neighborhood, when you sell it you help correct that same market so everyone wins, well except the guy who bought the home in the first place.
IT depends upon the price you pay. If you get it cheap you can sell for a profit quickly.
Rememebr you have to pay a loan for a ll the time you own it.
The only problem and it's a big one. Right to redemption,when person who was foreclosed on can take legal possession of the property. No matter how much work you put into it. Look up rights to redemption. Hope that helps.
Sometimes dealing with the banks/lenders that hold the house note are the ones that are hard to deal with if you are an amateur playing the game.best to obtain a realtor that has experience in foreclosures to assist you...with experience they know how to deal with the bank's legal department (which is tough!)...Yes, you will be able to sell it after you own it! Hopefully it will have equity in the deal or why buy it right? Another thing, most lenders will want you to have the property for at least six months before refinancing it for the sale price or for a year to get the appraised value price...if you paid cash you can sell at any time after purchase.email me at mjmeansbusiness@yahoo.com...si... Mj
More Related Questions & Answers...