Over the years, many people have reached out to me to discuss the idea of buying a property at foreclosure. It seems they view this as a way to get a good deal.
Foreclosures are for the experienced investor because it involves an initial auction, subsequent court approval and the the possibility of overbidding by other parties. On top of these complexities, a buyer has to make a deposit of ten percent of the bid price and this deposit could be forfeited.
This video outlines how four attorneys almost lost their $80,000 deposit.