Buying Foreclosures – Not For The Faint Of Heart

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.

Beware of Buying Foreclosures

Over the years, I have had many people wonder about buying foreclosures to get a good deal. Not only can it take a great deal of your time, because most of the sales require a Court confirmation to close and you many not end up being the ultimate buyer of the property. In this video, I discuss a specific sale in which four buyers purchasing a property as partners (all attorneys) could have have had a very bad day.