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Extremely cheap foreclosures with low remaining amounts on loan $3000 - 20,000 are they for real?

  • September 05 2009 - Hercules
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Answers (2)

CYE
  • September 05 2009
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     If it sounds too good to be true, it usually is. 

     Most foreclosures have racked up legal fees that add thousands of dollars to the principal amount.  Finding a foreclosure that has a "remaining amount on loan of only $3000" may be highly unlikely.

    What matters most is, how much does the Bank or Lender or Owner want for the property?  Is it worth that amount?  Unless you have cash, can the property be financed?  Can you get Clear Title?

    Keep in mind that Foreclosures may have been physically damaged or vandalized.  They may have electrical, roofing, plumbing, or mechanical problems due to lack of maintenance by the former occupants.  Costly repairs can completely offset any "savings" received from buying a Distressed Property.
 
    Foreclosures may also have Title Defects, including unpaid Property Taxes, unpaid Homeowners Association Dues, and unpaid Mechanic's Liens.

     See a Real Estate Attorney for Legal Advice before committing to purchase a Foreclosure, Short Sale, or SEO


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Best wishes,
    Fred
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  • September 05 2009
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