Purchasing foreclosed land or houses

alhamid said: "I think this may be a good idea. Does anyone know the technical details to do this?"

HappyHarry said: "Depends on the type of asset, but generally you can buy land or homes at local auctions after the foreclosure process is complete. You will compete with other bidders, but you can receive a discount between the minimum bid amount and the appraisal value."

AlfredSokol said: "There's nothing better than finding a discount to the actual value of the land."

HappyHarry said: "You have to familiarize yourself with the bidding process, because it can be rather intimidating."

Heather said: "One thing I do know that in Ohio, there is no way to inspect properties before you bid on them, other than driving by and doing a "visual" inspection. They have the words "Caveat Emptor" (Buyer Beware) as a warning right on the foreclosure information page. I was checking out EBay or land, and there is a lot of desert for sale! I know that Bobjitsu bought some desert land not too long ago, but I don't remember what he said he paid for it.."

AlfredSokol said: "That's a tough proposition: you have to make an informed decision to invest without having the information."

colden said: "I bought my house 10 years ago in a VA auction. Got to check it out and pick my bid. Then I sweat for days or weeks until the bids were opened. Turned out to be a great investment, although like most foreclosures, work had to be done. Google VA and HUD forclosures. They work with approved brokers. Not all brokers qualify."