Foreclosure II
July 14, 2008
Foreclosures sometimes make for a good deal for Buyers. Banks place their property up for sale at bargain prices. Their hope is that they receive enough money to cover their expenses for the property. Sometimes this leads to a good value for the Buyer. But not all the time.
Consider replacement costs before bidding on a foreclosure. Then add that amount to the bid you are going to make. Now with that figure, see if you can find a comparable house that is not being foreclosed. You might be in for a surprise. It’s a fun exercise and definitely enlightening.
