Why do you want to buy a foreclosure?


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Posted by Christine Baker on January 01, 1998 at 14:54:13:

In Reply to: forclosure posted by debra lilley on December 30, 1997 at 04:01:10:

WHY?

I can't figure out why all these people are looking for foreclosures. They like to purchase overpriced houses with lots of deferred maintenance and hidden defects? (That's what I usually see)

They expect an owner in foreclosure to E-mail "Hi, I'm in foreclosure and I'm selling at 50% of FMV"???

Get real, people. There's money to be made, but it's tons of work and very high risk. Stay away from foreclosures unless you are (or want to be) a pro.

Especially avoid foreclosures advertised for sale as such. Read my old auction page if you can't figure out why. The short version: A whole bunch of suckers will see "foreclosure" and compete against each other to buy an overpriced house needing a lot of work.

There is NO LAW requiring foreclosures to be sold below market value.

Christine Baker


: I AM LOOKONG FOR A FORCLOSURE IN THE ALEXANDRIA VIRGINIA AREA, OR SURROUNDING AREA AND FORT WASHINGTON MARYLAND AREA.




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