7/08/2006

Cooling Home Market Spurs Interest in Foreclosure Sales

With a slowing in the market, perhaps a stabilizing in the real estate market, foreclosures seem to have a little more allure. But there are things to know: websites listing foreclosures may be out of date, or may list properties that haven't yet met all the legal requirements for sale. In other words, approach foreclosure properties and foreclosure websites with care. Just because it's listed on a website doesn't mean the property will actually sell; and if a buyer does purchase at auction there are significant risks involved. The thought that a foreclosure property can be bought below market doesn't work out that way, because if a bank finally takes it back after completing the foreclosure process, those properties are usually listed at market. Why would the bank sell for less? Read the Wall Street Journal article for their complete story on investigating this sector of real estate sales.

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