On foreclosure law: Buying Foreclosed PropertiesBy Teve Torbes, Fri Dec 9th Many people have started looking at foreclosed properties as anew, cheap real estate investment. Properties at foreclosuresales often sell at a substantial discount, so you can get avery good deal in many cases. There are several problems youhave to watch out for, however, so be careful. First, you need to know the status of the liens on theproperty. You can't just go in bidding and expect that you'llcome out owning the property - you need to know who hasinitiated the sale and what your state law is regarding juniorand senior liens. Many houses don't just have a single mortgage- they will have been used as security for multiple debts. A lotof would-be investors get burned this way - they buy a house forwhat they think is a good price, only to find out that there ______continued. Interesting article on foreclosure law: Foreclosure Basics Second, you should watch out for houses which you know nothingabout. Don't just rush in bidding based on the listedinformation - that's the biggest newcomer mistake. You need toknow something about the property and it's condition - remember,the current person living there has just lost their house. Theyoften don't think twice about damaging it, and their anger atthe bank can result in financial losses for you. About the author:Teve Torbes is the developer of a great Another decent article on foreclosure law: Pre-foreclosure Deals In A Hot Housing Market Off-site
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