Looking for opportunities
I have bought several homes at the court house that went into foreclosure. I am reaching the point of ramping up my time and money, buying more homes. I have been getting mixed answers on a question I have been asking local real estate investors. Out of the number of homes I see in the paper’s legal section with a NOD, how many of those actually make it to the court house. Some say not many and are picked up by investors, and others say most make it. My problem is short sales seem complicated. Foreclosures are very risky. REOs aren’t priced low enough to make any money. What are you thoughts on the latest trend? I live in upstate NY and also buy homes in Pa.
Thanks
Robert
What I am seeing is the banks electing to postpone and delay many of these foreclosures because they don’t want to put a lot of these REO’s on their books. The more bad assets actually on their balance sheets the closer they are to failure. Short sales are a nightmare, usually not worth the trouble and time. I wouldn’t say foreclosures are any more risky than buying any other home. Investing is risky, life is risky. In my market Western WA state there are listed REO deals and deals at the court house. The REO’s have only recently been cheap enough to make money on. I’m sure this is likely true in all markets. It’s all about studying and knowing the market. :beer