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Old 02-19-2008, 10:12 PM   #11
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You are sure right, Dave. My home is paid off, like Amy's, but I'm very glad I don't need to sell right now because I'd never get what it's worth in a more normal market. If I had to move, I would find a renter for my current home so that at least my property taxes would be paid, look for the best deal I could find on a fixer-upper in the area I wanted/needed and buy it, and then wait the market out until it became profitable to sell my original home. This would require a lot of work but it may be an option for Amy if staying in her current home til the market changes just won't work for her anymore.
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Old 02-19-2008, 10:21 PM   #12
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When a foreclosure sale takes place, it is generally advertised in a local paper. In general, foreclosures are sold as is, where is, and for cash, and bid. This is not strictly true, but you should have your money or line of credit in place prior to bidding. Closing is typically in 10 days and you will lose your deposit if you cannot perform. Foreclosed homes and foreclosure (sherriffs) sales are two different things. HUD probably has the largest inventory of foreclosed homes in the nation. You can get information from HUD.gov. I am a real estate appraiser, and mostly what I see are too many knowledgeable people chasing too few deals. In general, you will be competing with professionals in this market. Do your homework before bidding. It is easy to be forced to perform or lose your deposit.
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Old 02-20-2008, 12:06 PM   #13
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Quote:
Originally Posted by Bigjim68 View Post
When a foreclosure sale takes place, it is generally advertised in a local paper. In general, foreclosures are sold as is, where is, and for cash, and bid. This is not strictly true, but you should have your money or line of credit in place prior to bidding. Closing is typically in 10 days and you will lose your deposit if you cannot perform. Foreclosed homes and foreclosure (sherriffs) sales are two different things. HUD probably has the largest inventory of foreclosed homes in the nation. You can get information from HUD.gov. I am a real estate appraiser, and mostly what I see are too many knowledgeable people chasing too few deals. In general, you will be competing with professionals in this market. Do your homework before bidding. It is easy to be forced to perform or lose your deposit.
Thank you for the tips/info.

I entered a Dream home giveaway awhile back - just for fun. Wish me luck.

Dream Home : Dream Home 2008 : Dream Home 2008 Sweeps Main : Home & Garden Television

Dream Home : Dream Home 2008 : HGTV Dream Home 2008 Slide Show: Outdoor Areas : Home & Garden Television

Dream Home : Dream Home 2008 : HGTV Dream Home 2008 Tour: Front Bayside and GMC Yukon Hybrid : Home & Garden Television
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