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Government Foreclosure

January 14th, 2011 at 06:58 pm

Ok, so I've always been interested in investing in real estate. I've blogged about possibilities before on here but have never actually taken the plunge to go for anything. A family friend, who has a lot of experience in real estate investing, referred me to government foreclosures as a possibility. This was back in November. I got wrapped up in the Holidays and hadn't really had a chance to follow up or look for any foreclosures but long story short, after taking a peek today, I see that there is a foreclosure up for auction next week! The gov't bid is listed at $26k, whatever that means. I have a lot of research still left to do but my mind is racing with the opportunity to get a decent house for so cheap. I know the area and I know exactly where the house is --- nice family neighborhood. I'd estimate the retail value of the house at around $90-$100k. I'm going to talk to my friend tonight to get more guidance about the process. He started out with a government foreclosure and so he'll know what to do... Maybe this will be the one for us??

Posted in GOALS | 4 Comments »

4 Responses to “Government Foreclosure”

  1. Ima saver Says:
    January 14th, 2011 at 10:16 pm 1295043413
    1295043413

    Good luck! I went to a bank foreclosure land sale and snagged a nice 2 acres that was selling for $119,900 in a gated subdivision (tennis, pool, club house) for $42,000. There are some good deals out there.

  2. all4money Says:
    January 14th, 2011 at 11:52 pm 1295049123
    1295049123

    Ima, could you give me specifics on how your transaction went? I know it'll be different in different counties/states but I'd be interested in how you did yours. I talked to my friend tonight and he said that the $26k number is basically the minimum bid that the government wants from the sale and he thinks it may go up to around $60k for this particular house. I need to call the attorney that is handling the sale to get more specifics but gosh, I'm so interested. I just wonder about how much I'll need to bring that day, how much time I'll have to come up with the money if I do win the bid, etc....

  3. Savings Queen Says:
    January 15th, 2011 at 03:58 pm 1295107115
    1295107115

    Hi there All, I am convinced that unless you can save a ton and have the stock market on your side it is nearly impossible to be in good shape for retirement on a 401K alone. We have a 401K but are also investing in rentals. Right now there are wonderful deals to be had. If you are going to invest there will probably never be a better time in our lifetime. At least I hope there isn't! Remember that foreclosures are often sold as is so make sure to find a good inspector before the auction if you can. Also, on government foreclosures they often have special financing if you need it.

  4. Jerry Says:
    January 21st, 2011 at 09:19 pm 1295644752
    1295644752

    I have often wondered about these foreclosure sales, and whether they can lead to actual good deals or not. I have heard mixed reviews. I think that is good advice to have a good inspection beforehand, as well as making sure that you have some insurance of knowing a bit about the area... it sounds like you already have that, so good luck!
    Jerry

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