Be Armed With Knowledge If You're Chasing Foreclosures

Ask any buyer and she'll tell you that the best deals are found in foreclosure sales, either before they go to public sale or on the courthouse steps. But that's not necessarily true. In fact, most of the time, the best deals are those that aren't advertised as such. They're the sellers who haven't quite figured out yet that they really need to sell at a big discount until somebody points it out to them. But buyers today are not asking questions about those types of transactions. They clamor for more information about foreclosures.

So if you're dead set on pursing these types of deals, you better first learn how to do it by the book. It's not a matter of: "Here's some cash, sign this deed." Most states have enacted laws about how to handle foreclosures, and sellers are entitled to disclosures. A lot of buyers got in over their heads the last few years through the use of exotic financing, though, so I am predicting we'll be seeing an uptick in foreclosures and / or short sales for several years yet to come.

• Short Sale Basics
  
• Places to Find Foreclosures
  
• Drawbacks to Buying Foreclosures

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