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i see these advertised all the time. I actually know someone who did this, and said its not easy work at all. A lot of the places she bought were either foreclosures on the property or IRS take overs. This is how it works (to my knowledge) and what she does...
You find houses that were like 80 to 90% paid off and the owner bailed or owed some big time bucks to the IRS. So the IRS will seize the house, and if the owner doesnt pay the dues and abondones the house, you can pay cash the amount and take the home.
Same goes for if they owe like 20k left on a 100k mortgage. If you can pay the rest, the bank will give it to you. The bank doesnt care what the value is, they just want their money.
What she did was went to i guess city hall, and found a list of seized or foreclosed properties, found the remaining balance due, and negoated with the bank to pay the remaining off.
She said she bought like 5 homes and fixed them up. She said its very rare that you get a good deal, but mostly like 80 to 60% of the sell value most of the time. So if you have a few grand saved up and time to do this, then it could be worth it, but i know its not a quick buck.
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