Foreclosures are very competitive now: lots of other buyers out there, due to the RE boom and lots of books/seminars/TV infomercials. This causes the price to be bid up very high.
Second, you can’t do a home inspection, so you don’t know if the foundation is cracked, mold is in walls, etc. That is too risky for me.
Third, by the time the seller is in foreclosure, they may have trashed the place, torn out light fixtures, who knows what?
Does anyone have any foreclosure success stories, because all I hear are the disadvantages. My landlord is a real estate investor since he started buying SD foreclosures in the last downturn, and he told me to stay away from foreclosures. He is not buying RE in other states.
