House Foreclosure Question
Q: It seems like in the last 2 years or so ever since the stock market bubble burst, that everyone is buying houses, rebuilding houses, etc.
People are taking the money that they had in the stock market and putting it into something tangible, so they are taking out mortgages, etc. But with the economy as bad as it is, I assume people might be having problems with payments, or they might be having problems in the Near future.
Im thinking that if I wanted to get a home, it would be better (in terms of cost) to get a house that has been foreclosed.
How can I go about looking for them? Do banks have a list? I assume Real Estate agents, and people who work at banks, will probably pass the list onto friends first.
A: foreclosed property is not the goldmine it seems like it should be. You can find a good deal if you do your homework, but be careful. It's easy to get burned buying a foreclosure. foreclosure notices are normally printed in your local newspaper. I'd make a trip to the library and do some studying before you jump into something though. .