Buying a home for a great deal less than it is worth will help to balance your books Then waiting for the market to return to regain your profit seems like sound advice.
Quote:
There are many ways to buy houses on the cheap. What's cheap? Thirty to 50 percent below market value, in my view.
Why will banks give up properties for little? First, they don't want them on their balance sheets. Also, what many don't realize is that a foreclosure, even on a house worth less than $100,000, costs the bank about $50,000 in legal and agent fees, fixing up the home and so forth.
|
Offset Your investment Portfolio with foreclosers.
Three primary ways to buy Foreclosures
By Danielle Babb
Choose which of the three is right for you and will best meet your goals in the end. For me the trouble would be waiting until the market returns. I know that it will I just don't know how long it will take to stablize again.