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Nicole, Other/Just Looking in Corpus Christi, TX

can people really find foreclosed homes and buy for less than 10k? or is it all a big myth?

Asked by Nicole, Corpus Christi, TX Fri Jan 9, 2009

i have found homes that are REO that have a listing price of like 1800.00 is that the listing price < they imply it > or is that back taxes owed on the property? I have heard that sometimes you cn buy the house for only the back taxes that are owed on the property.

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Yes, you can buy homes that have been foreclosed for back taxes; however, you will also inherit the liens on the property which could include a mortgage or two so it is important to really do your research. Perhaps partner with a knowledgeble and experienced agent on the subject or a real estate attorney. Also I have seen folks that thought they were purchasing a really great deal at the foreclosure steps but all they really purchased was a second mortgage that foreclosed... and the home has a first mortgage so they would have to buy the first mortgage to truly own the home. Not such a great deal!

If you are looking at REO listed properties...meaning those that have been foreclosed and are now listed with a Realtor being offered for $1800.00 then that is a price you can purchase the home for.

Just do your research and surround yourself with expertise so you buy a good investment and do not get burned
Web Reference: http://www.HomesByLorie.com
0 votes Thank Flag Link Fri Jan 9, 2009
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