Lex

I'm a:	Real Estate Professional
Location:	33433
Web sites:	LexBuysHouses.Com

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About Me

Lex Holdings, LLC. and it's affiliate LexBuysHouses.Com are wholesale buyers of distressed real estate throughtout the state of Florida. We specialize in foreclosures, REO's, Short Sales, Damaged and Distressed Properties. Make sure you sign up for our wholesale buyers list at http://www.lexbuyshouses.com.

If you have a property you would like to wholesale please contact me at lex@lexbuyshouses.com

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Foreclosure Homes - How do you buy them and is it wise?

Asked Sun Jan 27 2008, 10:45 by Kim - Florida - Foreclosure - 16 answers

Lex answered:

Phil, Unfortunately IRA Funds will not work. You will need a cashiers check for the full cash price of the house.

Lex - Wed Jan 30 2008, 04:01

Your best bet is to buy either pre-foreclosure or post foreclosure (REO bank owned). Avoid buying at the courthouse unless you really know what you are doing. When you buy at the courthouse you are purchasing the property with possible liens, judgement etc. I have personally seen on more than a few occasions buyers bidding on a second mortgage thinking it was a first and other horror stories. Your best bet in an up market is pre-forecloures. In a down market (like now) your best bet is REO's. However you need to have cash proof of funds to participate in this game. The bank will ask to see this before even looking at any offers. Home equity line works if you have one.

Lex - Mon Jan 28 2008, 07:03

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