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If you can get to the owner before the foreclosure is finalized, you might get a really good deal. All you need is to offer over what the outstanding mortgage is on the property. The owners will lose the property anyways, they are motivated to sell and gain as much as possible.
However, this is not always the case. Some foreclosure are on properties that have been refinanced, meaning the outstanding mortgage or mortgages is/are over the market value. This is close to impossible to close due to the first bank accepting but the second bank declining (most of the time). It’s worth a try if you are patient. Don’t put in too much as a deposit! This process can take anywhere from 2 months to over a year (speaking from experience).
A lot of people trash the shit out of those homes so if you’re really handy and don’t mind fixing up stuff or paying someone to do it then maybe
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Agree with S1. It's a huge opportunity if you can get it at a low enough price that it's basically risk-free. Won't be able to go inside or view the property except the outside so you need to find the after repair value and put a super conservative number for repairs (like 200k) and back into the max bid. Also need all cash and need to know a good contractor.
Worth it if you’re a handy person or have connections for solid contractors. I didn’t by a foreclosure, but I got a cheap house (2 units) with my dad and we fixed it up in about 2 months. Now we’re just renting it out 👌🏼