Quote:
Originally Posted by rburns
Unless it's a bulk purchase from a bank's service company, which costs too much, you buy a defaulted mortgage at auction. That is a job in itself, a tedious one, because if you don't check everything out yourself; you have no idea of what you'll get stuck with. This is really a big money game and unless you have the time to put in on it; buying single or several foreclosures is anything but easy. Before you start I strongly suggest you get yourself a good real estate lawyer to point out the many pit falls you may encounter. Unless you know finance and have the money behind you, stay away from all the REO BS on the internet. Even the serious investors are getting fed up with all the fraud. A few are legit though.
If anyone says "I can get," or "I know someone" it means they don't have anything and you don't want to do business with them. They're just looking to get in on the fee paid in a big sale. Do yourself a favor and get that lawyer first.
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Hey thks ... really appreciate the advise
