5
Should You Buy A Foreclosed House?
1. Probably not, seeing as the people who own the houses are retaining titles left and right because apparently few financial institutions can actually follow the foreclosure guidelines. Bad news for Nevada, Arizona and California, where about half of home sales are of foreclosed houses.
2. Also you probably should not buy a foreclosed house if you already have one that you're living in and the marshals are banging at the door. (You should, however, get a lawyer!)
Buying property is never a decision someone should take lightly. But, under the right circumstances, it can be a rewarding and profitable venture. Some things to keep in mind; if someone mortgage property he or she retains possession of it and no other person may secure it by lifting the mortgage from the Bank. However, the owner may sell this mortgaged property to someone else at any agreed price. The new owner then may lift the mortgage at once, if he wishes, by paying off the mortgage plus 10% interest to the Bank. If he does not lift the mortgage at once, however, he must pay the Bank 10% interest when he buys the property, and if he lifts the mortgage later he must pay an additional 10% interest as well as the amount of the mortgage to the Bank. Also, before an improved property can be mortgaged, all the buildings on all the properties of its color-group must be sold back to the Bank at half price. For example, if you wish to mortgage Vermont Ave., but have houses on Oriental and Connecticut Ave's., you'll have to sell those houses back to the bank before you can mortgage Vermont Ave. I've seen many homeowners get caught in this trap and it's very sad.
This is why I stick to utilities.
@screen: Quit monopolizing the conversation.
@stc: Shouldn't you be in jail?
As long as I get the top hat or the hobnail boot it's all good.