The current spike in home foreclosures is spurring a new wave of real estate seminars on making money buying these distressed properties. The advertisements make it sound as if the investment opportunities were never better.
But a closer examination of the real estate market reveals that in both good times and bad times, foreclosures can be profitable for the experienced real estate investor and perilous to the neophyte. An abundance of foreclosures doesn’t change that.
The first thing to realize is that in many areas facing rising home defaults, there are more homes for sale than there are buyers. That’s why owners are defaulting – because they can’t sell their house for enough money to pay off their mortgages. When you take over from the defaulting owner, you've inherited the same problem.
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