1. You are usually buying the property
without ever seeing the inside.
2. You have to be able to put a 10%
deposit down at the time of the sale and then you need to come up with the
balance in 30 days.
3. You will probably have to evict the
former owner from the property which can be a long and tedious process.
If not done correctly the former owner could stay in the property for years.
For these
reasons I suggest that you don’t buy a foreclosure at the Sheriff Sale.
What I do suggest to my clients looking for a good deal is to buy an REO which
a property that has already been through the sheriff sale process. In
part 3 I will give you my top 3 reasons why buying an REO is better than buying
a property at a Sheriff Sale.
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