Here’s Why Homebuyers Don’t Stand A Chance At Foreclosure Auctions
Hundreds of potential home buyers were furious earlier this month when a millionaire yacht dealer swept up 650 tax foreclosed homesat an auction in Detroit.
To be honest, they never stood a chance.
Real estate investors are enemy No. 1 to potential homebuyers these days. Willing to pay in cash upfront and take just about any property on the market if they think it’ll turn a profit later, these guys are near impossible to beat.
“I always tell buyers they’re not gonna play with these boys,” says Zillow.com real estate expert Brendon DeSimone. “It’s the big leagues. They’re men with cashier’s checks and they’re fighting for these homes. They treat them like stock, like candy.”
He recalls one investor who was determined enough to break into a foreclosed home for his own inspection before snatching it off the market. Investors of his kind flock to areas with high foreclosure rates like Arizona, Nevada, and Florida and swarm like vultures, picking up properties as casually as the morning paper.
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Commercial SCAMS have Yet to see sterilizing Light of the Court Houses? Trillion# More Theft$ from the People and CorpoRATions
jail then hang them
Sue the crooks.
#1 Old saying:”If you’re gonna run with the big dogs, learn how to BARK!
#2 But now, pay (the piper) later! Baltimore Sun newspaper had a front page article about how real estate is moving up. Somebody is drowning in Kool Aid. I unloaded properties in Baltimore for up to 600% profit during the bubble run up. How the hell can property go up that much, stay there, wages are in the minus column thanks to inflation, AND NOW REAL ESTATE IS BOOMING???
Oh! Thats right! Inventory is down. Because the banksters are holding REO’s off the market!
I don’t know if I will ever feel comfortable to buy property again in my lifetime! I know we have a lot farther to fall (see Japan.)