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davepamn davepamn
 

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M$1.00  Funded By Mahalo ? |  April 25, 2009 04:50 AM

Was your last home a foreclosure deal?

1. There are quite a few deals while browsing the foreclosure listings.
2. Most of the homes lost due to financial hardship can be sold for a fraction of its worth and could exist in a neighborhood that’s a prime area for growth and appreciation.

Did you find a great value foreclosed home?
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morriss003 morriss003
 
 April 25, 2009 09:42 AM
No, but it was real steal, unfortunately due to a divorce. We purchased it in 1999 at the bottom of the market here. I'm embarrassed to say how much it is worth now, but if we sold it we would have lots and lots of money after taxes.
I attended a foreclosure auction in 1984 just to see what it was like. It was held on the steps of the courthouse and it was very informal. There were only five parties there including me. The bank bid first, offering what was on the mortgage. The rest of the bidding was between a friend of the person who was losing his house and another guy. The other guy won the bid at $135,000 which was an enormous amount of money at the time, but now that house is easily worth a mil.
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