How can you profit from record foreclosures on Cape Cod?
Posted by John Barrett on September 3, 2009
As an expert on foreclosures on Cape Cod, I know the most important thing to know is that just because a property is in foreclosure does not mean you can get a good buy at auction. This is because most properties that go into foreclosure are underwater (the owners owe more than the property can be sold for).
The banks, by law, have to buy back the properties at foreclosure because they have to meet government standards of paying 70 per cent of what is owed or 70 per cent of the appraised value. The best way to buy a foreclosed property is to watch that home and purchase it when it is bank owned. At that time it is usually much less expensive and the bank has had to correct most of the problems before it is offered for sale to the general public.
This process is best handled by a local realtor who can tell you when it’s available, for what price, and whether or not it’s a good deal. Questions? E-mail me at jbarrettre@gmail.com.
