What a coincidence! I just started reading the book on the top of my "books waiting to be read" pile, and it was Diary of a Real Estate Rookie, by Alison Rogers, a columnist for Inman News.
Her third chapter, in this eminently-readable book is called, The Sheriff's Sale.
Her advice mirrors some of that in yesterday's post, but she also has some worthwhile suggestions, like remembering that the current inhabitants are losing their home, and might not appreciate your trying to view it prior to the sale. Her idea is a knock on the door with a couple of fifties in hand.
She quotes The Journal of Real Estate Research which says, "If foreclosure, per se, results in such a large discount, we wonder why such properties were not purchased long before they made the multiple listing service. If real estate professionals handling these foreclosure sales do not recognize such profitable arbitrage prospects, who would?"...Intellectual jargon for "If it's such a good deal, why didn't the agent buy it?" She also strongly suggests that you have your repair team already in place. In the rehab world, time is money, as anyone who has watched Flip This House on HGTV knows.
No comments:
Post a Comment