Foreclosures are attractive because of the potentailly great profits. However, I strongly recommend against them for beginning investors. There are a lot os risks. And you don’t know how much you don’t know.
You can read my views in the article “Is foreclosure investing for you?” at the money-tips forum of this CREONLINE.COM website.
If you do go ahead with this approach, I recommend that you plan to spend at least six months studying before you take any money with you to an auction. You might want to read Frank McKinney’s “Make it Big.” He did as I recommend and became a very successful foreclosure investor in FLORIDA!
I am interested in bidding on properties at the county foreclosure auctions here in Florida. I have several questions that I have had some trouble getting answered. Any assistance would be greatly appreciated.
What does the final judgment that the mortgage company won has to do with anything; do I pay the judgment amount in addition to the winning bid amount?
If I am bidding on the foreclosure on a ?first? mortgage, will second mortgages or additional liens be cleared automatically or do I need to pay them off as well?
I know that I will be liable for any IRS liens against the property/owner as well as any county tax liens. I am just trying to figure out exactly how to calculate my bid amount and what loans and liens remaining that I will be liable for. I am in Broward County FL. Thank you!