Posted by John on February 28, 1999 at 23:06:14:
I’ve been out of the real estate biz for years now, but recently I ran across this at an MSN website
( http://moneycentral.msn.com/articles/homemort/invest/1498.asp )
"Foreclosures
Call the local courthouse and find out the name of the legal paper for the area. This newspaper should carry the advertisements required by law for auctions, sheriff’s sales, and foreclosures.
Up to the date of sale, you can negotiate directly with the owners. You can inspect the premises, sign a contract and get financing. You also can wait until an auction to try to get the property as is. Pass a credit check before you bid and get financing fast."
My experiences of years past were that once a property is advertised by the county sherrif, it was more or less a done deal. It was to late for the owners being foreclosed upon to enter into any meaningful strategy to sell the property (I’ve been told by lenders, in effect, the property has been advertised…if you want it, show up at the sale…)…!
Is the website correct (have things changed) or have they stretched the limits of truth? Any true to life experiences out there?