Seattle Bubble Forum Archive

I wouldn't touch foreclosures right now, but I'm sure some charitable, knowledgeable soul will soon appear, letting you know of all the wonderful possibilities.

I have to agree with Biliruben on this one. Foreclosures might be a way to get some instant equity, but it is very risky. The actual foreclosure sale is an auction on the courthouse steps, and the opening bid is usually the amount that the person owes plus fees. In the last few years, a lot of people overpaid for houses, and people bought houses with zero down, etc., so many of the opening bids for houses are for more than the house is worth...Plus you're buying them without the ability to enter them beforehand.

A pre-foreclosure, or short sale is a safer bet but requires a lot of hoops to jump though, can take a lot of time, and deals fall apart, but they are out there.

Anyone else expecting a followup post by a new user with 1 post and a link...?

You read my mind LHR.