Investing in Bankruptcies
Investing in bankruptcies can be a big money maker for the real estate investor. Investing in bankruptcies can result in a substantial income when you choose the right property. There are several laws that can change from area to area that govern bankruptcies. This means that there are risks involved to the investor, and being aware of these risks can help your investing tremendously.
A large risk that you face with bankruptcies is that the owner can come back and lay claim to their property. Some states even have laws stating the bankruptcies are not complete for a certain amount of time. You will have to determine if your region has this type of law protecting the homeowners when they file bankruptcy. If this is the case you may want to make sure the home is vacant before making an offer on the property. You do not want to put your money into something only to lose it when the homeowners get back on their feet.
When the owner defaults on the mortgage a bankruptcy order is then put in place. The bank will start the proceedings necessary to regain possession of the property. These bankruptcy properties are usually...
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