FORECLOSURES FOR SALE - FROM $1.75
A friend and I were having lunch and a discussion started about the Fannie Mae and Freddie Mac bail outs and how this was going to help the housing market. The conversation quickly turned to the foreclosure housing market and the idea of checking into the foreclosure listings and cashing in on the bargain foreclosure home buying opportunities that are available now due to the suffering economy. My friend said he was looking into foreclosures for sale and was considering buying a property or two while there were so many great properties available on the market right now. He said that he had been looking at the Inman news and had been gathering information about preforeclosure leads, HUD, and foreclosure listings all from this one site. He said he had also been researching online how to buy foreclosures and the importance of good reliable foreclosure listings. I asked him why he thought this was a good move right now, and his response was, you buy when the prices are low and you sell when they are high, same as the stock market. You can't lose when you buy a property for 1/2 price or even less. You throw a few dollars into the property and then you can either flip it and make some money, or you can rent it out and either way it is an investment. His thoughts were that eventually the economy will come back, people are just panicking, in what he calls the end of the world mentality. People think this is it, however, he said he is sure that during the Great Depression people probably thought the same thing, and then things turned around. They will turn around again, he reassured me. And his thought is that even if it takes another 10 years, he will still be young enough to enjoy his wealth.
I went home, seriously thinking about all the information he was giving me and I turned on the TV to hear the news. Well, everything is bad, bad, bad, they say over and over again. Then they started talking about the opportunities in the foreclosure housing market, HUD houses,and they told the story of how a woman just won a house for $1.75 on Ebay. Apparently the house was going to be foreclosed on and so that is how much she paid for the house. This will most likely stimulate buying in the Ebay real estate section for the next few weeks. Either way a house for $1.75 is definitely a deal.