Our firm recently had a client come to us after spending $80,000.00 to buy a home at a foreclosure sale, plus investing another $200,000.00 into the home to fix it up. Unfortunately, the client was being foreclosed by the first mortgage holder and did not understand that it got title through a second mortgage. I hope we are able to sell the property and maybe the client gets his money back. Buying at foreclosure sales without working with an attorney is swimming in shark-infested waters. I know there are numerous books and videos which tout the benefits and opportunities related to foreclosure sales, but the reality is far more complicated and there is a lot of risk for the amateur investors.
Mitch
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