Nov 29 2008
Buy a Foreclosure for Pocket Change
Okay, you can’t really buy a foreclosure for pocket change very often. However, you can easily buy one for under $10,000. I haven’t purchased one yet, but I’ve really been looking into it. The big drawback is location. I’m trying to find a foreclosure within 2 hours of my current home so that I can easily drive back and forth while making repairs. So far, the only place I found that was close enough was located in an area where it would be vandalized and stripped back to a shell while I was backing out of the driveway!
That doesn’t mean you can’t find foreclosures in a nice area, though. I saw a home in Peru, Indiana on eBay that is going to go for well under $10,000 unless someone with money to burn falls head over heels for it. (A few people in the area tell me it is a nice, quiet little town with an air force base nearby.) I also saw a few nice places in upstate Pennsylvania for under $8,000.
Photo by Jason Morrison
One Response to “Buy a Foreclosure for Pocket Change”
Leave a Reply
You must be logged in to post a comment.
Not A Member? Register for Free!
What really ticks me off about the foreclosure crisis is that all the so called “money” they loaned was paid back to them when they sold the mortgages, now they have the property, and are selling it, making more money.
It’s a f’ing shell game.