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Does anyone know if any of these are actually legite?

The foreclosed homes where back taxes are owed. You pay off the back taxes which may be only a few hundred to a few thousand dollars and you then own the home free and clear despite the bank being owed money because the government takes priority over the banks. Has anyone heard of this, besides the infomercials and is it really true?

 
Anonymous

Asked by Anonymous at 9:29 PM on Jan. 9, 2009 in Money & Work

This question is closed.
Answers (6)
  • yes, it's true. i use to work for banks that bought properties at tax sales. go to your clerk of court county page.
    ZARA81

    Answer by ZARA81 at 12:22 AM on Jan. 12, 2009

  • Yes, my mother does it for profit. You will need to do some REAL homework for EACH house. You can't get them for $100 and just sell them for $100000 normally... That's a one in a million. We actually bought our home that way. We got a 5 bedroom fully remodeled victorian for $27K... Just make sure you learn the ropes FIRST!!!!
    SabrinaMBowen

    Answer by SabrinaMBowen at 9:56 PM on Jan. 9, 2009

  • I am only looking to buy my family a home. Not for profit. How do I get more information?
    Anonymous

    Answer by Anonymous at 10:21 PM on Jan. 9, 2009

  • Anyone can do it actually.. some people make their living his way and then flipping the house. You would need some knowledge of construction/home repair though because chances are there will be something wrong with the house... Before knowing your profit, you have to take into consideration what the cost of remodel and repair will be.
    pupmom

    Answer by pupmom at 10:22 PM on Jan. 9, 2009

  • Ok, I read your post after mine went thru... Check with your banks and there should be auctions listed in your newspaper.
    pupmom

    Answer by pupmom at 10:23 PM on Jan. 9, 2009

  • Now is a great time...unfortunately to get a great deal like that. It used to be kind of exclusive in terms of who got wind of the really good deals, but now those deals are available for everyone and you can get them with enough time to do your research. Good luck! Remember to check the roof and foundation, those two can be very costly...especially the foundation...you may not want to get a home with foundation problems.
    unforgettablesj

    Answer by unforgettablesj at 12:47 AM on Jan. 10, 2009