Buying real estate through foreclosure?
in Real Estate ·
Grace Chase30 said:Hey, I could really use some help here. So, I stumbled upon this apartment being sold through a foreclosure auction—and since I’m looking to buy a place for myself, I figured this might be a total steal if I play my cards right. But I need to know what red flags to look out for. Basically, the property is registered under a corporation in the land records (though apparently, they've started the process to dissolve the company under state laws), and the creditor holding the note is JPMorgan Chase. The deposit required is 10% of the appraised value, and the rules say the property can't go for less than a third of its price. This is already the second round of bidding. Has anyone dealt with something like this before? Should I pull the trigger or run the other way? Any advice at all would be huge...
Best,
Doesn't a certain chill run down your spine when you realize you're buying someone else's home and essentially forcing them out of it?