Book Review: The Make Money On Foreclosures Answer Book
So, recently I was given the opportunity to read a new book which I thought was appropriate for the current real estate market climate. The book, called The Make Money On Foreclosures Answer Book was written by one Denise L Evans, Attorney-at-law.
Ms. Evans goes into quite a lot of necessary detail regarding the purchase of properties at various stages of foreclosure. She is clear and to-the-point about many misconceptions the general public has about buying properties in foreclosure.
One point that bears repeating, is that properties advertised for sale as “foreclosures” are typically listed at or very near market prices. This is due to the fact that the bank holding the mortgage lists the property for the appraised value or a value based on a broker price opinion (BPO).
Another good point imparted by this book is that buying foreclosures, whether by investors or individuals intending to occupy the property, is not to be entered into without preparation….or a strong stomach. It seems that there are a great many things that could go wrong with the sale and there is so much work involved that, from an investor’s (my) perspective, the payoff had BETTER be worth it.
According to this book, the work involved coupled with the problems that can arise make investing in foreclosed properties not worth it in my personal opinion.
In general though, this book does a great job of explaining the complexities involved in purchasing properties in pre and post foreclosure and the one big take away is that, if you’re not experienced in this area of real estate, retain a good attorney who is.
