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Buying Foreclosed Property is Not for Beginners

foreclosure

Admittedly this is a worst case scenario, but the couple in this article went to a foreclosure auction and thought they were purchasing a home for really cheap when instead they were actually purchasing a worthless second mortgage with no real rights to the house in question (yes this is possible). This particular house wasn’t in San Francisco, but it sheds light on a way of purchasing property that I think is too risky for people who are not seasoned in this kind of transaction, there really aren’t any buyer protections. When trying to purchase foreclosed property we are competing against professionals that understand  the ins and outs of the business, and even they sometimes get burnt. The good ones factor that into their business and are usually able to chalk it up to the price of doing business, not something the normal purchaser can do. Click HERE to see the whole SFGate article.