No Room for Sharks in the Business

Thu, Jul 8, 2010

Real Estate Investing

There are a lot of sharksin this business of Real Estate right now. Do not get bit or deal with a shark investor or landlord. Do not get anywhere near those who do not document their deals and use the proper legal forms. If it feels or smells fishy it probably is not the deal you need. I was down at St Simons Island vacationing and catching a few of the lower level sharks recently and a friend snapped the picture of one of the Black tail sharks I caught and then released.  There is a lot of talk about Buying foreclosures today. Foreclosures are ok if you understand what you are buying. You are buying a home that someone has lost because they could not pay for it. Chances are they could not pay for months and that means it usually was not kept up either. Chances are when they left they were mad and may have taken it out on the house before they left. Foreclosure homes are always filled with surprises. Yes, you can get a good deal at times but, there may be things missing like the copper pipes or the air conditioner and a clogged septic system or other deficiencies. Foreclosures are houses the bank does not want and can not usually sell the normal route. The banks just want to be rid of it and often do not check everything. You can’t check the air with the power off. You can not check for water leaks with the water off and you are buying the foreclosed house as is where is with no warranty and often a limited warranty deed. Some people leave foreclosures in good shape but, remember to do your own checking before you buy and the saying “buyer beware” is appropriate in this case more than ever.  If you want a home that is in good shape has been checked out and has everything working go to or . There are no sharks there and no bad deals.
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