Is an 80% discount typical for a foreclosure auction? I guess there must be immense risks involved, otherwise they would go for more money.
Either that, or I'd have to assume that the auction was not properly publicized, and the HOA is somehow profiting from the sale due to that fact. (eg, feeding info about the auction to people that bribe them, board members buying forclosed homes and selling them at a profit, etc).
Well you don't get to inspect the house, or even enter it, so you don't know the condition. You also must pay with cash-most people can only afford to buy a house with a mortgage.
I also assume most people who let their house go into foreclosure don't keep up with maintenance.
Comments
Is an 80% discount typical for a foreclosure auction? I guess there must be immense risks involved, otherwise they would go for more money.
Either that, or I'd have to assume that the auction was not properly publicized, and the HOA is somehow profiting from the sale due to that fact. (eg, feeding info about the auction to people that bribe them, board members buying forclosed homes and selling them at a profit, etc).
Well you don't get to inspect the house, or even enter it, so you don't know the condition. You also must pay with cash-most people can only afford to buy a house with a mortgage.
I also assume most people who let their house go into foreclosure don't keep up with maintenance.