With record levels of foreclosures in recent years, many investors feel as though they have spotted an enticing opportunity to extend their real estate portfolios. The profits from foreclosure investing can be huge. That makes foreclosures attractive. However, investing in foreclosed property in laden with risks. One disastrous foreclosure investment can wipe out your capital and destroy any future attempts to invest in future real estate markets.
Is Foreclosure Investing for You?
Whether or not you should be investing in a foreclosed property depends on your financial situation and experience in the real estate market. Sometimes, it's hard to be realistic about what you may be potentially facing. Do you have experience in the more traditional real estate market? Foreclosure investing is not for beginners. Too many unseen obstacles exist and could delay, sometimes for long periods , your transaction. How is your financial situation? Purchasing a property that has been foreclosed upon, can in itself, have overwhelming consequences. Quite often the property has been neglected for months and then trashed by homeowners who were forced to leave.
Have experienced Legal Representation
There is a lot to know in order to avoid pitfalls. Because of the many complexities of this type of real estate investment, many unforeseen legal problems can crop up during the transaction. Even the most judicious investor may not have the knowledge or time to deal with these multifaceted issues. A real estate attorney, familiar with the local laws, and how they relate to this restricted market, is essential.
Pirrone and Pirrone has this expertise and experience. We are highly experienced Bay Area real estate attorneys. We can assist you with all your real estate needs, whether they be traditional transactions, or complex, highly contested foreclosure situations. We have the resources to provide efficient and cost-effective support. Contact our office and let us know what your needs and objectives are. We're here to help.
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