Forget The U.S. TV Shows Canadian Foreclosure Homes Are Often No Bargain (2)
Before the crash that she blamed on speculators, Senator Elizabeth Warren made a bundle by flipping houses. Because properties purchased from HUD are sold as is, and because foreclosed homes can have damage ranging from simple poor upkeep to stripped copper, the only reason you do that is for profit,” says Steve Stout, residential field supervisor at the Oklahoma County Assessor’s Office. Auction companies hold huge auctions, sometimes selling as many as 100 homes or more in a single day. Harbour sold its homes through an arrangement similar to an installment payment plan, with a high-interest, long-term loan called a contract for deed, or land contract. It is suggested that potential bidders register in these systems prior to the sale date.
In the wake of the 2008 housing crisis, opportunistic investors swooped in with hopes of profiting on tens of thousands of blighted homes across the country. Familiarity with Syracuse, …