I got a comment on my looming foreclosures post from Christopher at ForeclosureListings.com. He took exception to my saying that only bankruptcy attorney’s are making money on these foreclosures. In the article I was focusing on larger commercial properties, but Christopher does make a good point about others profiting.
Quite a few people can and do make decent amounts of money of foreclosures. Many real estate agents turn to banks for work when their business begins to head south. Investors are doing very well by picking up properties at relatively low prices. The problem here is that you need to be very liquid in the current lending environment. There is no doubt though that foreclosure investments now will pay off very well if interest rates begin to rise. I also note that in some cases a property in foreclosure around Fort Worth may even have enough royalty income to justify the investment.
So thanks to Christopher for mentioning that. The Foreclosure Listings site looks like a fairly good resource I may have to check out.
