Ah, the things that go BUMP in the night...

Oh dear, what a day....

It is funny, but then it is not.

I'm probably going to buy a house or two in the coming months and realize I am taking advantage of other's misfortune. At the same time, by buying the homes, fixing them up and renting them, I will be helping the economy, the agent I deal with, the neighbors of the homes who suffer loss of value due to the proximity of a foreclosure and the renters who need a place.

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lalucas, I know this neighborhood. It is the one I mentioned that KB and Countrywide set up to become foreclosure city.

I will admit that is another home comes open on the block of that subdivision, I will also be buying yet another foreclosure. Being a landlord is work, but if I could keep everything close together I'd think about it. Now is the time to buy.

Behind Blue Eyes, would you be buying HUD foreclosures, bank owned foreclosures or tax sale homes? Each has their pros and cons. Foreclosures are not for the squeamish.

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lt, I'm in California. East Bay area by Antioch and there are a record number of foreclosures in my area. I'm not sure what kind they are, but I doubt they are HUDs due to the price point. I have to find an agent who knows the foreclosure market and is hungry first.

As you shop for an agent, be aware that not all of them are qualified to bid on HUDs. HUDs have there own special bid system unlike Bank foreclosures. Do not count HUDs out as they raised the limit on the FHA loans a while ago and some are quite nice, especially if you are buying as an investor and not for personal use.

Of course I have only ever bought foreclosures in Texas and the market may be very different in California. I was stationed in San Diego many years ago and I do remember property being expensive. But my general advice to people is to be damn careful. There are so many ways foreclosures can go side wise.