Buying distressed homes carries risks, rewards

ContraCostaTimes.com | 08/22/2005 | Buying distressed homes carries risks, rewards: "If rising interest rates cause more people to default on their adjustable-rate mortgages, investors could face a potential boon. Buying distressed properties -- those that are in foreclosure or have a foreclosure pending -- is one of the few opportunities to snag a bargain in this overheated real estate market.
But it is not easy, and it entails considerable risk, especially if a property is bought at an auction. And buyers may find that if they have not done their homework, or lack ready cash and an ability to reason with a distraught homeowner, they don't have a prayer of making a profit and could end up in debt themselves."
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