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How to Buy a Foreclosure: Your Go-To Guide to Distressed Properties

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Again, the timeline varies by state, but this typically begins three to six months after the first missed payment , according to the Department of Housing and Urban Development (HUD). Bank-Owned or REO: If a home doesn’t sell at auction, it becomes a real-estate owned home , meaning the bank or lender officially owns it.

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Flipping Houses in New York: 5 Cities to Consider

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“The investors I work with are mostly experienced and have their own crews,” Procopio says. “If The successful flippers are the ones who have developed good relationships with contractors to keep them honest.” You can save money by doing some of the work yourself, of course. Money was cheap but it’s not cheap anymore.”