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Article: Foreclosure Sale Can Be Disaster for Uninformed
- Article from:
- Chicago Sun-Times
- Article date:
- March 4, 1994
- Author:
CopyrightCopyright 1994 Chicago Sun-Times. (Hide copyright information)
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Here's a sobering update.
A few months ago, I was asked if it were possible for a private
individual to make money buying properties at foreclosure sales. I
said, "Sure, but not very likely." After explaining why, I said,
"Sometimes a professional scavenger can make money buying a house at
a foreclosure sale, but an amateur scavenger, never."
Well, a just published Appellate Court case demonstrates the
dangers the successful bidder at a sheriff's sale faces if he doesn't
know exactly what he's doing. He could end up losing his entire
investment - every cent he pays the sheriff for a deed.
In this case, the unfortunate purchaser of two condominium units
tried to get the foreclosure court ...