The all-purpose rule of thumb in real estate speculation is that the target property may sell for a price lesser than the areas normal if the owner is in suffering. There are two possible situations that you may want to seem out for so that you can discuss with the proprietor to reduce their asking cost.Firstly, look out for mortgage foreclosures on property and check the property sale sites. Banks may under-finance property meaning that they might not want to risk financing the property and then have to sell the property at a defeat during a recession (negative equity situation). So what happen is while the mortgagor (the owner) is in default of his mortgage, the bank would foreclose the property and sale off the property and sells it off. Note that under the ordinary law, while the bank is theoretical to get the best value for the proprietor, this sometimes does not take place and the best way the bank can free its liability is to auction off the property.
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