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Buying a foreclosure -Part Two- wasn’t going to be the featured story on the blog today.  However, the Wall Street Journal intervened.  Today’s top story titled, "Buying foreclosed homes without going the auction route" caught my attention.  It’s one of the best foreclosure articles I’ve read lately.  Wall Street Journal reporter Kelly Evans interviews a foreclosure expert in this new video. 

4 minutes and 22 seconds to spare?  Watch it. 

No time for the video. The article’s opening sentence may grab you.  It begins, "You might think its an especially good time to get a good deal on a foreclosed home at an auction.  It isn’t." Read it now.

If you don’t have time to read the whole story here’s the hot tips:

• You need inside knowledge of the local market and home values.
• Banks aren’t giving the homes away, often more is owed then the homes are worth.
• You are buying the house "as is" with no inspections at an auction.
• Better deals can often be found once the home has been put on the market and listed with a REALTOR.

Foreclosures are expected to increase through 2008.  News stories, feature articles, and videos about buying foreclosures will increase too.  There’s going to be a lot of get rich quick talk out there from the snake oil salesmen of the world. So, before you jump on the band wagon to buy a foreclosure take some time to educate yourself or call a local Beaumont, TX REALTOR who can help educate you.

SE Texas Real Estate Talk welcomes you to share your SE Texas foreclosure stories here.