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People taking chance with foreclosed homes

By: Sam Dick - Email
By: Sam Dick - Email

Many experts will tell you, when times are tough economically, there's money to be made.

And every Monday, people with big and small wallets are taking their chances with foreclosed property for sale.

Sam Dick reports.

Master Commissioner James Frazier III runs a tight ship.

Each Monday the sale of foreclosed property starts right at noon, in a Fayette County Circuit courtroom.

Frazier says the business of selling foreclosed property is booming.

"The volume is huge. We used to just sell 20 or so properties every other monday. Now we can sell 40 or so properties depending on the Monday."

While there are good deals to be had, one of the disadvantages of this kind of sale, you can't go inside and inspect the property, it's buy, as is.

The Master Commissioner says the other big change he's seen, is much more foreclosed property worth hundreds of thousands, even millions of dollars.

Like one on Lemons Mill Road, appraised at just over a half million dollars.

A couple of things to remember, if you buy a foreclosed property, you have to immediately put down 10% of the final sales price, and then you have 60 days to pay off the balance with a loan or whatever means it takes.


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