Never Buy Property At Court Ordered Foreclosure Sales! (Unless You Know What You're Doing)

In Ohio, The Canton Repository recently ran a story of a naive, young couple with absolutely no clue of what they were doing who went to a court ordered foreclosure sale at the Stark County Courthouse and were the winning bidders on a four bedroom Victorian home on four acres of land that they were going to make their home. They celebrated that night by calling a family who wanted to buy their then-current home and signed a contract to sell it to them.

What happened next should serve as a cautionary tale to those thinking about buying a home at a foreclosure sale (not to be confused with an auction of foreclosed homes that mortgage lenders are already stuck with and are trying to unload). The message is that, unless one is prepared to do all the research and legwork that professional foreclosure sale investors do when buying properties at these sales, you should probably think twice about doing it. For the rest of the story, see New home turns into a Catch-22.