Originally Posted by Hatterasguy

People just getting into stuff without doing the slightest bit of research doesn't surprise me, because I see it all the time.

They don't understand you have to do your homework before buying a property to make sure what you want to do will work. The guy who bought it without knowing about the sewer easement was a moron. You can look that stuff up in 10 minutes down city hall and that should be the part of your due diligence on any deal.

I think a lot of them watch flip this house and just go off half cocked.

Foreclosure auctions are dangerious to dumb buyers because they can get slammed with other liens if they neglect to do a title search. I know someone who had to pay $30k to satisfy a lein on a house that he just had to have and didn't do any HW. When he won he had two choices, walk away from his $50k deposit or pay the $30k. Thats just one of the neat problems the amature buyer can get stuck with.

When I see something that comes up for sale that looks interesting I'll do my HW on it even before I put in an offer. If its a screaming deal like the last building lot I bought I'll get it under contract before doing any HW on it, contingent on what I need it for.