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Forclosure And The Durrett Rule
It's probably happened to you... Folks learn that you know something about real estate investing and they eagerly ask you about buying foreclosure property. The general assumption is that they can buy a beautiful home at a deep discount at a foreclosure auction. Their smiles fade when you explain that they will have to pay cash on the spot and they must be able to research title to be sure they aren't buying trouble. But wait... there's more... There is also a little something called the "Durrett Rule". Oh boy... can that be a like a knife in the back. For example: You spend the time and effort scouting out a nice home scheduled for foreclosure auction. You search title and scare up the cash to have in your pocket when you go to the sale. Hurray... You have the winning bid at the foreclosure sale and buy the home at about a 40% discount to market value. After doing your happy dance you spend the next few weeks doing needed fix up. Then you find a renter and settle back to collect rents for the next few years. But wait! Who's that knocking on the door. Why it's a nice man who says he is taking the home away from you. Who is this pretentious devil? He is the dreaded... BANKRUPTCY TRUSTEE! Shortly after the original homeowner lost his house he filed for bankruptcy. The wheels of the bankruptcy court grind slowly and the trustee just recently learned that the house had been sold at the auction. And... The foreclosed upon owner had a nice hunk of equity in the home when he lost it. Uh oh.. get ready for this. It is trustee's job to capture that equity so it can be distributed among the bankrupt home owner's creditors. Can he do that? Yes! Under the power granted by The Durrett Rule the trustee can show you the door and claim the home in the name of the bankruptcy court. You, see the bankruptcy court has more power than Edison Electric. It can do about anything it wants when it comes to assets and creditors. Oh sure, months later, after a battle in the bankruptcy court, you should be able to recover the money you paid for the home. Of course... no interest is paid on the money for the time it is tied up in court and you will not be able to recover the attorney fees needed to get your money back. Buying at foreclosure sales is not for sissies! Stick to an easy money tactic... buy in the preforeclosure period with this system. About The Author - Mark Walters is an investors and author. His published works can be found at http://www.CashFlowInstitute.com
MORE RESOURCES: Americans believe real estate, gold are the best long-term investments. They're wrong, advisors say CNBC Rennie lays off 31 employees from real estate firm, cites ‘changing market’ Business in Vancouver Don’t Trust Your Landlord? Here’s How You Can Find More Information. The New York Times A 24-year-old learned about real estate investing on TikTok. Now he plans to convert a $2 million motel into apartments. Business Insider Private real estate sees ‘bifurcation’ in compensation growth Private Equity Real Estate | PERE Here’s a snapshot of the area commercial real estate market in April Baton Rouge Business Report Senior Living More Tariff-Resistant Than Other Real Estate, Immigration Remains Big Issue Senior Housing News OT Real Estate Spotlight of the Week: 4295 Saddlebrooke Trail The Owensboro Times Montgomery County and MCB Real Estate Partner on First-Ever Tax Increment Funding to Support $2.8 Billion Investment in East County Montgomery County (.gov) Who's buying up Quincy real estate? What one buyer has spent $78 million in last 5 years The Patriot Ledger European real estate somewhat shielded from tariff chaos Institutional Real Estate, Inc. Real estate’s winners and losers of the state budget The Real Deal Real estate sales in Peoria, Tazewell and Woodford counties for May 10, 2025 Peoria Journal Star Bray Real Estate releases its April 2025 numbers KKCO 11 News Grant Cardone Shares The 4 Greatest Opportunities For Real Estate Investors: 'Lower Rates Coming' Yahoo Finance Athens Riviera Set To Lead Europe’s Prime Real Estate Boom With Ultra-Luxury Demand In 2025 Travel And Tour World Westmoreland County Real Estate Transfers The Latrobe Bulletin Sherley Real Estate, LLC - Ad from 2025-05-10 The Independent Record Homes.com aims to one-up Zillow with listings ‘boost’ Real Estate News by RealEstateNews.com EG Real Estate: 7 New Listings & 5 Sold East Greenwich News Trump’s Migrant Crackdown Adds to Miami’s Real Estate Woes Insurance Journal Here are businesses on the move in Marin, Sonoma, Napa and Mendocino counties The North Bay Business Journal llinois bill looks to enshrine Clear Cooperation in state law housingwire.com Global Surge in Data Infrastructure Demand Reshapes Real Estate Landscape, Cushman & Wakefield Reports Boston Real Estate Times Property transfers: Marion County sales range from $4K to $595K The Marion Star ‘Wildly Inappropriate Behavior’: Real Estate Group Is Accused of Cover-ups The New York Times Tributes – part III: Giving credit where credit is due Institutional Real Estate, Inc. Turbulent times: A mixed picture in European real estate reveals signs of a changing market Institutional Real Estate, Inc. What’s next for StepStone after its record real estate fundraise? Secondaries Investor How’s the Market? AI and real estate The Ukiah Daily Journal Thriving in change: The value of a Realtor and top association Real Estate News by RealEstateNews.com JLL announces senior leadership appointments Boston Real Estate Times TIM SCOTT REAL ESTATE - 82410 Caledonian Record People: Mark Nowaczewski, Sakara Ferebee join Street Commercial Real Estate Northern Nevada Business Weekly Alexander Brothers Face More Sex Crimes, Including Against Underage Girl The New York Times When markets speak louder than politics: Real estate in an uncertain economy Rochester Business Journal NextGen Realty Opens Worcester Office to Meet Growing Demand for Central Massachusetts Housing Boston Real Estate Times Real Estate Transactions: Friday, May 9, 2025 Boulder Daily Camera Number crunching: How have top-down and bottom-up allocation strategies influenced real estate investment and performance during the past 40-odd years? Institutional Real Estate, Inc. Israeli veteran's Cincinnati real estate empire collapses amid fraud allegations - WCPO 9 Cincinnati Boston real estate firm expands into Worcester, opens Downtown office Worcester Business Journal AIM Media Texas Plans to Sell Real Estate Property to UTRGV Texas Border Business Suspect in Houston-area real estate agent's Downtown Dallas killing denied bond reduction FOX 4 News Dallas-Fort Worth Form 253G2 Roots Real Estate Invest StreetInsider Gold tops stocks as second-favorite long-term investment, real estate still no. 1 - Gallup poll Seeking Alpha Sprinkman Real Estate Announces Expansion to Meet Rising Demand in Madison Housing Market openPR.com Shelter Island Reporter Real Estate Transfers: May 9, 2025 Shelter Island Reporter Welcome to Real Estate Friday! The Berkshire Edge 2 Northwest Arkansas commercial real estate companies merge Talk Business & Politics Southside regional real estate forum showcased highlights and challenges of growth Chatham Star-Tribune Real estate transfers: 5/7 Toledo Blade Pope Leo XIV’s boyhood home in Dolton was on the market until Thursday. What comes next for the house remains to be seen. Chicago Tribune A real-estate giant wants sellers to list their homes privately. Will homeowners benefit? MarketWatch See how the real estate market fared in New Caney, Porter in April Community Impact Norway’s sovereign wealth fund appoints Knapp as global real estate head Private Equity Real Estate | PERE Residential urban inventories rise 22% in Jackson County, real estate data show - Rogue Valley Times LOCAL REAL ESTATE TODAY 5.9.25 KQEN News Radio JOE R. PYLE COMPLETE AUCTION & REALTY SERVICE Bluefield Daily Telegraph |
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