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by Willard Michlin
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part, announcing the public auction.
· The recording of the notice of sale must be done at least 21 days before the sale date. A notice of sale is sometimes sent to the I.R.S, if necessary - it is not in all cases.
· 7 days before sale date, if this is a court action, the 7-day rule may apply.
· 5 business days before the sale date - The right of the property owner to re-instate the loan (bring the loan current) expires.
· Sales Date - the trustee, for the benefit of the lender to recover his or her money, sells Property to the highest bidder at a public auction.
Should we Buy, Sell or Hold real estate in this Market?
It has been said, “Buy land, they aren’t making any more of it.” It is really a true statement. Of course there is a lot of land to be had, some very very cheap. Other land like beachfront is very limited and over the years gets even scarcer. I have a book in my library written in 1964. It talks about buying California land. It makes reference to the expansion of Los Angeles into the surrounding neighborhoods, as would be expected.
It also talks about land prices in the desert and other outlying areas where city expansion even today has not happened. Funny, land that was never going to be useful for anything for at least 100 years was selling in 1964 for $40 per acre and is today dirt-cheap worthless land for $200 per acre. Even junk real estate has gone up 500% in 38 years.
So lets look at the question: Is real estate a “buy and hold” investment or a “buy and sell” investment. First I would like to investigate why people have actually lost money buying real estate. We are not talking about “no profit” or “breaking even” owning real estate, we are talking about actually losing money. Let me tell you a story of where I actually lost money, and a lot of it. In 1987 to 1989, the real estate market went up double i |
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