Tips you should know before purchasing a bank owned property

Foreclosure filings in February are up 60 percent from a year ago. Did you know that Miami Dolphins quarterback Dan Marino also attempted to auction off his Florida home last month, and the there is Michael Jackson's with his Neverland Ranch that is in default and scheduled for auction this May.

Good news is that the Senate came to a tentative deal on Wednesday to help homeowners facing foreclosure and buyers who are buying foreclosures. In whats thought to be the biggest gift in U.S. history, the Senate has agreed to give a $7,000 tax credit to any person who buys a foreclosed home.

Auctions can be a quick way to come out with a great deal, but they can also drain your wallet, if you're not prepared. For Tips to think about before you make an offer or go to an auction, please contact me for the details that will help you make a Deal...or no deal.