Buying Real Estate Foreclosures
The latest, most up-to-date information on one of the hottest real estate investment opportunities\ Savvy real estate investors are ready to take advantage of rising foreclosure rates, but need expert guidance to navigate this profitable market sector. This fresh update of Buying Real Estate Foreclosures gives you all the information needed to find and finance bargain properties from banks, savings and loan companies, public auctions, government agencies, or any other source. Full of handy...
Search in google:
A Step-By-Step Guide to Buying Foreclosure Bargains Safely and Sanely—at a Fraction of Their Market Value"A terrific book that should be read by all—novice and pro alike."—Carolyn A. Weber, Vice President, Century 21 of the Northeast "Do you want to buy a house or other real estate below market value? If so, read this book."—Robert J. Bruss, Syndicated Real Estate Columnist Written by one of America's most experienced real estate professionals, Melissa Kollen-Rice's bestselling guide offers: Sources of available properties - from government agencies, public auctions, banks, and delinquent homeowners Innovative methods for financing foreclosures with little or no cash Tips on conducting an inspection, determining a property's value, and uncovering hidden costs in advance Proven techniques that help readers navigate the 'foreclosure jungle' and avoid costly mistakes along the way Strategies for buying foreclosures before an auction, at an auction, and after an auction Critical information that banks can't tell you about the foreclosures in their inventories A foreclosure purchase is a great way to buy property at a below-market price, keep it as a long-term residence, rent it out to others, or fix it up and sell it for a profit. Packed with user-friendly worksheets, checklists, and contact directories, this fully updated and revised edition reflects current trends and regulations. Whether you are a novice or a professional foreclosure enthusiast, Buying Real Estate Foreclosures provides you with everything you need.
Table of Sample Forms, Illustrations, and Checklists xiPreface xvAcknowledgments xviiIntroduction xixUnderstanding Foreclosures 1An Overview of the Legal Procedure in Foreclosure Actions 3Mortgages and Deeds of Trust 5Judicial and Nonjudicial Foreclosures 9Finding the Foreclosure Statute in Your State 14The Soldier's and Sailor's Civil Relief Act of 1940 16The Three Opportunities for Purchasing Foreclosures 16The Basics of Buying Foreclosures at the Auction 19A Day at the Auction 21Warning: Peculiar Purchase Ahead 27Finding Upcoming Foreclosure Auctions 31The Basics of Buying Foreclosures after the Auction-from Banks 35Defining Bank-Owned Properties 37Redefining Bank-Owned Properties 38A Lender's View of Bank-Owned Property 39An REO Purchase versus a Bank Auction Purchase 41Finding REOs 42Preparing Your Offer 44Negotiating Strategies That Help You Cut through the Red Tape 47The Basics of Buying Foreclosures after the Auction-from Federal,State, and Local Government Agencies 49Defining Government-Owned Property 51Finding Government-Owned Foreclosures 51The Basics of Buying Foreclosures before the Auction 57Understanding the Defaulting Owners 59How You Can Help 60Negotiating with Defaulting Owners-When the Property Has Equity 61Negotiating with Defaulting Owners-When There Is Negative Equity (a.k.a. "Short Sales") 62Steps in a Short Sale 66Finding "Pre-Auction" Foreclosures 66Contacting Defaulting Owners 67Additional Strategies and Tips for Buying Pre-Auction Foreclosures 70Buyers Beware: Has Your State Adopted a Home Equity Theft Prevention Act? 71Clarifying Government "Acts" of Kindness 72Financing Foreclosures with Traditional Real Estate Loans 73Riddle for Buyers 74Calculating Your Foreclosure Budget 75The Burden of Proof 77Decisions, Decisions 78Types of Loans 81Comparison Shopping for the Best Lender 88Key Questions to Aska a Lender 89Creative Strategies for Financing Foreclosures 95Foreclosure Purchasers with Limited Cash and Good Credit 97Foreclosure Purchasers with Limited Cash and Tarnished Credit 102Foreclosure Purchasers with a Lot of Cash and Good Credit 106Foreclosure Purchasers with a Lot of Cash and Tarnished Credit 108Equity Sharing: Buying Foreclosures with a Partner 109How It Works 111Why It Works 111The Owner-Occupant's Goals and Challenges 112The Investor's Goals and Challenges 112Comparing Purchase Details and Finance Costs 114Equity Sharing to the Rescue 117Contract Terms to Agree Upon 119The Risks Involved in Equity Sharing 124Equity Sharing for Parents and Children 125Equity Sharing for an Investor and a Contractor 127Finding a Partner for Equity Sharing 127Equity Sharing Helps People Achieve Their Goals 129Choosing the Right Property: What You Don't Know Can Hurt You 131Finding the Right Property 133Asking the Right Questions 136Organizing Yourself 145Inspecting the File of the Foreclosure Action 147Hiring a Title Expert 147Asking for the Terms of Sale before Bidding on Foreclosures at Auctions 147Uncovering Hidden Costs 148Establishing Property Values 152Calculating Cash Flow 153Preparing Your Bid Sheet 157Organizing Your Prebid Calculations 159Fine Tuning Your Prebid Calculations 159Final Confirmation 168Congratulations! You Are the Successful High Bidder 169When You Are the High Bidder at the Auction 171When Your Offer for a Bank- or Government-Owned REO Foreclosure Is Accepted 172When Your Offer to the Defaulting Borrower for a Preforeclosure Is Accepted 172Coast to the Closing with These Five Standard Operating Procedures 173Applying the Five Standard Operating Procedures to Your Particular Circumstances 176An After-Contract Checklist 181Now that You Own the Property 183Steps to Take for Completing the Transaction 185An After-Closing Checklist 188Making Repairs to Your Foreclosure 189Pinpointing Priorities 191Finding a Contractor 191Implementing a Competitive Bidding System 192Implementing a Performance-Based Payment Plan 211The Big Picture 217Getting Started Today 219Follow These Six Steps for Success in Purchasing Foreclosures 221From Rags to Riches with Real Estate Foreclosures 225Glossary 227Index 237
