To know where and
how to buy foreclosure homes is a great skill. You could
find your dream home at a wholesale price, or start a new
career. It could also become an excellent source for a
retirement income.
Most real estate schools offer courses specializing in
foreclosure buying and there are also a great number of
courses on-line. You will find lots of on-line forums.
Some of them are useful, but most tend to be full of
so-called "regulars" with little hands on
knowledge and a lot of useless opinion. Amazon and other
bookstores are full of books on foreclosure buying and
There is also a lot of hype about becoming
an instant millionaire through the
purchase of foreclosure properties. Is it possible? Well,
if you are clever, single minded, persistent,
hardworking, methodical, inquisitive, cautious and at the
right place at the right time, yes, it probably
is!
There is no easy formula for how to buy foreclosure
homes. But there are a few different stages when you have
the opportunity to buy them:
At
the pre foreclosure stage, when
the foreclosure has been initiated by the lender
(i.e. the borrower has been advised that
foreclosure proceedings have been initiated
against him/her and his/her property. There are
usually 30/60/90 days for the borrower to do
something about it, provided he/she finds the
funds to redeem the property). This is a good
time for a buyer, but beware, the borrower is at
this stage usually under severe stress or in
complete denial!
The
next stage is to purchase at the auction.
Often, only the main lender appears at this
auction and you will have to bid against him.
When there are several lenders involved, the
largest lender often purchases the debts of the
smaller lenders (this is common, when the other
lenders tend to be banks or mortgage
institutions. But it is not common that banks
purchase private mortgages). The lender will
bid on the property, wipe out other lienholders,
then pay the balance of outstanding property
taxes to secure the property's clear title. The
lender, typically the senior lien holder, wipes
out all junior lien holders or judgments in the
process. Lenders do not go through the
effort and expense of foreclosing, only to lose
the property for a small amount in back taxes.
Finally,
you can buy a REO (Real
Estate Owned)
from the lender, if the lender has acquired the
property.
You can
learn everything about foreclosure purchases. Real estate
is generally a solid investment and means to build
wealth. There is no real estate or brokers license
required to purchase or trade in foreclosure properties.
Though, if you want to deal with VA and HUD properties
you will need a licensed broker to present the offer.
This 304-page ebook is based on a
30-year legal career by the attorney to
millionaires! The inside secrets and strategies
of millionaires are now revealed.
300 pages, ebook, Adobe Acrobat
PDF plus the Video
The 21 Secrets Video will show you
how Mitchell Bryan, a student of Jay Mitton, made
$3,000,000 in 3 years using the 21 Secrets taught
by Mr. Mitton. This video also contains portions
of a live conference Mr. Mitton spoke at recently
in Las Vegas at which 156 successful real estate
investors paid thousands of dollars to learn the
“21 Secrets” of real estate
millionaires. 21 minutes, QuickTime format
Reozone REO is an acronym for Real
Estate Owned, which indicates that the
property has been foreclosed upon and is
currently on the market, or soon will be. The
properties found on Reozone have been collated
from around the United States, Puerto Rico, US
Virgin Islands and Guam. Reozone focuses on
locally owned banks and some of the largest
providers of secondary mortgage money in the
world.
RealtyTrac
Join for free and find a bargain
in your area. 500,000 properties which include
pre-foreclosures, NTO NTS, auctions, HUD, VA. The
monthly costs will sign you up to an excellent,
daily updated, database of properties.
ForeclosureFreeSearch.
They offer a Foreclosure Mentor
program where they teach you how to purchase
foreclosures
One of the largest Foreclosure databases.
Bargain Homes
You can save up to 50% on real
estate including Foreclosures, HUD homes, For
Sale by Owner, and much more. Home listings
updated daily to help you find the hottest deals.
Over 2 million users can't be wrong, so start
your search today!
Foreclosurenet!
Get instant access to the most
accurate national database of bank foreclosures
and government foreclosed properties. Join today
and take advantage of this great offer!
