FORECLOSURE FORTUNES BY Jack Miller WHY FORECLOSURE SALE OPPORTUNITIES ARE ON THE RISE:

For the past year or so, especially in the wake of the 9/11 bombing, America has witnessed an combination of events that have brought about one of the greatest foreclosure markets in the past twenty five years. For almost the entire decade of the 80s and 90s, Americans at virtually all income levels have participated in an economic boom of unprecedented proportions. More people have had good jobs than ever before; many of them at the highest income levels in history.

We have all been living in larger and more expensive homes, buying more luxurious cars, wearing more fashionable designer clothing, been able to indulge ourselves with more expensive hobbies and recreational activities. As we faced brighter economic futures fueled by lower costs of energy, taxes and interest, we had fewer qualms about taking on more debt. The result is that both consumer and commercial debt loads rose at unprecedented levels and kept on rising with each new purchase.

Table of Contents:

WHY FORECLOSURE SALE OPPORTUNITIES ARE ON THE RISE: 1
EASY FINANCING FOR MARGINAL CREDIT RISKS 3
LOW RATES MAKE HIGHER PRICED HOUSES ACCESSIBLE 4
WEAK BORROWERS GOT DOWN PAYMENT ASSISTANCE 6
RISING UNEMPLOYMENT HIT ALL INCOME LEVELS 7
LENDERS ARE VOLUNTARILY WRITING DOWN LOANS 10
JUNIOR LIEN LEAVE EQUITY ON THE TABLE AT SALES 13
SOURCES OF FUNDING FOR BUY/SELL OPERATIONS 15
TOO MUCH CASH + TOO FEW BORROWERS = LOW RETURNS 16
THOSE FLEEING THE STOCK MARKET WANT HIGHER YIELDS 17
PENSION FUNDS AND IRAS NEED TO RECOVER LOSSES 17
INVESTORS ARE TURNING TO REAL ESTATE 19
FANTASTIC OPPORTUNITIES FOR REAL ESTATE OPERATORS 21
PENSION PLANS AND IRA TRUSTS CAN PROVIDE LOANS 22
LONG TERM INVESTORS AREN'T BEING LEFT BEHIND 26
UPGRADES CAN ADD 20% TO NET WORTH PER YEAR 28
PREPARING FOR FORECLOSURE SALES 30
PRE-SALE ACTIVITIES: 43
WORKING WITH TITLE COMPANIES TO CHECK OUT LEINS 44
CHECKING OUT HOUSES AND ESTIMATING PROFITS 45
PLAN YOUR WORK, THEN WORK YOUR PLAN 48
QUICK SALE STRATEGIES FOR "TURNING" HOUSES: 51
CREDIT APPROVAL IS THE KEY TO QUICK SALE PROFITS 54