Because of foreclosure sale competition, you have to “firstest with the leastest” to make money. Pre-foreclosures are one way to do this. Try to buy a CD listing of out-of-area owners from the tax collector Make low offers to buy properties with unpaid property taxes by sending letters to delinquent owners. In the following paragraphs […]
We are recovering, but we’re not there yet. For every completed foreclosure, there are 954 mortgaged homes in non-judicial foreclosure states and 896 mortgaged homes in judicial foreclosure states. Although this is a big improvement relative to the height of the foreclosure crisis, a healthier ratio would be one of every 2000.
Because of foreclosure sale competition, you have to “firstest with the leastest” to make money. Pre-foreclosures are one way to do this. Try to buy a CD listing of out-of-area owners from the tax collector Make low offers to buy properties with unpaid property taxes by sending letters to delinquent owners. In the following paragraphs I’ve inserted some distress market approaches that I extracted from my little booklet called “Fifty Nifty Ways to Buy Foreclosures from Distressed Owners and Lenders”. These are to help you to structure transactions that will be acceptable to the other party and profitable for you. All of them won’t work all the time, but, it will pay you to try to build on them to improvise concepts that you will be able to apply in your specific area:
Continue reading “Getting Ahead In Today’s Foreclosure Market”
There are three opportunities with pre-foreclosures. The worst people to deal with are dead beats who are going to ride out the foreclosure and refuse to move out after the property has been bought either before or at sale. The best people to deal with are families with a large equity and otherwise good credit record who feel terrible about not being able to make payments.
Changes that are going to be bad for a lot of people are going to be good for those who can exploit them. Tight credit promises a cornucopia of opportunity for those who buy foreclosures.
If you go to foreclosure sales, the sale of many of the houses scheduled for sale is postponed at "beneficiaries’ request". This means that something has happened to make the lender think it is going to be paid off in full. Usually, when a loan is in default for a few months, the loan file is handed off to the "Loss Mitigation Department". When I hear of a lender staffing such a department, it sends a message to me loud and clear that the lender expects to take a loss, and the only question on the table is how much of a loss. I like to negotiate with lenders who have these departments... here's how
Learn how to make money with foreclosures and avoid competition. "Pre-foreclosure" is one of those buzz words that get passed around in real estate investor clubs as something loaded with profit potential that offers a sure, easy, fast path to wealth and riches. No doubt there are profits to be gleaned from contacting people who are faced with foreclosure and who will surrender all or part of their equity in return for debt relief, payment relief, or shelter; but there's many a slip betwixt cup and lip.
It's easy to talk about the terrific foreclosure yields that are available to wheeler-dealers in the buy/sell markets, but those with a long term investment perspective are seeing excellent prospects as well. Let's revisit our $200,000 private line of credit investor and change the players to tax-paying former stock market investors who are looking for long term grown and income.
Continue reading “Long Term Investors Aren’t Being Left Behind”
Recently a spate of traveling pitch men have been extolling the virtues of the foreclosure market as a way to build an instant fortune. No doubt, many fortunes have been started at the court house steps, but there's many a slip betwixt the cup and the lip. As more and more people home in on this approach, the competition becomes ruinous. But there's still lots of opportunity for those who don't mind a lot more work and a lot less money.
Continue reading “Cold-Canvassing is a Valuable Technique for Finding Properties”
Because of foreclosure sale competition, you have to “firstest with the leastest” to make money. Pre-foreclosures are one way to do this. Try to buy a CD listing of out-of-area owners from the tax collector Make low offers to buy properties with unpaid property taxes by sending letters to delinquent owners. In the following paragraphs I’ve inserted some distress market approaches that I extracted from my little booklet called “Fifty Nifty Ways to Buy Foreclosures from Distressed Owners and Lenders”. These are to help you to structure transactions that will be acceptable to the other party and profitable for you. All of them won’t work all the time, but, it will pay you to try to build on them to improvise concepts that you will be able to apply in your specific area:
