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:
Foreclosures
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Real Estate Investors - Bank Foreclosures
by
Bill Carey
The
time is now to get in on year end deals from banks and mortgage
companies who are carrying foreclosure properties (REO real
estate owned). Foreclosures - REO's are an on going problem
for the mortgage industry at a 52 year high, banks and mortgage
companies are overloaded with homes.
To get your best deals in foreclosure properties follow these
tips:
Work with a Real Estate Agent - agents are ready and willing
to work with investors, remember that agents expect to do
business now don't drag them all over town wasting their time
and your time. Be ready to buy. Some commissions are as low
as 1.5% that's $375.00 to an agent on a $50,000 property which
is normally $750.00 not much income after all the hoops the
mortgage companies will make them jump through.
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Also
read:
• What
is Foreclosure
Many of us have heard the term foreclosure in relation
to other individuals and understand that it is not a
pleasant term, but do not have a firm grasp on what
it actually means. Before we go any further in discussing
the profit potential available through foreclosures
it is critical that we define the term foreclosure.
•
Financial
Difficulties. How To Save Your Home
People who have financial difficulties may find themselves
in a situation where they know they can't continue making
their mortgage payments. If that happens to you, come
up with a game plan before you become delinquent.
•
Foreclosure
Basics
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Top Agents - In today's real estate world the top agents can
put you into a VIP or email program where you will receive
daily emails' with complete property descriptions and photos.
You go check out the properties you are interest in and call
the agent when you want to go inside. This comes with a price
the agent will expect you to sign a Buyer Agent agreement
for this service. Agents will bend over backwards for you
if you treat them fairly and don't expect them to work for
nothing.
MLS
and REO Services - Access to property information is pretty
easy today if you know where to look. You can get access to
the public side of the MLS and find most properties for sale
you will not be able to do the fine tuned search that your
agent can. Banks and mortgage companies all have web sites
you can access to hunt for properties; again your agent can
get more detailed information and be on an email list as a
registered licensed agent. You can do all the work yourself
with out an agent, but you will need an agent to make an offer.
HUD - VA - Government Owned - The only access you will have
to these properties is through an agent who is registered
with the agency. Some properties have special keyed locks
and only registered agents have the keys. The process is more
detailed and closing by year end is not as important, this
is the government they don't have share holders to answer
to.
Be Ready To Buy - Have your foreclosrue financing in place
line up your hard money lenders, self-directed IRA's, private
lenders, partners, credit cards, and cash, 2nd mortgage your
home. What ever you plan on using to buy an investment property
be ready and able to close before year end to get the best
discounts.
About the Author
Bill Carey offers insights to the buying and selling process
of residential real estate for F*R*E*E information and reports
see http://www.BillCareyRealtor.com.
"Insider Real Estate Secrets Revealed" ...a must-read
for Home-Owners and Renters! It's a FREE 12-lesson e-course
covering more than 20 topics exposing the realities behind
buying and selling.
Also
read:
•
Buy a foreclosure and save big
There's not many things more discouraging than calling
a real estate agent, giving them your financial information
and filling them in on what type of home you'd like to
buy for the price range you are comfortable with, then
seeing the look on their face and explaining to you what
you can really afford. While most people give in and settle
for much less, many others find a market that will allow
them to purchase homes below or well below what the market
dictates.
• Florida HUD Approved Lenders
• Florida foreclosure statutes
• California foreclosure |
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