by: Lou Castillo
So you wanna buy pre-foreclosures? or at the courthouse steps? So many people ask us about this. Here's our '30 second seminar' on it. If you're going to buy PRE-foreclosures--after the seller is behind on her payments, but before the lender's auction date-then there are some pros and cons to consider.
Pros: 1) you've got a good possibility of buying the house subject-to the loan from a very motivated seller who just wants out. 2) you don't need to do any marketing, just read the foreclosure notices (more on this later), pull some comps and do drive-bys. 3) There are several *thousand* foreclosures published each month, in the greater Atlanta area-plenty to choose from.
Cons: 1) You've only got about 3 weeks (to beat the courthouse auction) to contact homeowners and get signed contracts, title work, funding, etc. 2) Most pre-fc homeowners are in denial about their situation and/or mad at the world due to all their stress and debt collection calls they get. Soooo, they're usually not very open or friendly to you and your offer. 3) Most really good deals are redeemed (caught up) by the homeowner, and the foreclosure cancelled, just before the courthouse auction.
Say you decide to jump in and 'play the PRE-foreclosure game'. We'd recommend you subscribe to the Atlanta Foreclosure Report at www.equisystems.com/default.htm (about $600/yr and we don't receive any commission for recommending them), and get the monthly list online. Also, consider doing a lot of bold, cut through the clutter mailings to the pre-foreclosures you're considering, to get their attention and have them call you. Remember, their mailbox and answering machine is filled with debt collection stuff. You need to stand out, and hit them often. You might want to mail a different neon postcard or lumpy mail (trash can, stick of dynamite, handcuffs, etc.) *every few days*, until they've grown to like you or are curious enough to call you.
If you choose to skip pre-foreclosure and actually buy foreclosures at the courthouse steps-then you're dealing with the foreclosing attorney and the lender, not the homeowner. The biggest things to keep in mind is you're expected to pay all cash by the END of the auction day; you'll have to run your own title exam in advance; and you'll probably have to guess what condition of home interior is since homeowner may not have let you inside. Another option is to buy the note/mortgage for cash at a deep discount, direct from the lender, prior to the courthouse auction. You don't have to deal with the homeowner that way, but you do have to have access to funds, and you will still have to do your own foreclosure after you buy the mortgage.
Best of success & abundance,
Lou Castillo
About The Author
Lou Castillo FREE! Real Estate Investing Secrets To Earning $100,000 Your 1st Year! -- 11 Overlooked Real Estate Statregies That Will Turn Your Investing Business upside Down And On The Fast Track TO Success...Guranteed! Plus A Bonus Track With A Secret So Successful It Can Double Your Investing Income Overnight! http://www.InvestorSuccessTactics.com
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FSBO Real Estate
FSBO Real Estate
by: Steve Gillman
Buying FSBO real estate, or houses for sale by owner, has its own particular problems and opportunities. Dealing with an uninformed seller who thought he knew enough to handle everything by himself can be frustrating, but it can also be very profitable if you are prepared. First you need to understand the FSBO seller.
People try to sell a house on their own for one primary reason: To save the sales commission. Unfortunately for them, they usually underestimate the cost and complexity of going it alone. They'll often get frustrated and tired of the process, and be ready to drop the price and be done with it. If you help them solve their problems, your reward can be a good price on a good investment. Just keep the following in mind:
1. A seller isn't an agent. You have to be more careful in what you say and ask. Avoid negative comments about the house. Like it or not, the truth is that it's difficult to...
FSBO Real Estate
Real estate > FSBO Real Estate
Condominium and Fee Simple Ownership of Real Estate
Condominium and Fee Simple Ownership of Real Estate
by: Roselind Hejl
Real Estate Ownership
Generally, apartment-style buildings are called condos, two-story row houses are known as town homes, and free-standing homes on small lots are referred to as garden homes. Unfortunately, this description creates some confusion about real estate ownership. Apartment, town home, and garden home describe the design or construction of certain homes. The word "condominium" does not refer to a the layout or style of a building. Condominium is a form of ownership of real estate. The form of ownership of real estate cannot be recognized by observing the building design.
Condominium Regime
The legal definition of condominium is: the absolute ownership of a unit based on a legal description of the airspace the unit actually occupies, plus an undivided interest in the ownership of the common elements, which are owned jointly with the other condominium...
Condominium and Fee Simple Ownership of Real Estate
Real estate > Condominium and Fee Simple Ownership of Real Estate
Are You WASTING Valuable Web Real Estate?
Are You WASTING Valuable Web Real Estate?
by: Jason Tarasi
I sat at the lunch table, turning every shade of red the mind could conjure up. I had to do something, and do it fast.
My aunt was chaperoning my eighth grade class on a field trip to the local amusement park. Then she did it...
As we finished eating our lunch, my aunt wrapped up a half eaten hamburger in a napkin, and promptly stashed it in her purse.
As everyone at the table looked at me and started to laugh, I instinctively kicked out my friend's chair. As he fell to the ground, milk shot out of his nose, inciting a roar of laughter. I had saved my aunt from any further ridicule amongst my peers, for this day at least.
I loved my aunt, but she refused to waste anything, and this sometimes caused me a great deal of embarrassment.
Once I started marketing online, I realized my aunt was on to something. In order to succeed as an online marketer, you can't afford...
Are You WASTING Valuable Web Real Estate?
Real estate > Are You WASTING Valuable Web Real Estate?
Refinancing Real Estate Investments
Refinancing Real Estate Investments
by: Steve Gillman
Why should you consider refinancing real estate investments instead of selling them? Maybe you've owned a rental property for years, you've paid down the mortgage, the value is up, and you want to cash in on that equity. You will do better to refinance. Here's why.
There are two problems with selling. First, selling means paying a large capital gains tax. You can avoid this if you reinvest through a 1031 exchange, but then the point is that you want your money, right? Second, you'll be giving up your inflation-indexed retirement plan. A good rental property generates more income as rents go up.
Refinancing Real Estate Investments Is Better
If you refinance, you can get much of your gain out of the property, without paying a penny in taxes. You see, borrowing money is not a taxable event. Take your loan proceeds and spend them however you want, and still keep your rentals. Doesn't...
Refinancing Real Estate Investments
Real estate > Refinancing Real Estate Investments
FSBO Real Estate
FSBO Real Estate
by: Steve Gillman
Buying FSBO real estate, or houses for sale by owner, has its own particular problems and opportunities. Dealing with an uninformed seller who thought he knew enough to handle everything by himself can be frustrating, but it can also be very profitable if you are prepared. First you need to understand the FSBO seller.
People try to sell a house on their own for one primary reason: To save the sales commission. Unfortunately for them, they usually underestimate the cost and complexity of going it alone. They'll often get frustrated and tired of the process, and be ready to drop the price and be done with it. If you help them solve their problems, your reward can be a good price on a good investment. Just keep the following in mind:
1. A seller isn't an agent. You have to be more careful in what you say and ask. Avoid negative comments about the house. Like it or not, the truth is that it's difficult to...
FSBO Real Estate
Real estate > FSBO Real Estate
Finance Your Real Estate Investment Properties
Finance Your Real Estate Investment Properties
by: Peter Dobler
Unlike traditional residential real estate mortgages, real estate investment financing is way more creative and offers more options than you think. The golden rule in real estate investment is OPM (Other People?s Money).
I have enough money; shouldn?t I buy my real estate investment for cash? No, I absolutely advice against investing large sums of cash into a single real estate investment. There are two reasons why not. First, you give away most of your profits by not leveraging your real estate investment. Second, it is far too risky to put every egg into one basket.
Let me explain the leverage issue for a moment. I will give you an example of a $100,000 investment property that typically increases its value (appreciates) by 7% average a year. Maybe more, maybe less depending where you live. Paying all cash for this property will yield in a 7% appreciation profit plus the...
Finance Your Real Estate Investment Properties
Real estate > Finance Your Real Estate Investment Properties
Real Estate - So, You Wanna Buy Pre-Foreclosures?
Real Estate - So, You Wanna Buy Pre-Foreclosures?
Real Estate - So, You Wanna Buy Pre-Foreclosures?
Real Estate - So, You Wanna Buy Pre-Foreclosures? home loans
Real Estate - So, You Wanna Buy Pre-Foreclosures? Real estate
Real Estate - So, You Wanna Buy Pre-Foreclosures?
Real Estate - So, You Wanna Buy Pre-Foreclosures? Real estate
Real estate
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