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Property
Foreclosures and Property
Tax Liens
Foreclosures
are reaching record levels, but buying a foreclosed
property with someone elses, that is borrowed money, has
become increasingly more difficult. Traditional lenders
such as banks and mortgage companies have to overcome
their shortage of funds, caused by their irresponsible
lending practices. This will still take some time, since
disclosure, and therefore, write-off's about loans that
are still performing (that is, the borrower ist still
able to make his monthly repayments of the loan in full),
but exceed the underlying asset value, has been slow and
thus many bank and mortgage company balance sheets still
include overstated values. The result of this and, the
shortage of capital in the banks, make obtaining loans,
especially for speculative purposes very difficult.
It may
well be, that for some time to come, despite well
advertised TV programs that state the contrary,
purchasing foreclosed homes is limited to those that have
large amounts of cash at their disposal, whether it is
their own or borrowed from some private source. Bank
financing, for the moment and, unless you are able to
invest around 30-50% of your own cash, appears to be out
of the question.
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 well defined, 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 a
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.
|
Books
and courses about how to find and buy property
foreclosures vary widely in quality. Some are outright
silly and contain a lot of fluff, meant to stimulate the
greed in the potential buyer. You have to dismiss that
part of it and look for the things, which could be
helpful to you. We have tried to stay clear of the more
blatant examples of the "make quick money at all
costs idea", and tried to remain within the
bounds of reality. That is not easy in a business, where
the buyer is really "exploiting", the
misfortune, or stupidity, of the seller of an asset.
If you start in this business, try to
purchase properties as close to your location as
possible. Because there are many issues for which you
might want to be present yourself and not represented by
a lawyer only. Also, check the laws of your state
on foreclosed properties and make sure that a lawyer has
actually checked the contracts, looked at
potential liens that could still exist, after you
purchased the property. or any other matter, that could
put your purchase at risk.
Even though, the financing of foreclosure
properties has changed in 2008, the underlying principles
of buying a foreclosure property has not. The legal
hurdles are still the same and, the risks remain as well.
The above books should provide you with some guidance,
but always consult a legal specialist,
before you proceed.
Massive
Foreclosure Profits
(Click here to
get to site)
| Massive
Foreclosure Profits is a
step by step Guide to buying Foreclosure
Properties. It will show you how to track
properties through the entire foreclosure
process, not just part of the way and show you .
where the real money is hiding |
Jeffrey
Ringold
CEO of Massive Foreclosure
Profits shows you the three types of
foreclosed properties. Understanding what
they are and the differences between them may
skyrocket your income. You'll learn about all of
them. |
The
Costs
US$ 69.00 for the book |
The Ultimate Real
Estate System
(Click here to
get to site)
| The
Ultimate Real Estate System is
Robert Allen's system of purchasing Real Estate.
He is .the author of two of the largest selling
financial books in history; Nothing
Down and Creating
Wealth, both New York Times best
sellers -- read by millions of people in the past
20 years. |
Robert
Allen is a well known Real
Estate Buyer
who was challenged by Regis Philbin in New York
City to select a person from his studio audience.
He picked a young woman, flew her to San Diego to
attend my intensive investment program,
"Wealth Training". In less than ninety
days after her return to the "Big
Apple", she found and purchased a nice
duplex apartment building. |
The
Costs
US$ 39.99 for the book
and lots of bonuses |
The
Foreclosurewizard
(Click here to
get to site)
The
Foreclosurewizard
is a computer support system that
helps you keep your foreclosure buying organized.
It will save you a lot of money and duplicated
effort. We have used it and feel that it is an
excellent and well designed program that even the
"non-computer savvy"
client can use |
The
Entire Package Can Be Fully Downloaded
To Your Computer In A Flash! You can
start using Foreclosure Wizard in as little as 5
minutes from now. No waiting for shipping,
no waiting for days, even a couple of weeks to
get started.
|
The
Costs
US$ 97.00 for the
download and lots of bonuses |
How to buy
Foreclosures
(Click here to
get to site)
How
to Buy Foreclosures
is a complete course with all
worksheets. This is essential, especially when
you are new to the subject. If you get this
together with the Foreclosurewizard, you will
have a complete system. (This in itself is a
complete system, except that it is manual. But it
will give you a good understanding of all the
important points.) |
The
Package includes a lot of Exclusive
Examples for a first hand account of the
foreclosure process. It follow an actual mortgage
foreclosure from beginning to end. Every single
courthouse and legal document is reproduced.
|
The
Costs
US$ 39.95 for the
download and lots of bonuses
|
RealtyTrac - Real Estate Foreclosures (Click here to get to site)
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. |
Gain instant and unlimited access to everything you need:
 |
Free 7 Day Trial |
|
Daily e-mail
alerts and property updates |
|
current
foreclosure properties |
|
eBooks and
educational materials |
|
Network of
Foreclosure Specialists |
|
The Costs
US$ 29.95 per
month membership fee for instant
unlimited access to the database |
ForeclosureFreeSearch. (Click here to get to site)
Books on
Tax Liens and Real Estate
Procedures
on Tax Liens vary from State to State. Generally, in the
event a tax lien on personal property is not paid within
a specified time (and after several notices are generally
given), the property may be seized and sold at
foreclosure sale. On real property, one of two methods
may be used: either the property may be seized and sold (a
tax deed sale), or in some States the tax lien
may be offered to investors (in the form of a tax
lien certificate) with an accompanying right for
the investor, after a specified period of time, to
institute foreclosure proceedings (a tax lien
sale). If you want to know more about the
details and how you can invest into tax lien
certificates, there are numerous good books
available. The ones below, were the best books we found.
If you are seriously considering investing
into tax liens, then you should get an insight into tax
auctions and the implications of buying tax liens.
Bargain Homes (Click here to get to site)
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! |
Gain instant and unlimited access to everything you need:
|
Over 250,000
homes nationwide |
|
Foreclosures, HUD
homes, and other distressed properties |
|
Free down payment
grants available |
|
Live experts on
hand |
|
The Costs
US$ 9.95 per
week, billed monthly for instant
unlimited access to the database |
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Books on
Foreclosures and Real Estate from Amazon
The key to making money in real estate is
finding motivated sellers. Financial difficulties of
property owners are often the single biggest motivator to
sell. From finding properties in foreclosure, to
negotiating with sellers in financial distress, to
reselling the properties, to realizing healthy profits
you can learn almost everything from these books.
Understanding the concepts involved in investing in
foreclosures such as finding a motivated seller,
structuring the deals, including how to buy with small
down payments, are key issues in being successful. How to
avoid costly contract pitfalls and how to hold on to
newly acquired properties and grow a portfolio for a
long-term equity build-up are all topics that will
interest the future Foreclosure Tycoons.
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