Why Foreclosure Investors Are the Ones in the White Hats

With the media’s “gloom and doom” take on the current real estate market, as well as the ever-increasing number of homeowners who find themselves facing the loss of their homes through foreclosure or bankruptcy, people sometimes ask me, “Isn’t foreclosure investing just profiting from someone else’s pain?” Or, “Isn’t foreclosure investing taking unfair advantage of someone when they’re down?”

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Making Money with Real Estate: Why Foreclosure Investing Can Work Anytime, Anywhere

No matter what the current market is where you live, you can be successful at making money with real estate. Although many people think that making money with real estate requires starting out with millions of dollars, you can actually start by investing as little as ten dollars. How? With foreclosure investing.

Foreclosure investing is an effective way of making money with real estate in any market, whether it’s a buyer’s market or a seller’s market. In any real estate market, there will be people who need to get out from under their mortgages, as well as investors who are interested in buying houses at a deep discount. Your job (and the key to making money with real estate in this situation) is to put these two groups of people together. You offer the homeowner a price that will cover what he owes, then sell to the investor at a profit.

Making money with real estate through foreclosures is relatively easy, because, with foreclosures, you’ll be working with motivated sellers. Homeowners who are in pre-foreclosure want you to help them get rid of their mortgage burden; they have passed the point where they’re motivated by making money with real estate. And while you may be motivated by making money with real estate, you’re also offering them a way out of a stressful situation, as well as helping them to salvage their credit.

You can be successful at making money with real estate through foreclosure investing, even if you have no real estate background, even if you have no cash to “play with,” and even if you have a bad credit history. In other words, if you’ve always dreamed of making money with real estate, foreclosure investing is an excellent way to start.

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Pre Foreclosure Investors are Not Vultures

If you’re interested in pre foreclosure investing, you’ve no doubt had at least one person say to you, “Aren’t you taking advantage of that poor homeowner?”

If you had dealt unscrupulously with a homeowner and forced him into pre foreclosure, then, yes, you would be taking advantage of that homeowner. But when you locate a homeowner whose property is already in pre foreclosure, and offer to buy the property from him, you are not “preying” on him – quite the opposite.

A homeowner whose property is in pre foreclosure has three basic options. He can bring the delinquent payment situation up-to-date by paying the lender the total of all back payments and late fees within a certain time frame. He can do nothing, allowing his pre foreclosure home to slip into foreclosure, thus causing great damage to his credit. Or, he can allow a pre foreclosure investor like you to take the property off his hands for an amount that will pay off the outstanding mortgage, and walk away with his credit intact. You will also make sure that your offer is high enough that the owner will get some money for moving expenses and a deposit on a rental property so he can get a fresh start.

While it’s true that you’re likely to get good deals by investing in pre foreclosures, getting a good deal doesn’t make you a bad guy. In fact, many homeowners who find their properties in pre foreclosure would love to meet someone like you, and would be grateful to be rid of the burden of trying to come up with thousands of dollars they don’t have, or face certain foreclosure.

Pre foreclosure investing is a way to obtain real estate at below-market prices, from willing sellers, whose eyes are open to their options, as well as to their limitations. Pre foreclosure investing allows both parties to take full (and ethical) advantage of the situation – not each other.

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Distressed Property Listings Aren’t All You’ll Get…

By now you know that if you accept our free 7-Day trial offer to view the foreclosures, pre-foreclosures, and bankruptcy listings in your area, you’re going to have instant access to information that it would take hours, or even days to find on your own.

What you might not know is that you’ll get even more than that.

The foreclosure listing service offers you an assortment of tools that will assist you in choosing communities where you want to invest, and in deciding whether a specific home is a good investment or a poor one.

You get access to foreclosure laws, calculators to determine whether a house is a good value, and even email alerts.

Community info: If you’re thinking of moving to a new community, or thinking of investing in a community near you, check the “Community info” offered with each listing..

Here you’ll find demographics – including age, education, and income levels of the population. You’ll also learn the fair market rents, the climate, and the crime levels. Plus, you’ll see how many homes are owner occupied, rented, or vacant.

When you click on the “school info” tab you’ll learn about the schools in the community, and their ratings.

In other words, you’ll get a comprehensive over-view of the community to help you decide if that’s the place for you to live or invest.

If you’re considering a real estate purchase right now and wondering about your decision, take advantage of our 7-day free trial.

Go to the community in question and see what other homes are available and at what prices. Then click to learn about the people who will be your potential buyers or tenants. Next, check out the schools to see if the community offers what your buyers or tenants will want.

Heck, if you’re just curious about your own community, take the free trial and go exploring!

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3 Ways to Ensure Profits When You Buy Foreclosure Homes

A great way to make good money in real estate is to buy foreclosure homes. But when you buy foreclosure homes, make sure you’re really getting a deal. Here are three things to consider.

Buy foreclosure homes that have a likelihood of long-term appreciation. Since the real estate market can be unpredictable, it’s best to look at long-term area trends in an area with steady growth, and buy foreclosure homes that are likely to hold their value over time. This is true even if you’re planning to buy foreclosure homes and flip them, because the investor you sell your deal to will be taking this into consideration.

How do you know when a foreclosure home is likely to have long-term appreciation? It all boils down to the old saying in real estate: “location, location, location” which means to buy only in good locations. Ideally, you would buy in a neighborhood that is very close to jobs that pay well, good schools, restaurants, and shopping. Many middle class neighborhoods fit this description.

Buy foreclosures that have equity. This seems obvious, doesn’t it? You would be surprised at how many real estate investors make the mistake of getting carried away when making an offer. Maybe they feel like they will be outbid by another investor. Maybe they just like the house personally. Whatever the reason, if you pay more than you should for a foreclosure home, you will be lucky to turn a profit.

There is an old saying in real estate investing: “You make all of your money when you buy the house, not when you sell it”. Think carefully about that saying for a moment and never forget it.

Buy foreclosures that will give you the type of cash flow or profit you need. If your plan is to buy foreclosure homes with the idea of making steady rental income from them, you need to examine the local rental market. You also need to consider what your monthly payment on the mortgage will be, as well as the interest rate of the financing and real estate taxes. And if your intent is to buy foreclosure homes and flip them immediately, be sure that any repair costs will not eat up your profit. You should also examine the local real estate market; invest only in properties that you’ll be able to sell easily and still make a profit.

These are three primary items to consider before you buy foreclosure homes. Keep them in mind, and you’ll be much more likely to buy foreclosures that will yield a good profit.

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Are You A Lonely Investor?

Do you have friends or family members who are joining you in your quest to improve your finances through real estate investment? Or do you feel all alone, with no one to discuss things with?

I know how it can be. When I first started my career as a real estate investor, many of the people around me thought I was wasting my time – and that I’d probably end up deeply in debt. They thought I should spend my weekends going to the beach or watching a game on TV instead of looking at houses.

Of course I proved them wrong. I’ve been earning a living as a real estate investor since 1989. And I make a better living than the friends who laughed at me for following my dream.

But it sure would have been nice back then to hear more success stories and learn how other people were making money buying and selling houses.

You can get that support. You also get thousands of listings of pre foreclosure homes, bank-owned foreclosure homes, tax liens and much more.

In addition to the property listings, community information, and financial tools, you’ll find a learning center with a wealth of articles to guide you on the right path.

Just sign up for your free 7-day trial at PropertyForeclosure.com today: http://www.propertyforeclosure.com/foreclosure_listing.html

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Buying Pre Foreclosure Properties: Show the Seller the Benefits

The owner of a pre foreclosure home is often a willing seller. Faced with the burden of mortgage payments he can’t make, as well as the damage to his credit rating, he’s likely to be happy that you, the pre foreclosure buyer, came along.

But you will encounter owners in pre foreclosure who are not cooperative. They’re likely to be embarrassed or even in denial about the mess they’re in. They may assume that all pre foreclosure investors just want to take advantage of them. They may also be reluctant to let go of their property without somehow making a profit – even though they’ve defaulted on the mortgage and are now in pre foreclosure. These owners need to understand the benefits they’ll receive from letting you take their pre foreclosure home off their hands.

When you approach the owner of a pre foreclosure home, don’t waste time showing your knowledge of industry jargon or your investment savvy – he’s not likely to be interested in how much money you’ll be making in the deal, and is probably already feeling the pain of the eventual loss of his property. But the more clearly the owner of a pre foreclosure home sees how he benefits from selling now instead of waiting for a miracle, the more likely he is to be willing to work with you.

When you share the benefits of selling now with the owner of a pre foreclosure home, start with these:

A speedy solution to a big problem. When you buy the pre foreclosure home (or flip it to an investor), the deal can be done quickly. There’s no waiting for credit checks or real estate agency red tape. The pre foreclosure owner can quickly move on with his life.

Peace of mind. When you take the pre foreclosure home off the owner’s hands, you quickly remove the albatross of looming foreclosure, the stress of knowing he can’t bring payments current, and, above all, the damage to his credit.

Preserved Credit. Let’s stress again how you can save the pre foreclosure owner’s credit by buying the property before the bank forecloses.

There are other benefits to mention, as well. The point is, when you can clearly show the owner of a pre foreclosure home how he’ll benefit by working with you, you’re more likely to get the deal, as well as create a win-win situation.

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An Easy Way To Find Pre-Foreclosure Listings

If you’re reading the newspaper to find information on pre foreclosure homes that have received a notice of default, you’re probably getting frustrated.

For one thing, those ads don’t give you enough information. They list the address and how much is owed. They might give the sale date and the trustee’s name. But they don’t tell you things like the size of the house or its age. Both of those are important factors in determining whether you’re interested in learning more.

Next, the law says that these notices must be published, but it doesn’t say where they must be published. Depending upon how many news sources you have in your general area, you might have to scan several newspapers each day if you want to catch the latest pre foreclosure postings.

That takes time, and subscribing to multiple newspapers can get expensive.

Of course, you could do your research in person..

But if you’re trekking to the courthouse to search the public foreclosure records, you’re spending hours of time, even on days when there’s nothing new to find. That time would be better spent looking at the actual pre foreclosure houses.

Why spend that time and money when the work has already been done for you?

Why not take advantage of our foreclosure, pre-foreclosure, and bankruptcy listing service?

If you’re not sure what you’ll get, or how it will save you time and money, why not sign up for your 7-Day free trial and see for yourself.

You already know that I have been earning my living for the past 26 years with real estate investment. This listing service is the same one I use to make sure that I stay on top of all the new foreclosures, pre-foreclosures, and bankruptcies in my area.

I recommend it to you because I know it will save you time and money, and help you stay one step ahead of any other investors in your area.

But you don’t have to commit to using it. Just take advantage of the free trial and then decide if it’s for you.

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How to Invest in Pre Foreclosures: The Basics

Pre foreclosure home investing is one of the most profitable ways to invest in real estate. Here’s a quick primer on the basics for successful pre foreclosure investing.

What is a pre foreclosure?
When a homeowner gets behind on his mortgage payments, the bank starts the foreclosure process in order to recoup as much of its money as possible. The time from the notice of default up to the time of the foreclosure auction is known as pre foreclosure. The pre foreclosure period offers the best investment window of opportunity for you as an investor because you can work with the homeowner directly, and usually buy the property at well below market value.

Why buy pre foreclosures? Why not just wait until the auction?
Buying during the pre foreclosure stage has a number of advantages, including the opportunity to inspect the property, as well as check out the area. Buying during pre foreclosure also allows various ways to creatively finance your purchase.

At a foreclosure home auction, you’re likely to be competing with a number of other motivated buyers, and often, you won’t have been given the chance to properly inspect the property.

With a pre foreclosure home, as mentioned, you’ll be working directly with the homeowner who is likely to be very motivated to unload his property.

Where do I find pre foreclosure homes?
Start looking for pre foreclosures by searching the Public Notice section of the local newspaper for Notices of Sale. You can also find the public records of pre foreclosure homes at your County Recorder’s office, filed with the Clerk of Courts; look for a Notice of Default (NOD), Lis Pendens, or a Notice of Sale. Subscribing to an online listing service is another great way to find pre foreclosures; many of these services also provide additional information about pre foreclosure homes, including loan amount and seller contact information.

What should I think about before I buy a preforeclosure home?
Before you invest in any pre foreclosure home, be sure your investment will actually yield a profit when you re-sell. Inspect the property and make note of needed repairs. Be sure that repairs to the pre foreclosure home won’t cost you too much in time or dollars. Take a look at the area surrounding the pre foreclosure home; is it an area that future buyers will find attractive? Will you be able to re-sell the pre foreclosure home at an attractive price and still make a profit? Remember, a pre foreclosure is not a deal if it’s a money pit.

Isn’t buying a pre foreclosure home taking advantage of someone when he’s down?
First, understand that you are not causing anyone to lose his or her home. By the time you find a homeowner whose home is in pre foreclosure, he has already gotten behind on his payments, and is slated to lose his home through foreclosure. Your purchase of his property while it is in pre foreclosure prevents the bank from foreclosing on the property, and causing greater damage to his credit. Taking the foreclosure home off of the owner’s hands before this happens is a win-win situation: you get a deal, but the homeowner gets rid of a burden that has probably been the source of a great deal of stress.

What are some key points to keep in mind?
Here are some other things to remember when investing in pre foreclosure home.

Perform a title search on the pre foreclosure home. Usually, all liens and unpaid property taxes will become your responsibility.

Pay attention to location. Though you can buy cheap pre foreclosure homes in “risky” neighborhoods, the best deals are in safe, pleasant neighborhoods that will appeal to potential buyers when you sell.

Stick to your budget. Don’t overpay. It can be easy to get caught up in the spirit of a pre foreclosure deal. The owner of the pre foreclosure may try to get the most out of the sale, or another potential buyer may try to initiate a bidding war, even before the foreclosure auction.

Focus on pre foreclosures in just a few zip codes. Taking a blanket approach to pre foreclosure investing can work against you. Be “the expert” on a specific area. You’ll learn what to offer when buying pre foreclosure homes in your target area, how much you can expect to get from resale, and how much the pre foreclosure homes are likely to be worth in the near future.

What are the basic steps for success?

Here’s the basic process to pre foreclosure investment success:

Locate loans in pre foreclosure
Evaluate and narrow down the pre foreclosure homes you want to pursue
Inspect the property
Evaluate the property owner’s needs
Determine the market value of the pre foreclosure home, as well as repair costs, potential sales price, and, of course, your profit
Close on the property, do the necessary repairs, and resell it quickly

Today’s real estate market is full of pre foreclosure investment opportunities. To succeed, you don’t have to have real estate or investing experience, and you don’t even need a pile of money. But to ensure that you get the best pre foreclosure deals, you do need to do your homework.

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Buying Foreclosure Homes at Auction

Buying foreclosure homes is a great way to make fast (and often very large) profits in real estate. One method of buying foreclosures is to bid on them at the foreclosure auction. You can get deep discounts at foreclosure auctions, however, you will also need to pay cash for the property. The laws vary as to when you must come up with the cash. Some states allow you 30 days before you must go to settlement on the foreclosure home. Other states give you less time. Be sure to check the foreclosure laws in your state before bidding at a foreclosure auction.

If you opt for buying foreclosure homes at auction, here are some tips for maximizing your success:

Arrive early
Keep in mind when buying foreclosure homes at auction: Auctions can be over in a matter of minutes. If you arrive five or ten minutes late, you may miss the auction altogether.

Check the condition of the property in advance
Buying foreclosure homes can be profitable, but only if the property won’t drain you of resources. When buying foreclosure homes, the less you know about the real condition of the property, the more conservative you should be with your refurbishing estimates.

Think about what you’ll do with the property if you win the bid
When buying foreclosure homes, knowing what you’ll ultimately do with the property should influence how much you bid. No matter what you intend to do, one suggestion when buying foreclosure homes is to consider what price you would need to pay if you had to quickly resell the property.

Be prepared with the right amount of cash
An important thing to remember when buying foreclosure homes: Your bid is final – you won’t be able to back out. Set a limit on what you’ll bid, and go no higher. Find out beforehand how much money you’ll need on the day of the auction if you win the bid. You’ll usually need 10% of the bid, with the remainder due within 30 days. In some states, however, you’ll need the entire amount on the day of the auction.

Understand how the auction is run
Buying foreclosure homes at auction requires familiarity with how the auction is run. The foreclosure auction usually takes place at a public location such as a courthouse, and is usually run by an attorney that has been hired by the bank.

As with any auction, the property goes to the highest bidder. Sometimes, no one attends a foreclosure home auction and the only person there will be the bank’s attorney. Buying foreclosure homes at auction is only worth the bidders’ time if there is a good deal of equity in the property.

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