Heather Seitz asked:


meowner becomes delinquent on their mortgage payments the lender begins the lengthy foreclosure process. If no attempts are made to reconcile the debt with the lender, then the property is auctioned off at the public courthouse. A single foreclosed property purchased at an auction can easily earn an investor a years worth of investment income. Right now is perhaps the best time in the history of real estate to invest in foreclosures with a record number of foreclosures reported last year. There are plenty of deals available to the general public but the trick is knowing how to find them

Despite what infomercials on television might tell you, investing in foreclosed homes is not as easy as just walking over to the courthouse. There is a lot of homework that needs to be done before a foreclosed home is purchased at auction. The key to successful investing, especially in real estate, is research. What you know can make all of the difference. If you want to be successful with foreclosures you have to be willing to spend some time doing some research

The internet has made performing research of any kind very easy. While researching a foreclosure online you can easily come across all kinds of valuable information. If you are going to be bidding on a property you need to know what the market value of the home is, and there are a number of free online services that allow you to research the market value of a house for free. However, in order to obtain the most reliable data on market values you will need to join a real estate membership site. A membership site will allow you to obtain up-to-date real estate information and foreclosures at a nominal fee.

Foreclosures have a tendency to be in a state of disrepair by the time they reach the auction block. Only a tiny fraction of foreclosed homes that reach the auction block are in move in condition. This means you need to be prepared to estimate renovation costs to the foreclosed property you are looking at. Unfortunately, many states prohibit you to enter a foreclosed home until after the auction is over. If you live in such a state you should consider speaking with a realtor in your area. Chances are a realtor will know someone who was involved in the foreclosure.

With a little research and patience you can easily find foreclosure deals at auction. But if you really want to make a profit with foreclosures you should consider investing in a foreclosure list service. Such a service will provide you with foreclosure deals as they come available and before they reach the auction block. The earlier you buy the property the better.



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Prudence Wong asked:


Nowadays foreclosure auctions are in a rise. There are many reasons for the increased activity in the foreclosure auctions. The general economic recession in the country is one of the main reasons. Many home owners are struggling to find out necessary amount to pay the mortgage repayments. When the home owner fails to pay the dues within the stipulated period, the lender initiates the process fro foreclosure auctions.

A down real estate market is not a good sign for overall economy. Many real estate investors feel that the down economy and the recession in the real estate market are detrimental to their business. But it is not perfectly true. The present real estate market is a buyer's market. If you can get properties at a cheaper rate, you can gain huge returns by holding it for some time and selling it off when the market booms.

The foreclosure auctions are the best source to get good properties at low price. As all of us know, the lenders will be interested only in getting back their loan amount, interest and other legal expenses from the foreclosure auctions. If some buyer is ready to offer the amount they will be willing to sell the property.

As the number of foreclosures is in an increasing trail, there are plenty of options in front of you to select. It is reported that the number of foreclosures have touched record high in the first six months of 2008! You can become millionaire from foreclosure auctions, if you are careful in selecting the best foreclosure auctions. You should know the tricks to get the information on foreclosure auctions and also you should know how to select perfect foreclosure properties.

You have to do lot of home work, before bidding for a foreclosure property. You have to dedicate lot of time and efforts in identifying perfect options. Also you have to spend lots of efforts in assessing the real estate market and market prices for the foreclosure properties. The market price purely depends on the area of the property and the condition of the property.

After identifying few of the foreclosure auctions, you should pay much attention to know about the condition of the property and also its location. Mostly the properties listed for foreclosure auctions will be in a disrepair condition. The property may require much repair work and maintenance. Before bidding you should assess the investment required in doing the repairs. A facelift for the property is essential to sell it off at a later stage.

You can get lots and lots of foreclosure auctions from TV, internet, local real estate investors clubs, courthouses and local news papers. You can get reliable data on foreclosure auctions from a real estate website. You can join such a website by paying nominal fees to get all details on foreclosure auctions.



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Joseph Lane asked:


The housing market is going through a time of challenge for most people. Foreclosures are up and the government is passing bills to help out the situation. With so many things unstable, you may think that flipping houses and buying and selling real estate is not a good idea. And that thought would make sense considering the current state of the housing market.

Reality is though that anytime is a good time to buy and sell real estate. Its important to look at the market and determine how you will make your profit on a deal before you enter into it. A transaction is a transaction and so anytime when money is changing hands, their is always opportunities to make money. A sale is a sale. Its possible to build wealth at and make real estate profit during the process of any rela estate transaction.

Flipping houses (example: Armando Montelongo Tv Show Flip This House with his Flip and Grow Rich Real Estate Package and Real Estate Coaching ) is a good way to buy and sell and make quick profit in the Real Estate housing market. If the market is going through tough times, you just need to make sure that yor making your profit somewhere in the deal. You could buy the property at a very low cost and make your profit on the front end of the deal.

If their are home improvements that will need to be completed, look to see if you can build wealth into your deal in these areas. When you buy and sell a property, there is a possibility to make profit on the front and back end of the deal. If you buy the property for a low price, then you can sell it for what the market is getting and still make money on your deal.

So even when bad times come along in Real Estate, you can still make money on the deal with good planning. Building wealth can be done at anytime.



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Joseph Lane asked:


Flipping houses has been a favorite way to make money in Real Estate for several years now. Well, I guess flipping houses has been around longer than that of course but building wealth and flipping houses like Armando Montelongo does has become very popular over the last ten years. It has become popular because its more attractive to allot of business owners and real estate agents to have a short buy and sell cycle.

The real estate market is going through times that are challenging. These times are going to give real estate agents a chance to see how they can do in a market that is heavy on foreclosures. Wealth building can still be achieved during challenging real estate times.

Flipping houses has become a popular sport within the real estate realm. Many have watched shows on television such as Armando Montelongo and his Flip This House show. These methods of buying and selling real estate is still a viable avenue for making money. Investing is a game in which you use your own money for trying to make money.

Because its your money that is going to be on the table, its very important to protect your interest. When its your money that is at stake, you want to make sure that your investing it in a fashion that will guarantee that at the end of the day, your money made you profit and your real estate deal or wealth building venture is a success.

Armando Montelongo has made many people money by sharing his Flip and Grow Rich system. These type of Real Estate packages can teach you how to make money, even in times where the market is challenging. Making money is still the most important thing for our futures and Flipping houses can still be a profitable business venture.



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Gerald Mason asked:


If you are interested in the real estate industry you may want to consider foreclosures.

Even though this industry has fallen off a bit, it is still a great way to make money.

The most important thing to remember about foreclosure investing is that there are many details to consider. Not only will you need to become familiar with your own situation, but you will also need to know a lot about the foreclosure industry in your area.

But with that being said, foreclosure investing is not a difficult thing to do. If you become familiar with all of the small details you can be a success in no time at all.

The first thing you need to know about foreclosure investing is how it works. Generally speaking, a foreclosure is a property that the bank owns due to the fact that the owner of the property neglected to pay his or her mortgage.

In turn, the bank owns these properties and is forced to sell them back to the public in order to recover the money that they lost. And to go along with this, the bank usually attempts to sell foreclosures quickly because they are not making any money by holding onto them. All of this works out to the advantage of a foreclosure investor.

Getting started with foreclosure investing is quite easy. Now that you know what foreclosure investing is you need to know where to find the properties.

There are several ways that you can do this, and you should look into each option so that you get the best selection possible. Search the newspaper and online and you should not have any problems finding foreclosures to invest in.

When you are finally ready to buy a foreclosure property you will need to become familiar with the steps necessary in your area. Buying foreclosures is different for each county. Some of them have foreclosure auctions once a week, whereas others only have them once a week. It really depends on where you live, and how your county operates.

Overall, foreclosure investing can be a great way to make money. You may have to learn a bit about the industry before starting, but after you are comfortable with what is going on you should be well on your way to success and when you finally begin to realize what foreclosure investing can do for you, you will then be able to make the most out of every transaction.



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Colin Egbert asked:


In short sale investing, one of the biggest challenges you’ll face are negotiations with the bank. Putting together a short sale deal can be lengthy and involve a lot of preparation. Plus, you’ll need to work with the bank to come to a price you can both agree on.

First Contact on the Phone

You’ll start short sale negotiations with the bank by contacting their loss mitigation department. It can be difficult to make first contact with the bank. You may luck out when you first call, if you get an automated response system. Some of these systems will have you input the homeowner’s account number and the phone tree automatically directs you to the correct department.

If you don’t get lucky, your best bet is to call customer service and ask for someone who is qualified to make sales on pre-foreclosures or just ask for the Loss Mitigation Department. If you draw a blank with the person on the phone, try asking for the ‘foreclosures department’, ‘short sale’ department or ‘loan modification’ department. If all else fails try asking for someone in charge of loans and they might be able to direct you to the right person.

Always, always remain polite and calm on the phone. These are people you’ll be dealing with on a regular basis. Once you get that initial phone call out of the way you’ll have the right phone number and name to call every time from there on out.

After you get the right person on the phone, introduce yourself and explain that you are in short sale investing. Let the bank officer know that you are interested in a particular pre-foreclosure and would like to set up a short sale deal. It’s helpful to put together a check list of points you want to cover in introductions and even a short script that you can read from to introduce yourself. Practice the script so it sounds natural.

The Short Sale Package

At this point the bank officer should let you know what materials they’ll need from you to begin negotiations. These materials are sent back to the bank in a short sale package. This package is a way of providing the bank with all the foreclosure information they’ll need, your first offer on the property and is also a way of culling the serious investors from those just expressing interest.

In short sale negotiation, the short sale package is very important. One of the best foreclosure tips you can get for negotiation is to make sure this package includes all the materials the bank has requested and more. It often includes;

a hardship letter from the homeowners,

estimates for any needed repairs to the property,

your estimate of the property’s market value,

copies of the homeowner’s income tax returns and

most importantly your cover letter with your offer price for the property.

Banks will often set aside incomplete short sale packages when they receive them. You may not even be notified by the bank if your package is missing a certain document. So, be sure to double check that package before sending it.

Down to the Figures

Short sale investing usually involves a bantering about of numbers concerning the pre-foreclosure. When the bank receives your short sale package, they will order an appraisal of the property. This is called a Broker’s Price Opinion (BPO) and gives the bank a price to aim for in negotiations. It is usually completed within 10 days of the bank ordering an appraisal, but if they are backlogged it can take longer.

When the BPO is completed and approved the bank contacts you to negotiate a price on the property. The bank won’t tell you what their estimated BPO is on the property, but they will usually talk in terms of price range when negotiating.

The bank officer in a short sale investing deal will try to get as close to their BPO as possible. This doesn’t mean that they won’t accept a price lower than the BPO, they can usually take a deal that’s at least 83% of the BPO. You can usually tell how willing the bank is to accept your offer by the way they negotiate over the phone, especially if they call you back later to continue negotiations.

Your job in a short sale deal is to provide plenty of written evidence for your low offer and back up that information in negotiations. Real estate investing can be a great way to make a high return on your money, even more so when you get involved in short sale investing. However, you’ve got to convince the bank first.



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