The Complete Guide to Locating, Negotiating, and Buying Real Estate Foreclosures Revised 2nd edition

The Complete Guide to Locating, Negotiating, and Buying Real Estate Foreclosures Revised 2nd edition

by Atlantic Publishing Group Inc


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What do you need to know before you get started?, How does the foreclosure process work?, What is your role as an Investor, what Is the borrower going through, and what is the lender's role? The Revised 2nd Edition of The Complete Guide To Locating, Negotiating, and Buying Real Estate Foreclosures: What Smart Investors Need to Know - Explained Simply will teach you everything you need to know to locate and purchase real estate bargains and answer these questions. Whether you are a first-time homeowner or an experienced property investor, this is a tremendous guide for buying pre-foreclosed homes in any market. Learn how to negotiate with homeowners in distress, prepare contracts and paperwork, determine the true market value of the property, flip the property, locate one-of-a-kind properties, negotiate with sellers, estimate repair costs, obtain REO, communicate with property owners, financing, receive pre-foreclosure information, and more. This book will guide you through every step of the process including finding properties, negotiating, and closing on your first deal.

Product Details

ISBN-13: 9781601389473
Publisher: Atlantic Publishing Company FL
Publication date: 06/30/2016
Edition description: Revised
Pages: 288
Sales rank: 613,689
Product dimensions: 6.00(w) x 8.00(h) x 0.08(d)

Table of Contents

Introduction 11

What are Foreclosures? 13

Why Invest in Foreclosures? 14

How Prevalent are Foreclosures in the United States? 17

Who is this Book for? 21

Overview of the Book 24

Section 1 Understanding Foreclosuers 27

Chapter 1 Mortgage Overview & Investment Preview 29

Types of Mortgages 33

Mortgage Provisions 35

Where do Foreclosures Fit in? 38

What Investors Need to Know About Foreclosures 39

Chapter 2 Focus on Foreclosures 41

Overall Process 41

Judicial Foreclosure 44

Non-Judicial Foreclosure 45

Other Types of Foreclosure Processes 46

Why Foreclosures Happen 47

Foreclosure Stages 50

Foreclosure Timeline 51

Pros of Investing in Foreclosures 53

Cons of Investing in Foreclosures 54

Chapter 3 Investing at Each Stage of a Foreclosure 57

Pre-Foreclosure 58

Foreclosure Auction 59

After the Auction 61

During the Redemption Period 62

When to Buy in the Foreclosure Process 63

Section 2 Locating Properties 69

Chapter 4 Finding Foreclosures 71

Public Records and Legal Notices 73

Chapter 5 Paying for Property Listings 77

Chapter 6 Government Listings 81

Hud 82

Fannie Mae and Freddie Mac 87

The Department of Veteran Affairs 88 89

Chapter 7 Other Sources for Foreclosure Listings 91

Tax Foreclosure Listings 91

Local Auctions 93

Other Online Sources 94

Networking and Real Estate Investment Clubs 95

A Final Word 96

Section 3 Getting Connected 99

Chapter 8 Making Contact 101

Letters to Homeowners 103

Phone Calls to Homeowners 104

Personal Visits to Homeowners 105

County Government 106

Auction Houses 106

Banks 107

Real Estate Agents 108

Chapter 9 Make It Easy For Them to Find You 111

Advertising 111

Section 4 Looking at the Details 119

Chapter 10 Before you Spend your Time on a Property 121

First Cuts 122

Does it Fit? 124

Where is the Area Headed? 125

Checklist 130

Questions to Ask 131

Chapter 11 How to Evaluate Houses 133

Due Diligence 134

Flood Zones 134

Watch Out for Repairs 136

Estimating Current Market Value 137

Comp Worksheet 142

Investing Not Speculating 145

Chapter 12 Calling in the Experts 147

Title Searches 147

Home Inspections 148

Real Estate Agents 149

Real Estate Attorneys 150

Chapter 13 Crunching the Numbers 153

Getting Comps for the Property 153

Determining the Real Current Price 154

Additional Costs to Consider 155

What is your Profit Margin? 160

Section 5 How to Make Buying Foreclosures Work 163

Chapter 14 Buying Pre-Foreclosures Understanding Pre-Foreclosures 165

Understanding Pre-Foreclosures 165

Due-On-Sale Clause 166

Subject to Deals 167

Short Sales 168

Equity Sharing 170

Chapter 15 Buying at Auctions/Trustee's Sales 171

General Process 171

Must Have the Cash Available 172

Buyer Beware 173

Contacting the Winning Bidder 174

Chapter 16 Buying Reos 175

Buying Post-Auction 175

Buying from Hud 176

Buying from Fannie Mae 176

Buying from Freddie Mac 177

Buying from VA 177

Chapter 17 Negotiating with Homeowners 179

What Homeowners Might Do to Avoid Foreclosure 179

What Homeowners Might Do to Redeem Their Property 181

Working with Homeowners 181

Chapter 18 Working With Banks 183

Who You Talk To 185

What They Want from You 186

Why Banks May Not be Your Allies 186

How to Keep Them on Your Side 187

Chapter 19 What About the Redemption Period? 189

Assignment of Rights 189

Buying Redemption Rights 190

The Value of Redemption Rights 191

Chapter 20 What About Junior/Second Liens? 193

Looking for Clear Titles 194

How the Foreclose Process Affects Liens 194

Dealing with Cloudy Titles 196

Chapter 21 Finding the Money 197

Home Equity Loans 197

Home Equity Lines of Credit 199

Hard Money Lenders 199

Private Investors 201

When to Stop 202

Section 6 What to Do Once You Own the Property 203

Chapter 22 Looking at Repairs 205

Letting the Profit Slip Through Your Fingers 206

Making the Most Impact 207

Case Study 209

Chapter 23 Renting Versus Selling 211

The Pros and Cons of Renting 211

The Pros and Cons of Selling 213

Chapter 24 Selling Properties 215

Marketing the Property 215

Selling the Property 216

Chapter 25 Renting Properties 219

Attracting and Keeping Good Tenants 219

The All Important Lease 220

Problem Tenants 221

Section 7 Building Wealth Investing in Foreclosures 223

Chapter 26 Getting Started 225

What You Need To Get Started 225

Getting Organized 226

Do Not Quit Your Day Job 227

Keeping Your Records 227

Do Not Forget the Taxman 228

Chapter 27 How to Make More Money 229

Delegate What You Can 229

Use a Game Plan 230

Keep Learning 231

Appendix 233

List of Judicial States 233

Non-Judicial States 234

Statutory Redemption Rights by State 234

Glossary 239

Resources 273

Sources 273

Helpful Websites and Books 280

Index 285

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