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More Return On Equity For Your Investment Property Dollar
Few would deny that real estate is a solid investment. It provides an attractive combination of stability, reliable cash flow, preservation of principal and capital appreciation. However, many investment property owners nearing retirement find...
Property Market In Portugal
Portugal has enjoyed a steady increase in the number of foreign buyers over the past 10 years or so. Property prices have risen steadily. Portugal and the Algarve in particular saw a huge rise in property investment.
Portuguese buyers are very...
Selling Your Home - A FSBO's Guide to Keeping It Safe
Home sellers not only need to think like a realtor in finding potential buyers for their homes, they also need to think like a personal security agent.
Sellers need to keep their safety in mind when prospecting potential buyers. The real...
Shopping For A New Home
Congratulations on your decision to get a new home, now is the time to consider some aspects to help you find your dream home.
First and most importantly, find a professional Real Estate agent to help you get through the process. Before you...
Why It's Important to Get Pre-Approved
Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home.
Your Mortgage...
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Profit From The Real Estate Bubble: Invest In Foreclosures
How To Buy Foreclosure
There may be only one slogan for people interested in real estate investments. “Buy on time, buy quick”. This is how to buy foreclosure. Real estate investment is about being smart and taking opportunities as they fall.
A Homeowner Sale May Be More Favorable
You may have to move at the right time because many distressed homeowners would want to dispose of their buildings at a bargain. If the lender takes over the foreclosure process, then he will mark the price at the market value because of his in-depth knowledge about how to buy foreclosure.
Get Reliable Information
Every business has its own information sources. One smart way about how to buy foreclosure is to rely on information from reputable sources such as newspapers or online lists. Alternatively, you can contact real estate brokers, attorneys, county recorders or title insurance officers. These people have the competence, experience and professional acumen to advise of credible listings of upcoming foreclosures.
Enter Into Discussions With The Homeowner
If you get to know about a distressed property, try to see the owner and enter into discussions with him before the lender does. Advise him on the imminent foreclosure and how he can redeem the property and avoid a taint on his credit rating by making the property available to you. Here you can make a bargain and get property well below the market price.
In such instances, it is advisable to extract as much information as possible to know the homeowner’s real equity as in many cases the
homeowner has no equity at all after mortgaging the entire property out.
At The Foreclosure Auction
Should you miss the opportunity to buy from the homeowner, you can still acquire the property at the auction sale. As a further tip on how to buy foreclosure at the auction, you will be better of if you exercise a great deal of discretion especially if you are a beginner. Before you arrive at the auction, make sure that you have studied the background of the property and have satisfied yourself about title, cost of repair, remaining equity, competing interest, etc. The reason is that, after the acceptance of your bid you cannot reverse your decision. You are bound to purchase the property as it is.
After The Auction
Even if you are unable to get an auction and ownership of the property reverts the lender , you still have the chance to acquire the property as many lenders will not want to keep the property but dispose of them at a margin. This is how to buy foreclosure in this situation : Determine the market price of the property and if you can make some profits after taking way repair costs, you can contact the lender and then negotiate a price based on your market findings.
About the Author: John Appleseed is contributor to http://www.lenderforclosures.com/, where his insider knowledge of Bank REO strategies are freely shared.
Source: www.isnare.com
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