myBankOwnedProperty.com

Back Again talking about foreclosures, buying houses with your retirement account, and how you can earn 8-12% return on your money or credit investing with me! If you want to learn investing I can point you in the right direction! Thank you for watching!Visit my blogs for advice on what to do with your house in a tough situation www.7dayclose.net/blog to buy investment homes, www.belowmarkethousedeals.com/blog

Duration : 0:5:29

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What is the difference between buying regular real estate and purchasing a forclosure? Do you have to put more down on it? How do you go about finding forclosures, have to pay on those sites? How do the lending requirements differ? Is it a good way to buy a house?
I just saw those forclosure websites, don’t know anything about them, though. They aren’t listed on the regular MLS and I wonder how to find them w/out paying money.
Don’t know about before and after foreclosure…

You can go to a bank and ask them for their foreclosure listings. A foreclosure is a piece of real estate, let’s say a home, that the owner couldn’t keep making payments on, or lost due to nonpayment of taxes, and whoever owned the mortgage took the house. (I’m being very general here) and now they’re selling it.
You can get a great deal on a foreclosure, because everyday the bank has that house, they consider it a loss, so it’s in your best interests to look into them.
My husband and I were looking at houses and our real estate agent asked if we wanted to look at a foreclosure. We saw it and we loved it. She told us the former owner was a contractor and he built it himself, but his business went bad and he couldn’t afford to keep it. He tried to sell it, and painted the whole house (it was in perfect condition when we bought it) in anticipation of selling it, but it didn’t work out and the bank took it.
Now we were lucky because a lot of people, when they know they’re going to lose their house, will sabotage it. I’ve heard stories of people pouring concrete down all the pipes, so the new owner had to replace all the pipes, but these are things you must look at when you look at the house and if you’re serious, have an inspector look too. You’ll have to have it inspected anyway, before you close.
You don’t have to put more money down on a foreclosure. We got a fixed 30 year mortgage and it was no different than if we were buying any other kind of house.
We did not have to pay cash. In fact, we did a piggyback mortgage, which is one mortgage for the deposit (we did a 3% downpayment) and one mortgage for the remainder. The smaller one was at a higher percentage rate but after six months we consolidated, cashed out a bit to pave the driveway, and got a great percentage rate.
It is a good way to buy a house as long as you are savvy about the condition of the house. Also, make sure you do a title seach (which is the law in NY and NJ) because if they los the house because they couldn’t pay, they probably have unpaid debts that have been put against the house. When you do a title search, the title company looks for those debts and makes sure the bank shows proof that they were satisfied, or they must satisfy before you close, or you will be responsible-so that’s another thing you must look out for.
Worth it? You bet.

North Metro REIA provides quality education, support, and networking for the Metro Atlanta Area for Real Estate Investors and Real Estate Agents! Check out our web page for details including our 70 hours of recorded audio training updated monthly that benefits investors anywhere!

Duration : 0:1:22

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I’d like to buy a home, and am trying to find out details on buying foreclosures. How do I go about finding and inspecting homes going to auction? What do I need to do to prepare? Have any real people (ie, you or someone you actually know) had any good/bad experiences buying foreclosures you can share?

I have known a lot of people who have purchased homes from HUD. They fix them up and either live or rent them out. These same "investors" went to their banker and asked to see who were on their list of coming foreclosures and offered to buy their mortgage out. Why? The person holding the mortgage may accept being purchased out of their home than ruining their credit. However, for more details and answers on this method, contact your local banker.

www.ReNewsYouCanUse.com Implode O Meter, A cool website about the mortgage market. The Foreclosure fallout, and How to buy foreclosures and more!

Duration : 0:10:16

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It is a foreclosure house owned by a bank and I have made a FULL PRICE offer but the seller agent tells me that the bank is negotiating another offer and has made a counter offer. He said that if the current negotiation fails then he will send my offer. As the bank is negotiating so this shows that it is not a full price offer. If the bank receives my offer then obviously they will take my offer because it is a full price offer. How can I let the bank know that I have an offer? I am very angry at this agent. He also said that it is the bank policy to process one offer !! This does not make sense to me.

Tell the agent to submit your offer NOW or you’ll find an agent who will!

Learn how this family bought their first home, a foreclosure that was just right. RE/MAX agents have professional experience helping families with distressed properties.

Duration : 0:2:58

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I am interested in a house that I think is in foreclosure. How do I go about finding out if it is for sure and if it is, how do I go about buying it? I’ve never done this before. There is a lot on the Internet, but I don’t know what’s hype and what’s not. Every one of them seems to want money before they tell you anything of any real value. Any tips would be greatly appreciated!

Buying a foreclosure is the same as buying any house. The only difference is that you are buying the property as is so inspections become paramount and should be made a subject to clause in your offer.
There is preforeclosure which is the procedures being taken against the property owner to take the home away but you can still approach the owner to buy the house you will need the lenders approval of any offer accepted by the owner in demand.
There is foreclosure in where the owner is already in court and the property is either still in the name of the owner or the judge has ordered the sale of the property you can approach the attorneys for the parties for making an offer to purchase
There is the actual foreclosure sale in where you show up with "dinero" and you bid on the property being sold
There is other real estate owned OREO not to be confused with real estate owned REO in where the bank has successfully acquired the property at the auction and is now selling it.
I hope this overly simplified explanation helps

Foreclosure props – buying procedures and information
Advice and suggestions
Resources – best books, websites

Some of the best resources for forclosures are:
www.faniemae.com, www.ocwen.com

But the most effective source is your local REO Agent, this is a real estate agent that gets most if not all the properties that are going into foreclosure in their area.

The best part about it is they know about the property before it even gets listed. If you can make friends with this agent you can be sure that you get what properties nobody even know about and gives you the advantage over other investors looking for these properties.

Buying procedures; You have to find the property first then find out how much they are asking for it. Then do a market analysis on this property by contacting a realtor to give you comparables in this property area of atleast the 3 latest houses sold and 3 houses currently selling in the vicinity as well.

After you do your market analysis and know what the price is and how much your going to sell for, this will determine if it is worth going to look at the property. If it’s worth looking at it then take a camera and a notebook pad to write everything down that you see needs repairing or replacing and I mean every little detail no matter how small. Make a detailed list.

Make sure you look at the foundation very good and look for signs of water leaks or water coming into your basement. Look at the structure of the house, if you see that the roof is sagging you might have to replace the roof etc.

Even though you might not determine if this might be a problem it will give you an idea if the property is worth even putting in an offer or will give you an idea of how much money it will take to rehab the house.

Then take your notes and contact atleast three contractors to give you a free WRITTEN estimates on how much it will cost you to repair the house.

After this you put all your numbers together and determine what you will offer and remember if you are selling the property after you repair it make sure that take into account your profits, carrying costs ( mortgage payments ), closing costs, title insurance, attorneys fees, advertising and always add an extra $5,000 dollars for those unexpected things that show up.

After you calculate all this and have an offer ready make sure you put in your additional contions or better yet in a seperate addendum that the contract is; " Subject to final inspection by an inspector at Buyers sole discretion " You want your own inspector and not the banks or the owner of the house. This will give you an out on the contract if the inspector finds that there is foundation or structural damage which are some of the most expensive repairs.

Make sure you ask the agent listing the property if there are any sellers disclosures, like for example : Lead Based Paint, Asbestos Issues, Termite or Radon Gas. Ask the inspector when you go for inspection to educate you on this. Most inspectors would be glad to share their insights.

Most if not all foreclosure properties owned by banks you need either proof of funds or a letter from your lender stating that you are pre-approved.

You can checkout this site that gives you leads in your area for Wholesale, Foreclosures, Bankruptcies and Pre-Foreclosures. You can sign up for $6.00 and a month free of all of theses resources and also checkout the bonuses area, here he has pre-recordings and free ebooks so you can read too.

The site is: www.hotbargainproperties.com, the owner of the site is Tim Mai and he is loceted in Texas but will help in your area as well.

Also go to : www.reiclub.com and www.creonline.com and sign up for free. Here you will get to know investor clubs in your area and get a lot of free advice as well.

I hope you find this useful and wish you well with all of your endeavours.

Good Luck

http://www.ultraforeclosures.com — “Foreclosure Girl” introduces the ULTRA Foreclosures 12-step Foreclosure tutorial. This video is a must-see for anyone interested in learning how to buy foreclosed homes, short sales, auctions, and bank owned properties. View the complete ULTRA Foreclosures Foreclosure tutorial at: http://www.ultraforeclosures.com

Duration : 0:2:8

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