how to buy foreclosures – Buying Foreclosures: Why And How You Should Do It
Buying Foreclosures: Why And How You Should Do It
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Home Page > Finance > Real Estate > Buying Foreclosures: Why And How You Should Do It
Buying Foreclosures: Why And How You Should Do It
Posted: Mar 11, 2010 |Comments: 0
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Cashing in on a property that someone was no longer able to pay for may be unethical for some people but buying foreclosures is one of the easiest ways to make a quick buck amid the economic recession. With the growing number of repossessed and foreclosed homes across the country, it is hard for success-oriented investors to ignore such a great opportunity to make money in real estate.
Because of the recent decline in real estate prices, foreclosed homes are being sold at very low prices. Such a scenario enables you to obtain as many investment properties as you want without pushing your budget to the limit.
There are three opportunities for you to buy foreclosures. They are:
Pre-foreclosure sale – a homeowner facing foreclosure may sell his property to a buyer or an investor before the scheduled foreclosure sale and use the sale proceeds to settle his mortgage payments.
Foreclosure auction – this is when a lender has repossessed the property from the owner and sends it off to the auction block. However, many veteran real estate entrepreneurs warn against buying foreclosures from auctions. According to them, an investor won’t be able to inspect the property prior to the auction. He may also end up spending more than the property is worth because he is expected to bid against several homebuyers and real estate entrepreneurs.
After foreclosure auctions – if a foreclosed home didn’t receive bids during an auction, a bank or lender has no choice but to take legal ownership of the property. The property in question then becomes a bank owned or real estate owned home (REO).
There are many ways you can make money by buying foreclosures. For starters, you can flip or wholesale a foreclosed property to a fellow real estate investor. You can also sell the property at a slightly marked up price to a retail or ordinary homebuyer.
If you want to make bigger profits, you can add value to a foreclosed home by rehabbing it. When you say rehab, it means that you make the property more marketable by adding new rooms, fixing up its plumbing, ventilation, and electrical systems, and doing cosmetic work.
When buying foreclosures, however, always remember take note of their location. You may be able to save a lot of money by buying such properties but if you purchase one that has bad location, you won’t be able to get your return on investment.
To learn more about investing in foreclosed houses, visit www.REIWired.com.
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Jennifer Stevens -
About the Author:
REI Wired is the ultimate real estate investor network on the planet. The sole purpose of this site is to arm you with the cutting-edge real estate investing tactics being used by the hottest investors in the industry…so you can dominate your competition and close more deals… FAST.
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buying foreclosures, real estate owned home, reo, rehabbing, flip, wholesale
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