How to Buy a Foreclosure

Sunday, August 29th, 2010 at 4:25 am  
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When a lender decides to foreclose on a property, a notice of default is filed. This document is a public record, and can be used for locating foreclosure properties. You can then use the newspapers to find these filings.

Another great way to find foreclosures if you know the neighborhoods you’d like to live in, is to drive through them. Look for real estate signs that say; “Foreclosure”, “Bank-Owned” and “Bank Repo”.

Call the phone number listed on the signs and ask about other foreclosure listings in the area. But don’t forget to also ask about the foreclosed properties that will be in the upcoming market.

It’s the perfect way to get a jump on the other buyers by asking about the new foreclosures not yet listed. Sometimes takes weeks for the bank management to approve the list price and you can get.

Many banks maintain online lists of foreclosed properties, so check their web site. Other lenders hire an asset management company to handle foreclosures on the lender’s behalf. Contact them for their latest foreclosure lists.

Foreclosed properties are available through the following government agencies; HUD – Housing Urban Development, Fannie Mae, Department of the Treasury and the SBA – Small Business Association. Visit each site for more information.

Usually there are a very small handful of real estate agents that specialize in listing REOs for sale in your neighborhood. They can be found by searching the MLS (multiple listing service). Just ask your agent to search the MLS for “REOs.”

These methods were valid years ago but NOT any more.

With the HUGE number of foreclosures today it’s not very practical to use these traditional methods, mentioned above. It just takes too much time and you won’t be able to find them all.

In fact because there are so many, you now need an electronic method to;

While this may be the only practical way to search it is also the best way to get your dream home at a dream price.

That’s exactly why I recommend a foreclosure specialst. Free of charge they provide you with;

Click here to find out which foreclosure specialist I personally recommend

Rick is an investment and real estate expert with 27 years of experience. At his website you’ll learn how to search thousands of local foreclosure listings. Ideas on how to use keyword criteria to find the exact type of house you want, in the perfect neighborhood. For help with finding your dream home go to
http://www.Estore-Services.com/homes


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www.BankREOProfits.com Bank REO property is being given away at HUGE discounts! Buy bank foreclosures from the source! Learn how here…

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Three Powerful Foreclosure Lead Sources

Saturday, August 28th, 2010 at 10:26 am  
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When people think about real estate foreclosure investing, they most often think about the foreclosure auctions. They imagine a group of investors bidding on properties in a meat market-like atmosphere. In actuality, there are several places in the foreclosure process that investors can home in on for property leads, and a couple of them don’t involve the auction block atmosphere.

The first stage of foreclosure investing involves pre-foreclosures. When a property owner falls behind in their payments, a notice of default is issued. This notice is filed (in most cases) at the county courthouse, where it becomes a public record, and that means anyone can access this information.

Once the notice is filed, the property owner has a specified time frame known as the “redemption period,” in which he must cure the debt or else the property becomes foreclosed on and goes to auction. In general, pre-foreclosures involve dealing with the homeowner face-to-face, which means a lot of time is spent going back and forth. One thing most amateur investors find when dealing with property owners in pre-foreclosure is that a lot of them are in denial and despite the arising foreclosure problem, they refuse to cooperate! For that reason, pre-foreclosures can be extremely time consuming.

Auctions are the second stage of the foreclosure process. At these auctions, investors will either have to be physically present at the county courthouse steps or hire someone to be their representative (power of attorney) to bid on these foreclosed homes. Again, time and money are issues here because financial resources can get eaten up rather quickly with all the traveling or hiring of representatives.

What’s more is that once you become the winning bidder for an auction, you’ll typically have 24 to 48 hours to overnight or wire funds to the attorney. That’s not a lot of time to put a deal and funding together, and sometimes doing this can be difficult. Oftentimes you have to do this without ever having seen the inside of the house since the former owners are probably still living there.

These are both good options, but I specialize in REO foreclosures, which is the third stage of the foreclosure process. With REO properties, I don’t have to travel all over the country to close killer deals. In fact, I can pretty much do most of my research online and with a solid power team; a smooth process to profit can be created!

REO foreclosures are properties that were not sold at auction. When no one bids on a property, it goes back to the bank and is then seen as a liability by the bank because it’s not making them any money. These homes can most easily be found on the MLS (multiple listing service) of the area you’re investing in. This makes the investing process much easier because all I deal with is a Realtor® who submits the offers and helps with the negotiation process until a deal is solidified.

With all that being said, you’ll still need to do your due diligence on each property and form a solid power team who will help you with your investing.

Travis Millward has mastered the cutting?edge strategy for investing in REO

foreclosures! This is your opportunity to discover the 7 golden foreclosure

marketplaces, where banks are unloading foreclosures for pennies on the dollar.

Sign up now and start cashing in on these

killer deals without ever leaving your home and become “virtually” unstoppable.

Visit TheDealFinder.com!


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Friday, April 30th, 2010 at 12:28 pm  
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I submitted a lower offer on a REO house directly to the listing agent making her a dual agent. Also gave her a deposit check($10,000) made to her agency which she owns so that she can use her company check to write to escrow if deal goes through. But the bank rejected my offer. So I told the broker that I want to back out over the phone & I asked her if I can have my check back. She told me that she doesn’t have time to meet me but she does have other available properties which I don’t have any interest on. From then on, she’s been avoiding me & refuse to give me back my check. I cancelled the check but according to the bank(B of A), the check will be able to be cashed in 6 months so I need to re-cancel it . I contacted the department of real estate and they told me that I can file a complaint. This process can take months. Should I just ignore the attemp to get it back & keep re-cancelling every 6 months? All I want is to get my deposit check back. What should I do?
She’s a California real estate broker by the way.

What questions does a Bank Asset Managers ask when screening a Real Estate Agent or Broker to do BPO work?

Wednesday, April 28th, 2010 at 12:27 pm  
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I am a new Realtor with a focus on REO sales. Does any Real Estate Agent or Broker have a list of …or be willing to share the particular questions asked by the Bank Asset Managers when they are screening and interviewing a propective applicant to do thier Broker Price Opinions. Thanks….

I’m a Real estate broker in Miami..how can i get REO ‘s listings from the bank to my office? Thank you !?

Tuesday, April 27th, 2010 at 12:27 pm  
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Can a real estate agent in Michigan handle reo properties or do they have to go through a broker?

Saturday, April 17th, 2010 at 12:27 pm  
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