Profit from the foreclosure boom
The word foreclosure is synonymous for distressed or as-is real estate. But in today's changing market with rising adjustable rate mortgages, savvy investors or do it yourself home buyers are able to purchase these undervalued properties faster and more often than ever. But before purchasing a foreclosed property, buyers need to know the process and what to look for. Today I will cover the 4 basic ideas and steps to take when starting this process. As the week continues we will dive deeper into the subject of foreclosures.
1. The Process -
The process begins when the owner falls more than 3 months behind on payments. At this time the lender will send a default letter to the owner and the county that the property resides in, stating that unless all outstanding balances aren't brought current the foreclosure process will begin. At this time the financial institution will set a date for public auction and from this auction the first mortgage and lawyer fees will be paid first. If there is any money left over from the purchase at the auction the money will go to the foreclosed homeowner.
2. What's available -
Every type of home or real estate has the ability to be foreclosed on. This gives investors and homeowners the opportunity to buy anything from vacant land to high rise commercial buildings. There are many options for buyers to find these properties but many charge a fee for their information. Web-sites like ForeclosureNet.com provide info. about bank owned properties for about $30 / month while RealtyTrac charges $50 / month with email services for similar properties.
3. Legal Issues -
Buyers of these foreclosed properties need to beware that sometime there might be outstanding leans on the property that will have to be paid off after their purchase. This leaves buyers in the dark sometimes and cost time and money to fix before owning outright.
4. Investment Stages -
There are many ways to find and purchase foreclosed properties but investors need to be ware what they are getting into before starting the process. There are different levels of risks associated with the way that the properties are purchased and buyers need to know that before hand.
Let the Nolting Real Estate team help you find that foreclosed property. Call or e-mail us anytime. We would love to give you the service that you deserve and that is hard to find.
Nolting Real Estate
140 Enchanted Pwky. Suite 203
Manchester, Mo 63021
www.NoltingRealEstate.com and/or
(636) 391-9997
1. The Process -
The process begins when the owner falls more than 3 months behind on payments. At this time the lender will send a default letter to the owner and the county that the property resides in, stating that unless all outstanding balances aren't brought current the foreclosure process will begin. At this time the financial institution will set a date for public auction and from this auction the first mortgage and lawyer fees will be paid first. If there is any money left over from the purchase at the auction the money will go to the foreclosed homeowner.
2. What's available -
Every type of home or real estate has the ability to be foreclosed on. This gives investors and homeowners the opportunity to buy anything from vacant land to high rise commercial buildings. There are many options for buyers to find these properties but many charge a fee for their information. Web-sites like ForeclosureNet.com provide info. about bank owned properties for about $30 / month while RealtyTrac charges $50 / month with email services for similar properties.
3. Legal Issues -
Buyers of these foreclosed properties need to beware that sometime there might be outstanding leans on the property that will have to be paid off after their purchase. This leaves buyers in the dark sometimes and cost time and money to fix before owning outright.
4. Investment Stages -
There are many ways to find and purchase foreclosed properties but investors need to be ware what they are getting into before starting the process. There are different levels of risks associated with the way that the properties are purchased and buyers need to know that before hand.
Let the Nolting Real Estate team help you find that foreclosed property. Call or e-mail us anytime. We would love to give you the service that you deserve and that is hard to find.
Nolting Real Estate
140 Enchanted Pwky. Suite 203
Manchester, Mo 63021
www.NoltingRealEstate.com and/or
(636) 391-9997
posted by Russell T. Nolting at
1:15 PM
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