Posted on March 3, 2010
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Buy Foreclosure Properties at Auction!
Posted on March 1, 2010
Filed Under Foreclosures Properties | 4 Comments
One of the best known, but least understood, ways of buying foreclosure properties is to buy them at a live foreclosure auction. Depending upon where you live, a foreclosure auction will generally be held either at your county courthouse or in some other public place. Sometimes the auction will be conducted by the county sheriff and sometimes by a proxy appointed by the court. Regardless of who is chosen to conduct the auction, for more details visit to www.auction-professional.com the result is the same: the property is sold to the highest bidder.
The first bid is typically made for the foreclosing lender by whoever is representing that company. The bid will generally be for the amount that’s owed, although there doesn’t have to be any actual exchange of money involved. If no one else puts in a higher bid, property ownership reverts to the lender.
In the majority of cases, no one shows up for the foreclosure sale except the proxies for the lender and whoever may be running the auction. That’s especially true if there’s no room for profit between what’s owed and the market value of a property.
Make no mistake: foreclosure auctions aren’t generally places for beginning investors, because you’ll need access to either significant amounts of cash or a large line of credit that you can tap into quickly. If you have either of those resources at your disposal, you can sometimes find great buys at foreclosure auctions, for more details visit to www.auction-o-matics.com but you have to be careful, because most of the time the amount owed doesn’t leave much room for profit, if any. The properties that do contain a significant amount of room for a profit are most likely to be attended by a bigger group of investors. The key is to do your homework well, because a mistake can be very costly.
If you want to check into auctions yourself, the first thing you have to do is find out which publication is used to list them. Often it’s the legal section of your local newspaper, although some larger cities use specialized business papers to advertise foreclosure sales. There are also various services that will notify you of foreclosures in your target area if you subscribe. If you happen to be interested in a particular property, you can contact the firm in charge of the auction for information about the time and place of the auction. Call the day before the auction to see if the defect has been cured or the sale has been delayed for some reason.
Always remember, if you bid, you must follow through with the purchase. There’s no turning back once you’ve committed to buy a foreclosure property at an auction. So do your homework. It would be wise for you to choose a few target neighborhoods and specialize in those areas, so you’ll know how much profit is available even before you consider bidding on a certain property.
www.auction-words.com
www.auctions-profits.com
rockey lal jack
http://www.articlesbase.com/business-articles/buy-foreclosure-properties-at-auction-730746.html
Foreclosures Open Up New Market
Posted on February 28, 2010
Filed Under Foreclosures Properties | 6 Comments
(NewsUSA) - To some, the current real estate market looks dismal. A weak labor market, rising mortgage rates and high energy prices have caused many American homeowners to lose their properties. To others, the real estate markets looks ripe for investment.
Deer Park Development Corporation, a company with over 30 years of experience in the real estate market, has developed a new approach for investors hoping to purchase and resell foreclosed properties for profit. Foreclosed houses sell at lower prices, helping investors buy properties with less money upfront. In the past, housing prices reflected overinflation -; as the market evens out, the mortgage crisis might actually help stabilize home prices.
Marty O’Malley, CEO of Deer Park Development Corporation, noted that the current real estate market represents a once-in-a-lifetime opportunity for the astute buyer. “With one in every 360 homes in foreclosure nationwide, the opportunity to buy distressed property at significant discounts to their original appraisals is extensive,” said O’Malley. “In Clark County, Nev., one in every eighty homes is in foreclosure, and on top of those statistics, one in every two homes is underwater, meaning that it’s not worth the amount of money owed on it.”
With this amount of inventory on the market, there are situations out there that present themselves as profitable ventures. Not all of the foreclosures are money-making deals, but with experience, professional investors know when and what to buy, so they can make successful ventures.
Being an individual investor in the real estate market can be a dangerous proposition for the inexperienced. But investors, in tying themselves to a group of experienced real estate players, can use experts’ hard-earned knowledge to turn a profit in the down real estate market.
“Allowing individual investors to participate in ownership through direct partnership creates a risk-free vehicle for foreclosure players to work with,” said O’Malley.
Ron Roberts
http://www.articlesbase.com/management-articles/foreclosures-open-up-new-market-738694.html
Posted on February 27, 2010
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Posted on February 27, 2010
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Sales Letter: Based on the Number of Investor Foreclosures and Auctions Salesf
Posted on February 25, 2010
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As a real estate appraiser I am often asked the question, “does the low sales price of the foreclosure or auction sale transacted in my neighborhood negatively influence the appraised value of my home?” It’s a difficult question to answer, especially when you are answering it to a woman on the phone with you who are already crying because she lost her entire life savings when she lost the equity in her home. Sadly the answer to that question is often yes. If the foreclosure or auction sale was a “market sale” that was not transacted under duress, it must be considered together with the other neighborhood home sales when the property is appraised.
Appraisers consider, however, the fact that some foreclosure and auction properties are in sub-standard condition. For more detail go to: www.gurus-apprentice.com.Many foreclosure and auction properties are in need of new paint, flooring, doors, pool repairs, roof repairs, new fixtures or they had some other deferred maintenance that will require a significant cash outlay by the buyer. It is reasonable for an appraiser to adjust a comparable sale if that sale was in need of repairs on its sale date.
As Las Vegas, Nevada appraisers and agents we have found that there are generally fewer foreclosure sales and fewer auction sales in neighborhoods where many of the properties were not sold to out-of-town investors. Investor rich neighborhoods have seen some of the highest foreclosure rates and have had some of the largest sales price decreases in the Las Vegas market. Thus, home price decreases can vary substantially from one subdivision to the next in Las Vegas simply based on the number of investor foreclosures and auctions sales.
Las Vegas sales statistics provided by Data Quick, Inc. via their DQnews Internet site confirms that the median sales price of homes varies considerably among the zip coned areas.
A foreclosure property in your neighborhood can take several weeks to several months to sell, even when a ready, willing and able buyer presents an offer. For more detail go to: www.killer-sales-letters.com.Often there are two or more underlying mortgage holders who must approve a sale, and we have found that mortgage holders rarely accept the first offer made to them in short sale situations. Foreclosure sales can be even more damaging when a property appears to be falling in value as it is offered by the agents at an ever decreasing asking price in their attempt to secure offers for the bank. The longer that a foreclosure property remains on the market the more that it appears to the public and lenders that the home and / or the neighborhood are undesirable.
Thus, large sales price reductions notable for foreclosure and auction sales can cause a significant negative influence to your home appraisal, and thus to your homes value. Keep in mind that these generalizations may or may not apply to your specific situation.
Baljeet
http://www.articlesbase.com/real-estate-articles/sales-letter-based-on-the-number-of-investor-foreclosures-and-auctions-salesf-726996.html
Posted on February 24, 2010
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Posted on February 24, 2010
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People Search by Conducting Property Title Search
Posted on February 23, 2010
Filed Under REO Properties | 9 Comments
A title report also shows any easements, or recorded legal rights to the property or portions of the property. For example, a previous owner may have legally given a neighbor the right to share the driveway, or the city may have a right to strips of the property for putting power lines, communication lines, water pipes, or sewer pipes.
In the United States, the buyer of a property will usually purchase title insurance, which protects the buyer from any title problems that may arise after sale (such as liens that were missed during the search). The title insurance company issues a report and issues an insurance policy in support of its findings.
A title search is also performed when an owner of a certain real property wishes to mortgage his property and the bank requires him to insure their transaction.
Generally, there are two main types of title searching, a full coverage search and limited coverage search; other types include non-insured reports and foreclosure guarantee search.
Full coverage search
A full coverage search is usually done when creating a title report for sale/resale transactions and for transaction that involves construction loans. It generally includes searches related to property lien, easements, CC&Rs covenants, conditions and restrictions, agreements, resolutions and ordinances that will affect the real property in question.
- Search for liens against the owner and the other parties on title.
- Search for liens against the buyer (for sale transactions only).
- Search for Bankruptcy proceedings against the owner of the property.
- Search for liens against the buyer is not something that is covered in a title search.
Limited coverage search
A limited coverage search is usually done when making title reports for refinance transactions that involves ownership equity loans and for making simple title guarantee reports.
This kind of title searching usually includes searches for property liens, liens against the owner and the other parties on title and search for bankruptcy proceedings against the owner of the property.
Non-insured reports
There are a variety of title searches which provide the customer with a report, but no insurance. These are for informational purposes only, and are called by a variety of names, such as Lot Book Report, Plat Certificate, 300-foot Radius Report, and others. These informational searches are used mainly in two instances:
- Probate. This is when a family, lawyer, or court is dividing up the property of a deceased person. Heirs will want to know what liens they are taking on and who has rights to the land.
- Subdividing. To create a subdivision, a person takes land previously platted (legally named and recorded) under another name and renames and replats it as a new development or subdivision. A report must be given to the city, showing taxes paid and no liens. The owner can then sell the lots individually or en masse, and may record Covenants, Conditions, and Restrictions, which govern how residents may construct their houses or yards, and may limit other activities. Many subdivisions have noise, pet, and trash laws as well.
Foreclosure guarantee search
A foreclosure guarantee is a type of report (e.g. trustees sale guarantee, judicial foreclosure guarantee and litigation guarantee) that is used mainly for foreclosing an encumbrances (or a lien) in a certain property. The title searcher will perform a full coverage search to the property in default and a search for the addresses of the lien holders to the property in default. The addresses will be used for sending copies of the notice of foreclosure letters (such as notice of trustees sale, etc.) to the lien holders to the property in default.
Property Title Search before Foreclosure Sale
Letâs first understand how the property happened to be in foreclosure. A common reason is that current owners did not pay their mortgage or tax bills on-time, causing bank or municipal/state/federal government to place a lien against the property, in other words, the mortgage lender or government wants to get payment on the current ownerâs obligations by any means, even if they have to go through the foreclosure expense and auction the house to recover the owed amount or gain possession of the house to sell it latest via real estate agency (REO properties).
If the current property owner had a single lender, then the amount you see at the foreclosure auction might be the only debt against this property (key word is might). In the case where the current owner had, say, a home equity loan in addition to home mortgage(s), there may be two or more liens against the property from different mortgage lenders. Whichever lender files ânotice of defaultâ first and puts a lien against the property gets to foreclose on the property first. The payout from foreclosure action to lenders or government always happens in order of court filing. The only way for you, as an investor, to find out what liens, mortgages, debts exist against the property is to order a Property Title search.
Foreclosure auctions (sometimes called sheriffâs sale) are typically held in the municipal (county) courts. The County does not offer you any protection against additional liens on the property, nor do they guarantee you a clean title.
James Yee
Realtors: How to Work With Investors That Purchase Multiple Properties
Posted on February 23, 2010
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We are currently in a market with tough lending guidelines, and a high number of foreclosures. It is tougher for the average person to purchase a home, meaning Realtors have to work harder than ever to find qualified clients. This is the very reason I have chosen to spend much of my time working with investors. Letâs talk about a few of the potential advantages of having investors as clients.
First, most investors will be well qualified, or even have cash available, making the purchase easier. Next, investors generally look for properties based on certain numbers, saving you the time of having to drive them around to find a house they âfall in loveâ with. And of course we canât forget that most investors buy multiple properties, and may use you as their buyerâs agent as well as a listing agent to help them sell the property.
Before attempting to get new clients, it is critical that you learn as much as you can about investing. Even if you are unfamiliar with the details of investing, by reading the right books you can get a good feeling for what your potential clients are trying to offer.
After you feel comfortable talking about real estate investing, it is time to start looking for your new clients. There are several ways to find investors. One of the easiest is to look for ads in your local paper, or even signs in the neighborhood that investors have put out. Try to get your foot in the door that way. There are also multiple advertising campaigns you can run that are extremely effective. Starting with the Internet, you can post free ads in many different places. Just remember that with advertising, persistence pays off!
You can get some great ideas from some of the Realtor marketing and lead generation courses that are available, as well as checking out the real estate prospecting books at your local bookstore.
Justin Razmus
http://www.articlesbase.com/real-estate-articles/realtors-how-to-work-with-investors-that-purchase-multiple-properties-725272.html
