Buying Real Estate Foreclosures. Everyone is asking themselves the same question. “Is this a time to be investing in real estate, or staying away from it?” A wise man once gave this statement, “Be fearful when others are greedy, and be greedy when others are fearful!” That wise man is Warren Buffet, investment billionaire. Now is the best time to be investing in real estate. Once we get our banks lined up to lend money again( which will happen or the world is doomed) all the people who got foreclosed will be ready to buy again. Just get the property now, and rent it out until the market picks back up. Then sell for nice profits.
Most people reading this article are probably muttering to themselves, “No one is going to lend me any money in a time like this.” That is not entirely true. There are still a few ways to obtain property in this recession with No Money Down, Bad Credit, & No Experience. I will briefly cover a couple of them in this article.
First, there are a lot of undervalued properties sitting vacant, waiting for investors to purchase. Second, there are a lot of families about to go into foreclosure that is a step away from abandoning their homes (these families can be your bread & butter). If you know where to look, there are still certain kinds of lenders that will lend you money on a property if the Loan to Value (LTV) percentage is good. Here is an example: You find a property listed for sale @ $70,000 and it is valued on tax records @ $100,000, that real estate property is 30% below LTV. This is a good LTV, and most of these special lenders will give you a loan on this type property( some of these lenders will require no money up front or just a small amount). The only downside is most of these types of lenders will have high interest rates. You can learn more about these lenders at the end of this article.
Let’s finish this article by going back to the families facing foreclosure. These types of situations are abundant right now. Here is a brief scenario of how I make the best of these situations. First I run an ad in the local paper about helping families facing foreclosure. Then I meet with them to evaluate the home & find out what their situation is (how much they owe, how far their behind on payments, etc.) . Then I inform them that I own a company that helps folks facing foreclosure by taking over their payments. You need to be dressed very professional, to make sure they take you serious. Even if this is your first deal, don’t let the homeowner’s know this. You need to come off as if you done this before. You will need the right forms to fill out to make this legal. Let them know that legally there name is still on the loan, but you will be sending in payments on their behalf.
Also, don’t let the bank know exactly what’s going on or they could use their “Due on Sale Clause”. Which only means they can foreclose the property if you don’t give them the amount owed (keep in mind that it’s not in your name, so it doesn’t affect your credit). Find more information about True Facts About Government Foreclosures here.
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