foreclosures

If you have ever found yourself struggling to pay the mortgage or know someone who has, the question of "What would actually happen if I just stopped paying my mortgage?" probably has come across your mind. While walking away from a mortgage should be avoided at all costs, there are a growing number of homeowners and investors who are doing just that. Some out of simple frustration, others out of a...

If you are like most people, you probably don't have much experience with fleas. Even if you have had minor troubles with them in your home, caused by a dog or cat, you most likely took steps to remove them quickly before they became a problem. But when a property owner simply gives up on any semblance of personal hygiene, or a property is left vacant for a long time, a minor problem can snowball into...

When it comes time to purchase a home, most homebuyers fail to consider the path of purchasing a multi-family. Whether this is due to the belief  that they can't afford it, that they can't compete with seasoned investors, or something else altogether, most people don't give the matter much thought. By doing so, they are missing out on a unique and profitable opportunity.  With current FHA 203k lending...

Buying foreclosure properties can be a frustrating, cutthroat enterprise. The best properties usually have investors circling like vultures. You're never going to be able to win all your bids, but there are things you can do to increase your chances of being the winning bidder. And get the best price in the process. The following guide will help arm you with information that can help you along your road...

When buying a foreclosure, like all other properties, you need to set a closing date on the contract. When setting this timetable you need to consider what kind of affect the proposed dates will have on your offer. As with any point in a contract, if you put the closing out too far you could hurt your bargaining position in the deal. For most situations, the maximum you should request is six weeks. I say...

Persistent communication with the seller and listing agent (not assuming anything or taking "no" for an answer) is key to controlling your success when buying foreclosure real estate. Getting your offer accepted and the deal closed is not always an easy mountain to climb.

When it comes to making an offer on a foreclosure property, many investors often get caught up in the "How low can you go?" mentality. Since banks can more easily absorb a loss on a property, you might be tempted to do nothing but lowball. At times this is the appropriate mentality, but don't throw away your common sense. Like all aspects of a foreclosure offer, if a property has been on the market for...

If you're a veteran foreclosure buyer, this one is probably obvious., but a little refresher never hurts. When making an offer on a property, do all you can to limit the number and length of your contingencies. Depending on the property, and your personal taste, you might want to get an inspection of the roof, the sewer and possibly the whole property before purchasing. With the fast pace at which many...

Being creative with earnest money in real estate transactions is one of the most commonly overlooked negotiation points in a contract. Especially for foreclosures, with their battle-weary bank-owners trying to cover their butts. They want assurances. This earnest money acts as a guarantee that if you violate the provisions of the contract and walk away, the seller has something to show for their time. The...

Almost every offer for a bank-owned property must be accompanied by either a proof of funds or loan preapproval. Offers won't usually be entertained without one accompanying the contract. With the strict lending market, this is now more important than ever. Banks, and their agents, don't want to waste their time with buyers who don't have the ability to follow through on the terms of a contract. It takes...

Whether you utilize a professional inspector when buying properties or simply rely on your own walkthrough, you can’t possibly know everything about the building at first glance. Unless you are from the Planet Krypton, you can’t discern the condition of the sewer lateral without taking additional steps....

In March, I posted a story about duplexes suddenly becoming a viable, cash flowing, option for prospective investment real estate buyers. Four months later, I'm here to highlight the topic again. But this time, I'm not talking about two families. They are still an increasingly attractive buy, but the real surprise in the past few months has been how lucrative buying up single families has suddenly become...

In the hot real estate market of the early to mid 2000's, duplexes were virtually ignored by investors looking for rental properties. And with good reason. Why would anyone buy a property if they couldn't make it cash flow. With the upward spiral prices took in that market, 2-families were generally abandoned by rental investors and embraced only by owner-occupants. Flash forward to 2008 and you have a...