Can anyone explain me about foreclosure real estate investing????

nationsrew · 06-21-2008, 11:22 AM

Here's a foreclosure tutorial

It's provides the basics but I'd recommend searching on Google for more specific details on each type of foreclosure process

4closer · 06-21-2008, 12:48 PM

Quote:

Originally Posted by jamesww

You are correct about the best deals being before they are foreclosed. But, you act as though the best deals are at the court house steps and this is just not the case. For more than one reason, first you are unable to see the interior in most cases and so do not no the full extent of damages. Second, most of the homes going into foreclosure are leveraged to the hilt and so the bank ends up buying them at near and sometimes above the current market value for the property. Thirdly, those few properties at the court house steps that don't get purchased by the lender have dozens of competing investors and so get driven up to where if you make even a small error in your estimation of value or there are problems with the property you were unable to detect you frequently will end up on the loosing side. The real deals are prior to reaching the steps shortly after the owner gets their letter of default.

James, if you actually took the time to read the post, I said "the best time to get them is before they're foreclosed. Thats the best way." So, I agree with you because thats what I SAID to begin with...no apologies necessary

4closer · 07:02 PM

Quote:

Originally Posted by Dan Connolly

The best way to get them is before they foreclose? That's a pretty broad generalization. When a property forecloses that has mortgage insurance, the lender gets 20% of the loan amount in the proceeds of his mortgage insurance claim. That gets some flexibility right out of the gate.

I had a house that I sold as a listing agent in 2006 for 142,000 with a first time homebuyer financing 97% of the purchase price. When it foreclosed the bank put it on the market (yes...with an agent) for 44,000. Do you think you could have done better in preforeclosure on that one?

This whole thread smells of spam. Hernandez first post and 4Closure's first post. Then Errsher2 comes in to sell us something on your wonderful method of buying preforeclosures?

Please, oh please tell me how to order, I can't wait to buy it! (even more sarcasm)

SPAM? am I selling a system? am I leaving links to websites? emails? I dont think so. great job on your story, way to paint a realistic picture of the norm for everybody. I hope you give all your future clients that same sales pitch so you can collect a commission on an REO and leave them high and dry. The best deals are the ones that never make the MLS, and I think most seasoned investors would agree to that.

jamesww · 06-21-2008, 02:55 PM

Quote:

Originally Posted by 4closer

James, if you actually took the time to read the post, I said "the best time to get them is before they're foreclosed. Thats the best way." So, I agree with you because thats what I SAID to begin with...no apologies necessary

Well I wouldn't say that during pre-forclosure is always the best time to purchase. Only some of them are a good buy at this time and those that are tend to be the very best deal. I think that you are over generalizing just like the poster that you jumped all over. However, everyone has their opinion and so I guess I must allow you to have yours if I get to have mine.

4closer · 06-21-2008, 07:04 PM

well, the "best" time to get the deal is whenever you can. whenever you feel the "best deal" can be made, then that's the best time. Different strokes for different folks, one mans water is another mans wine. I realize there are other times to get "deals" but the majority of the time when it comes to the world of foreclosures, in my experience, when you can get inside the house, look around, check systems, etc., and sit at the couch and work out a deal with the owner, it tends to be the best situation for everyone. There is no "right way" to make a deal.

Jim8923 · 06-24-2008, 03:53 AM

Thanks for the tutorial. It was a great piece of information for me.

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