| Their profile looms larger, foreclosure homes | | | | challenge that once met carries a swagger, |
| are coming out of the shadows to be more of | | | | but is best left to the investor who knows |
| an opportunity as a way to buy your family | | | | his state foreclosures laws, has access to a |
| home sooner than you expected. Just how | | | | line of credit or hard money, and knows when |
| familiar with investors' gambits do you have | | | | to stop bidding. Auctions scheduled on many |
| to be to buy at a price that means you will | | | | courthouse steps are cancelled or postponed, |
| have cash for the inevitable repairs and | | | | as owners anxious to save their homes work |
| replacements yet still pay less than you | | | | out a way. The competition at the auction is |
| would for a home you could walk into | | | | not just from the real estate investor pros |
| tomorrow? | | | | in town, but from the lender or lenders who |
| | | | determine the upset price. |
| Of the three stages of foreclosure, the final | | | | |
| stage, when the home has failed to sell | | | | Buying a home in pre foreclosure, before the |
| either before or at auction, is usually | | | | auction is certainly more challenging, there |
| recommended for the beginner or first-time | | | | are many pitfalls to avoid, and unless you |
| foreclosures buyer. That's because REO status | | | | want to pay close to fair market value in |
| has some benefits over pre foreclosure such | | | | order to avoid a complicated short sale |
| as a title free of debt and straight forward | | | | situation, you will have to know the various |
| negotiation with unemotional lender-owners, | | | | ways to structure a deal that will work for |
| and over first time buying at auction or | | | | three parties. |
| sheriff sale. If you are buying with the | | | | |
| intention of a long term investment in a | | | | You are going to find opportunities to buy at |
| family home, then, apart from some | | | | a discount at both ends of the foreclosure |
| precautions to take over the state of the | | | | timeline. Your challenge will be to preserve |
| property, then the differences in procedure | | | | a big part of that discount and not squander |
| and paperwork will be efficiently dealt with | | | | it on nasty surprises. Common sense, smart |
| by your realtor, and much of that investor | | | | searching of foreclosure listings and the |
| speak can pass you by. | | | | prudent use of expert advisors, your realtor, |
| | | | appraiser and attorney, will get your new |
| Buying at the auction may seem like a | | | | home soonest. |