Foreclosure Bargains

With low interest rates and a soaring increase in foreclosures, now is the time that you could become one of the next real estate millionaires - perhaps even a multimillionaire. Even if you're stone-cold broke right now, you can still become richer than most Americans will ever be.

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Foreclosure.com is America's largest provider of distressed properties, with more than 1.2 million foreclosure, preforeclosure, bankruptcy, FSBO and tax lien listings across the United States located conveniently in one place.

Foreclosure.com gets its listings from 100's of leading foreclosing lenders and government agencies, as well as an extensive network of corporate sellers, directly. Even still, we use cutting-edge technology to check and double-check this information to ensure that you receive the most trusted, accurate property listings available anywhere.

Foreclosure.com website provides dynamically interactive web services featureing services that walk first time buyers step-by-step through the process of how to buy a foreclosure. In addition to helpful links, state-specific laws and educational articles, our FREE foreclosure email alerts can deliver listings directly to your inbox so that you can learn about great deals in your area without even searching!

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Bank Forclosures By Troy Francis

Bank foreclosures are homes or properties that are owned by banks or lenders. The banks own them because they are the result of foreclosure. Previous owners of the property or home had fallen behind in their mortgage payments and the bank foreclosed on them. Bank foreclosures are actually one of the easiest and safest ways to buy foreclosures.

One of the big reasons that bank foreclosures are easy to buy and less is that you get to deal directly with the bank themselves. Banks are interested in selling their foreclosed properties because they are not making money on homes that they own. Some banks advertise some of their bank foreclosures in the classified ads or market them through a real estate company. However, their fist goal is to sell these homes and finance a mortgage for another buyer. You can typically buy bank foreclosures 10-20% less than market value homes. While this is may not be as good of a rate as you can get for other types of foreclosures, bank foreclosures are good and easy purchase and make a good option for first time buyers.

Another reason why bank foreclosures are easy to buy is there are generally no other judgments or liens on the property for you to be concered about. There are usually no back taxes to be concerned about. That can be a difficult thing to worry about, and buying bank foreclosures saves you those concerns. The bank is also usually very good about letting you look at the property and to have various inspections. Bank foreclosures have many advantages.

When buying bank foreclosures, there is always some room for negotiation on the price. You can negotiate a lower down payment, a lower APR, money for closing costs. However, as the buyer, you need to ask for these things, and be real in your request. Banks are not going to give their bank foreclosure properties away; they need to make money on these properties for their interest. There are flexible lenders out there though, and it makes lots of sense to look for them when you are looking for bank foreclosures. A flexible lender can make a big difference in getting the deal you want that property of interest.

It is not hard to find good bank foreclosure homes. You can go online. You can find information by contacting your realtor. Locating bank foreclosures can also be done with a bank foreclosure listing service. They will provide the listings for you. Listing services offer foreclosure information in one place thus making it very convenient.

According to Wikipedia

Foreclosure is the equitable proceeding in which a bank or other secured creditor sells or repossesses a parcel of real property (immovable property) due to the owner's failure to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is typically said that "the lender has foreclosed its mortgage or lien."

Buying Pre-Foreclosures Learn The Art of Buying Before the Sale

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The advantages to buying properties from homeowners in default can only be measured by the individual investor. Some do not see enough reward, some think it's too risky, while others are plagued by moral issues. Are you helping the troubled homeowner or taking advantage of his misfortune?
Both the lender and the homeowner lose in a foreclosure action. Neither want it to happen. Both parties are motivated to resolve the situation. Motivated parties are key to the process.

The investing window of opportunity opens the day the Lis Pendens, the notice that a legal action is pending, is filed. The window closes the day the property is sold at auction. The time between these two events enables an investor to work with the homeowner and lender to create a workout strategy or a purchase of the property from the homeowner before the sale date.

The amount of time the window remains open depends solely on state and local laws, as well as the behavior of the property owner. Some states sell properties within 90-120 days from the first notice of default. In New York, the process can take a year or more.

As for the moral question, keep in mind that by dealing with a homeowner in default, you not only help him, you generally rescue the loan and maintain the value of the property (and surrounding properties) as well. If there is enough equity in the property, there is the potential to work out an arrangement that satisfies all parties and allows for a handsome profit. That's what pre-foreclosure investing is all about: buying the equity in the property, working out an arrangement with the lender and the homeowner, then selling the property for a profit.

Investors follow these basic guidelines to ensure a successful purchase and sale:

Locating Loans in Default

The Lis Pendens is the first public notice (document) that announces a loan in default, so it makes sense to start there. Access these notices at the county courthouse, newspapers that routinely advertise these notices or through a reputable Foreclosure Service Provider.

Evaluate Selections & Determine Potential

You know the default amount from the legal notices or service provider's information. Now you must estimate the property's market value. Subtract the default amount from the estimated market value to determine the gross equity in the property. This figure also reflects your gross profit potential. If there is little or no difference in the amount of debt and the market value, move on to another property. If there is a big difference, there may be enough equity in the property to make a sizeable profit.

Contact the Homeowner

This is easier said then done. The homeowner is probably being bombarded with letters and calls from attorneys and bill collectors and has creditors showing up at his door. The only way to contact the homeowner is by phone, mail or in person, and chances are you will have a difficult time getting in touch with him.

Start with mailings. Indicate in your letter that you are a private investor looking for property in that part of town. Let the property owner know that you may be able to help him with his financial problems.

Demonstrating an understanding the homeowner's dilemma will help your efforts. Indicate in your letter that you may be able to stop the foreclosure, save his credit rating and provide cash for use in paying his bills and/or for relocating.

Be professional and gracious in your correspondence. Invite the homeowner to call you at his convenience. If you don't hear from him in a reasonable amount of time, say three or four weeks, follow up with another letter, perhaps worded a bit more urgently. As you get closer to the auction date you may want to send two or more letters per month.

Follow up with phone calls if you can. Be courteous, never pushy. Never interview the owner on the phone. Merely state that in order to determine whether or not you can help him, you will need to meet with him at the property. Make sure he understands that the meeting will be more productive and less time consuming if he will have the loan, mortgage and insurance documents available, as well as the foreclosure notices.

If you are going to make an offer on the property, you must have the loan, ownership, and debt or lien information. You must also assess the condition of the property and the property owner. Combined with the market value and the default amount, you have all the ingredients necessary to formulate your offer.

If you feel comfortable with it, you can visit the property in person. You may be confronted by an angry homeowner. Be polite and leave if you are asked to. Never, under any circumstance, snoop around, inspect or generally trespass unlawfully on somebody's property.