Foreclosures

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Foreclosures

Foreclosures are properties where the Owner has fallen behind in their Mortgage Payments (or a Balloon Payment was required by the Bank or Mortgage Company, and the person can't come up with that lump sum of money), so now the Bank wants to repossess the property to try to recoup some of their money. The Bank puts the property up for sale at a much lower price than if the home were for sale through the regular venues. There, that's the easy explanation!

So here's where you and I come in... when you are looking for Real Estate, and you're not in a big hurry to make the purchase, Foreclosures are definitely something you want to look into. I like the IRS Government Tax Auction site for Tax Sales, too. Lots of great bargains on there, and it's just fun to look at if you're like me and love to look at property, right?! Who knows? Maybe you'll see a property in your own neck of the woods, and pick it up for a steal, or perhaps you'll see a great deal on a potential Rental Property out of State, but in a good area where you know you can secure a good Property Management Company, and you could pick that up, too. Start amassing property, and see where your life goes! haha!

Okay, so the very first thing you need to do when you become interested in Foreclosures is to make sure you have a wad of money in the bank, ready to go at a moments notice. (Tell yo' friends, "I gotta wad of money" -- make sure you slur it, but that's just for my own entertainment ... I'm pretty sure you're gonna laugh to yourself, too, 'cause that's just funny.

You generally have to be prepared to put 20% down, cash, when you bid on a Foreclosure. Some places allow you to put 10% down, but you should have the other money just sitting there, handy, anyway, and hopefully a lot more than that, too. Or at least have ready access to cash. You put your money down to see if you win the 'Bid', then you can mortgage the rest of the money. Be extremely careful, though, to make sure you are absolutely ready to jump in and can get the mortgage before you put your money down, since you can lose it if your financing doesn't ccome through. (I'm not being the voice of doom -- just trying to make sure you make money on these deals, and don't take any chances where you could lose any money. That's really important to me!)

< > < > Foreclosure.com provides the largest listings of foreclosed homes in the nation. Find a dream home at 50% below cost. Foreclosures are also an awesome investment and a great way to make large profits. The real estate market is very hot this year and continues to gain more exposure.

I think it's very wise to have a Real Estate Lawyer in your back pocket, in case something difficult comes up, like a Renter who refuses to vacate the premesis, and who hasn't paid in months, if at all. This happens, and more often than you might think, so investigate the circumstances carefully, and don't make any assumptions of how easy it might be to get rid of someone from a property. You'd be amazed at the level of rights someone has who doesn't pay a cent... gotta watch out for that!

Lately I've been looking at a lot of Foreclosure Properties, just to get to know the Market out here in Los Angeles. I've found some of the best deals in pretty much every other area of the United States, oddly enough, other than where I've chosen to live.... hmmm. South Carolina had some amazing deals, and I really like it, there. I don't think it's critical for you to have actually visited or lived in the place where you decide to own property, but it is very wise to have a good understanding of the area. Particularly if you want to Buy and Flip the Property.

Ooooh, now we're getting to the fun bit! So Flipping a property usually starts with a good deal on a property, then you go in and give the place a 'facelift' (new flooring, new paint, clean the place up)... whatever is necessary to make the place more appealing to the consumer, so you can quickly and easily sell the property, preferably without a realtor, since that will eat up a fair bit of your profit, depending on the cost of the house. It's easy to sell your own house -- pop into that page on my site to see just how straight-forward it is. Think of it as just another Business Deal.

Now, the other way to go on a Foreclosure, or any other property you've picked up at a really good price, is to do a Full-on Renovation where you know for sure you will make a really good profit. A Good Profit for me is anything over $50,000. A Moderate Profit is $25,000. A great profit is anything over $100,000. That's how I judge the profit level projection when I'm looking at a property for sale. Only do a complete Renovation of the property if you are planning to live there, yourself (or a family member will live there), and you think you'll stay for a while, or if you have doen all the research and you are sure you can sell the property for a substantial profit, in a timely manner. Don't get in too deep, and risk losing the property, yourself. (I know, that happens, too, unfortunately. You gots ta watch out!)

Okay, that should be enough info to whet your appetite for the Foreclosure Market. Start looking around, see what's out there. If there's anything really close to you, drive over to have a look, familiarize yourself with the area. I think it's a good idea to choose something where you would live or would have lived at some point in your life (remember, you're dealing with other human beings, so always keep in mind what the potential Renter or Buyer will think of the place), then you'll feel more comfortable owning it. This is by no means a hard and fast rule, just the way I am. You're free to be any way you like, as with everything else in life, right?! haha!

Good Luck! I know you're gonna love it. Let me know if you jump and and do well with this market... we'll start getting some of your stories on here, good or bad -- we want to hear it all!

Oh, and I have a new Contact who is able to buy any properties that you need to bail out of quickly, before you go into foreclosure, so if you are looking for someone to buy quickly to avoid foreclosure, contact me. Be sure to put in a good subject heading, like 'Ailsa: Foreclosure', or anything like that, since I get soo much email, and I'm heavily dependent on the Subject line if I don't recognize the Sender. Thanks! Ailsa

Quick Tip: If you want to do some Renovations to your Foreclosure Property, there are plenty of tried and true ideas that will give your home a complete makeover. Home Improvement -- it's a great way to add to it's re-sale value. Sometimes some nice new Decorating is all you really need to spruce your place up... You can start with some OxiClean! -- I use it to clean everything. I put two scoops into my Carpet Shampooer with really hot water, and the carpets come up beautifully. (Yes, I'm addicted to OxiClean!) Don't replace the carpets right off the bat -- try this trick with the Oxi-Clean, first, and see how the carpets look.

< > Hey, you know how I feel about a Good Deal, and I think this is going to be an interesting Market when all the people who have taken out the Interest-Only Loans run into problems, and find they have to get out of their Properties in a big hurry. (If you happen to have gone with an Interest-Only Loan, and now you're reading my Site, maybe consider re-writing your Mortgage if you have the funds to do so, or start setting aside extra money 'just in case'...) If you have some money set aside, and you're just waiting to get into the Real Estate Market, or you're an experienced enterpreneur and ready to pounce at the first great opportunity, Foreclosures are a great place to start.

Quick Note: These Low Interest Arm Options are fine if you are willing and able to move from the purchased property in 1 - 5 years, and are definitely not planning to stay put for 30 years. Too risky for the long term home-owner, but if you're like me and like to move every few years, and you know the home will hold or increase it's value, I say, go ahead with care. Just remember to make sure you can make payments against the Principle without a penalty, and make at least one extra payment a year, preferably two extra payments. Or add a little against the Principle every month, whichever works better for you.

< > RealtyTrac publishes nearly 1 million from nearly 2,500 counties nationwide, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. More than 650,000 current foreclosure and pre-foreclosure properties, Daily e-mail alerts and property updates, 24/7 Support Center and educational tools, A wide range of property valuation, transfer and title reports, Easy Financing <Find Foreclosures with RealtyTrac. >

< Free Foreclosure Listings - Foreclosure.com is committed to delivering the most comprehensive, up-to-date database of residential foreclosure properties in the United States to its customers and business partners through its cost-effective, Web-based subscription service. With estab >

RealtyTrac publishes nearly 1 million from nearly 2,500 counties nationwide, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. More than 650,000 current foreclosure and pre-foreclosure properties, Daily e-mail alerts and property updates, 24/7 Support Center and educational tools, A wide range of property valuation, transfer and title reports, Easy Financing <Find Foreclosures with RealtyTrac. >

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