Friday, June 03, 2005
make big money in the real estate business
If you want to make BIG money in the Real Estate Business you must know the 'truth' about preforeclosures; not only do you need to know exactly what preforeclosures are, but you also have to learn how and when to invest in preforeclosures.
As an investor you'll have to understand and be up-to-date with the foreclosure laws in the state where you live.
A foreclosure takes place when the owner (borrower) is unable to pay his lender the monthly mortgage payments; the lender will notify the borrower and let him know to find the money within a specified amount of time (varies in each state) otherwise the lender will be forced to repossess the home and begin the foreclosure procedure.
The borrower will have to leave his home; more than that, he will not be able to save his credit for other purchases.
The lender will try to sell the home at public auctions for a price lower than the actual market value of the house simply because he wants his money back.
Sometimes the house sells quickly, but often the lender is unable to sell the house and it will remain unoccupied.
Hope you get the BIG picture about foreclosures. Now, you must understand what a preforeclosure is.
A preforeclosure happens before the foreclosure procedure has taken place. In a preforeclosure, you contact the borrower yourself and let him know that you have a serious investor who is interested in buying the home from the borrower.
The borrower has the advantage of receiving money from the investor so he will not be forced to leave his home and his credit will not be ruined.
The lender receives the rest of his money (the borrower's mortgage) from your investor. Once you resell the house both you and your investor will remain with a NICE profit.
In a preforeclosure, ALL involved parties benefit: the lender, the borrower, you and the investor. It's a Win-Win situation.
Discover a simple, yet proven formula for building massive wealth through real estate foreclosures.
As an investor you'll have to understand and be up-to-date with the foreclosure laws in the state where you live.
A foreclosure takes place when the owner (borrower) is unable to pay his lender the monthly mortgage payments; the lender will notify the borrower and let him know to find the money within a specified amount of time (varies in each state) otherwise the lender will be forced to repossess the home and begin the foreclosure procedure.
The borrower will have to leave his home; more than that, he will not be able to save his credit for other purchases.
The lender will try to sell the home at public auctions for a price lower than the actual market value of the house simply because he wants his money back.
Sometimes the house sells quickly, but often the lender is unable to sell the house and it will remain unoccupied.
Hope you get the BIG picture about foreclosures. Now, you must understand what a preforeclosure is.
A preforeclosure happens before the foreclosure procedure has taken place. In a preforeclosure, you contact the borrower yourself and let him know that you have a serious investor who is interested in buying the home from the borrower.
The borrower has the advantage of receiving money from the investor so he will not be forced to leave his home and his credit will not be ruined.
The lender receives the rest of his money (the borrower's mortgage) from your investor. Once you resell the house both you and your investor will remain with a NICE profit.
In a preforeclosure, ALL involved parties benefit: the lender, the borrower, you and the investor. It's a Win-Win situation.
Discover a simple, yet proven formula for building massive wealth through real estate foreclosures.
