how to buy foreclosures

More and more people ask me about mortgage rates and whether I believe they will continue to rise. I say... who cares! Not to sound mean, but a good investor learns to make money during all times. High rates, low rates... it shouldn't matter. Educate yourself on how to take advantage and make profits either way.

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I had a person tell me the other day that they got very creative when trying to get started in their real estate investing career and that they cleaned out the attic and garage and had a good old fashion garage sale to launch their new home based real estate investing business. They sold everything they could find, including toys, clothes, tools, CDs, and even jewelry.

Discover a simple, yet proven formula for building massive wealth through real estate foreclsoures and learn how to make big cash profits in real estate with no money down.

Most foreclosures will be sold at market value because the lender has authorized the repairs and through a broker's market analysis has determined that the property will bring fair value if it is in good condition. Other properties may need more work than others. The really bad ones will be wholesaled to real estate investors. These properties rarely make it to the general public.

The free real estate magazines available in supermarkets and convenient stores are filled with ads from real estate brokers and agents offering foreclosed real estate. These real estate brokers and agents have learned the value of offering these foreclosure properties. If nothing else, these ads will bring hunger buyers into the real estate broker's office. Almost every real estate broker and agent has been asked about foreclosed real estate properties. There are no special requirements for a real estate broker to sell bank owned property. (Also known as REO. Real Estate Owned)

The seller's representative a local real estate broker will offer these bank owned properties for sale. Regulations regarding the sale of government-owned properties change frequently. To make sure you're up-to-date on the latest changes, please visit hud.gov for HUD-owned properties and va.gov for VA-owned properties.
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A 1031 tax deferred exchange allows you to roll-over all of the proceeds received from the sale of an investment property into the purchase of one or more other like-kind investment properties. At closing, proceeds are transferred to a third party--called a facilitator or qualified intermediary--who holds them until they are used acquire the new property.

Capital gains taxes are deferred if all of the exchange funds are used to purchase like-kind investment property.

The deferment is like getting an interest-free loan on the tax dollars you would have owed for a cash sale. More equity is retained, and that helps you move into properties of higher value each time you perform a 1031 exchange.

What's Eligible? A 1031 exchange is possible when you sell real estate held for investment purposes.

It cannot be used for the sale of your personal residence.

Like Kind PropertiesExchanged properties must be like kind. For a real estate exchange this means real-property for real-property, but not necessarily land for land or a rental house for another rental house. Take a look at the IRS rules for specific information about what types of properties qualify as like kind.

You can exchange a single property for multiple properties, or purchase one property from the proceeds of several. Proceeds not used to purchase new investment property are taxed as a cash sale.

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Judicial Foreclosure Available: Yes-
Non-Judicial Foreclosure Available: No
Primary Security Instruments: Mortgage
Timeline: Typically 60 day
Right of Redemption: No
Deficiency Judgments Allowed: Yes


Lenders in Connecticut can foreclose on a defaulting mortgage through the judicial foreclosure process. The judicial foreclosure process in Connecticut is executed by either strict foreclosure or a decree of sale. With strict foreclosure, no actual foreclosure sale is conducted. Instead, the lender goes to court to try to obtain a court order proving the borrower is in default of the orginal mortgage. The title transfers to the lender immediately if they are successful.

The court sets an amount of time in which the borrower can redeem their home. If they fail to do so, the title becomes absolute to the lender and the borrower loses all interest in the real estate. The lender then has thirty (30) days to record a certificate of foreclosure, which must contain a description of the property, the foreclosure proceedings, the mortgage and the date the title became absolute.

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Real Estate Investment Trust-- REIT

Definition:
A security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. REITs receive special tax considerations, and typically offer investors high yields as well as a highly liquid method of investing in real estate.

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The truth is that most foreclosed properties are now sold by real estate brokers and real estate agents that represent the lending institution that started the foreclosure. Why?

Through years of expericence lenders have determined that selling their foreclosed properties throug real estate brokers and real estate agents is the fastest and most economical way for lenders to dispose of these bank owned properties or REO's.
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How Brokers and Agent Play a Role in the Foreclosure Market

Real Estate Brokers and Agents should take a good look at the real estate foreclosure marketplace for several reasons.

Real Estate consumers love the concept of saving bigtime money on their residential home purchase. This is the number one reason why homebuyers seek info on foreclosed real estate properties.

The perception that they will save money isn't always true. Not all real estate foreclosures are great deals. Regardless, the same consumer has an interest to purchase a property, and whether they buy a foreclosed home or not, they still need to purchase a property. This creates several strong opportunities for the wise real estate broker or agent.
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Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: Yes

Primary Security Instruments: Deed of Trust, Mortgage
Timeline: Typically 60 days
Right of Redemption: Yes
Deficiency Judgments Allowed: Yes

In Colorado, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial ForeclosureThe judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.Non-Judicial ForeclosureThe non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
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Absolute auction- All properties are sold to the highest bidder; the seller has no reservation prices.

Acceleration - Causing the full amount of a loan to be due upon default of certain provisions.

Acceptance- Agreeing to take an offer; the acceptance of an offer constitutes a contract.

Ad valorem tax - Tax based on the value of the property.

Addendum- An attachment to a contract, often to describe required inspections or financing.

Adjustable-rate mortgage (ARM) - Loan where the interest rate fluctuates according to another rate, as when the mortgage rate is adjusted annually based on the one-year Treasury bill rate, plus a 2 percent margin.

Agency - Legal relationship between a principal and agent arising from a contract in which the principal engages the agent to perform certain acts on the principal’s behalf.

Agent - One who undertakes to transact some business or to manage some affair for another, with the authority of the latter.

Agreement of Sale - Written agreement between buyer and seller to transfer real estate at a future date. Includes all the conditions required for the sale.

Amortization - Gradual process of reducing a debt in a systematic manner.

Appraisal -An expert’s opinion on the value of a property arrived at with careful consideration of all available and relevant data.

Appreciation - Increase in the value of property.

As is - Present condition of property. The “as-is” clause is likely to warn of a defect.

Assessed value - Value against which a property tax is imposed. The assessed value is often lower than the market value to state law, conservative tax district appraisals, and infrequent appraisals.

Assignment- Method by which a right or contract is transferred from one person to another.

Assumable mortgage- Loan that can be transferred to another party. The transferee assumes the debt, but the original borrower is not released from the debt without a novation.

Judicial Foreclosure Available: Yes- Non-Judicial Foreclosure Available: Yes- Primary Security Instruments: Deed of Trust, Mortgage- Timeline: Typically 120 days- Right of Redemption: Varies- Deficiency Judgments Allowed: Varies
In California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. Judicial ForeclosureThe judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.Using this type of foreclosure process, lenders may seek a deficiency judgment and under certain circumstances, the borrower may have up to one (1) year to redeem the property. Non-Judicial ForeclosureThe non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows:
A notice of sale must be: 1) recorded in the county where the property is located at least fourteen (14) days prior to the sale; 2) mailed by certified, return receipt requested, to the borrower at least twenty (20) days before the sale; 3) posted on the property itself at least twenty (20) days before the sale; and 4) posted in one (1) public place in the county where the property is to be sold. The notice of sale must contain the time and location of the foreclosure sale, as well as the property address, the trustee's name, address and phone number and a statement that the property will be sold at auction.
The borrower has up until five days before the foreclosure sale to cure the default and stop the process.
The sale may be held on any business day between the hours of 9:00 am and 5:00 pm and must take place at the location specified in the notice of sale. The trustee may require proof of the bidders ability to pay their full bid amount. Anyone may bid at the sale, which must be made at public auction to the highest bidder. If necessary, the sale may be postponed by announcement at the time and location of the original foreclosure sale.
Lenders may not seek a deficiency judgment after a non-judicial foreclosure sale and the borrower has no rights of redemption.
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A preforeclosure short sale is a less damaging mark on your credit than bankruptcy or a forced, public sale. Your participation in a preforeclosure short sale is an indication to your future creditors that you acted responsibly irrespective of the hardships you faced. By participating in a preforeclosure short sale you can avoid embarrasing public foreclosure notices, the forced public sale of your home, and public eviction proceedings.