Buying Real Estate Foreclosures

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Overview

The latest, most up-to-date information on one of the hottest real estate investment opportunities

Savvy real estate investors are ready to take advantage of rising foreclosure rates, but need expert guidance to navigate this profitable market sector. This fresh update of Buying Real Estate Foreclosures gives you all the information needed to find and finance bargain properties from banks, savings and loan companies, public auctions, government agencies, or any other source. ...

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Buying Real Estate Foreclosures

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Overview

The latest, most up-to-date information on one of the hottest real estate investment opportunities

Savvy real estate investors are ready to take advantage of rising foreclosure rates, but need expert guidance to navigate this profitable market sector. This fresh update of Buying Real Estate Foreclosures gives you all the information needed to find and finance bargain properties from banks, savings and loan companies, public auctions, government agencies, or any other source. Full of handy resources-worksheets, checklists, sample documents, and more-this is a reliable, profitable guide for experienced and first-time investors alike.

Melissa S. Kollen-Rice is an attorney with more than 20 years experience in all phases of the real estate industry, and the director of Long Island Real Estate Training.

Increasing numbers of homeowners nationwide are defaulting on their mortgages and forfeiting their property. As a result, as much as $4 billion in residential real estate will be sold at auction this year. Buying Real Estate shows readers how to find and fianance real estate bargains from banks, S & Ls, public auctions, government agencies, and many more sources. Contains worksheets, checklists, and contact directories.

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Product Details

  • ISBN-13: 9780070358188
  • Publisher: McGraw-Hill Companies, The
  • Publication date: 9/1/1991
  • Edition number: 1
  • Pages: 224
  • Product dimensions: 5.99 (w) x 9.00 (h) x 0.70 (d)

Meet the Author

Melissa S. Kollen-Rice is an attorney with more than 20 years experience in all phases of the real estate industry, and the director of Long Island Real Estate Training.

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Table of Contents


Table of Sample Forms, Illustrations, and Checklists     xi
Preface     xv
Acknowledgments     xvii
Introduction     xix
Understanding Foreclosures     1
An Overview of the Legal Procedure in Foreclosure Actions     3
Mortgages and Deeds of Trust     5
Judicial and Nonjudicial Foreclosures     9
Finding the Foreclosure Statute in Your State     14
The Soldier's and Sailor's Civil Relief Act of 1940     16
The Three Opportunities for Purchasing Foreclosures     16
The Basics of Buying Foreclosures at the Auction     19
A Day at the Auction     21
Warning: Peculiar Purchase Ahead     27
Finding Upcoming Foreclosure Auctions     31
The Basics of Buying Foreclosures after the Auction-from Banks     35
Defining Bank-Owned Properties     37
Redefining Bank-Owned Properties     38
A Lender's View of Bank-Owned Property     39
An REO Purchase versus a Bank Auction Purchase     41
Finding REOs     42
Preparing Your Offer     44
Negotiating Strategies That Help You Cut through the Red Tape     47
The Basics of Buying Foreclosures after the Auction-from Federal,State, and Local Government Agencies     49
Defining Government-Owned Property     51
Finding Government-Owned Foreclosures     51
The Basics of Buying Foreclosures before the Auction     57
Understanding the Defaulting Owners     59
How You Can Help     60
Negotiating with Defaulting Owners-When the Property Has Equity     61
Negotiating with Defaulting Owners-When There Is Negative Equity (a.k.a. "Short Sales")     62
Steps in a Short Sale     66
Finding "Pre-Auction" Foreclosures     66
Contacting Defaulting Owners     67
Additional Strategies and Tips for Buying Pre-Auction Foreclosures     70
Buyers Beware: Has Your State Adopted a Home Equity Theft Prevention Act?     71
Clarifying Government "Acts" of Kindness     72
Financing Foreclosures with Traditional Real Estate Loans     73
Riddle for Buyers     74
Calculating Your Foreclosure Budget     75
The Burden of Proof     77
Decisions, Decisions     78
Types of Loans     81
Comparison Shopping for the Best Lender     88
Key Questions to Aska a Lender     89
Creative Strategies for Financing Foreclosures      95
Foreclosure Purchasers with Limited Cash and Good Credit     97
Foreclosure Purchasers with Limited Cash and Tarnished Credit     102
Foreclosure Purchasers with a Lot of Cash and Good Credit     106
Foreclosure Purchasers with a Lot of Cash and Tarnished Credit     108
Equity Sharing: Buying Foreclosures with a Partner     109
How It Works     111
Why It Works     111
The Owner-Occupant's Goals and Challenges     112
The Investor's Goals and Challenges     112
Comparing Purchase Details and Finance Costs     114
Equity Sharing to the Rescue     117
Contract Terms to Agree Upon     119
The Risks Involved in Equity Sharing     124
Equity Sharing for Parents and Children     125
Equity Sharing for an Investor and a Contractor     127
Finding a Partner for Equity Sharing     127
Equity Sharing Helps People Achieve Their Goals     129
Choosing the Right Property: What You Don't Know Can Hurt You     131
Finding the Right Property     133
Asking the Right Questions     136
Organizing Yourself     145
Inspecting the File of the Foreclosure Action     147
Hiring a Title Expert      147
Asking for the Terms of Sale before Bidding on Foreclosures at Auctions     147
Uncovering Hidden Costs     148
Establishing Property Values     152
Calculating Cash Flow     153
Preparing Your Bid Sheet     157
Organizing Your Prebid Calculations     159
Fine Tuning Your Prebid Calculations     159
Final Confirmation     168
Congratulations! You Are the Successful High Bidder     169
When You Are the High Bidder at the Auction     171
When Your Offer for a Bank- or Government-Owned REO Foreclosure Is Accepted     172
When Your Offer to the Defaulting Borrower for a Preforeclosure Is Accepted     172
Coast to the Closing with These Five Standard Operating Procedures     173
Applying the Five Standard Operating Procedures to Your Particular Circumstances     176
An After-Contract Checklist     181
Now that You Own the Property     183
Steps to Take for Completing the Transaction     185
An After-Closing Checklist     188
Making Repairs to Your Foreclosure     189
Pinpointing Priorities     191
Finding a Contractor     191
Implementing a Competitive Bidding System      192
Implementing a Performance-Based Payment Plan     211
The Big Picture     217
Getting Started Today     219
Follow These Six Steps for Success in Purchasing Foreclosures     221
From Rags to Riches with Real Estate Foreclosures     225
Glossary     227
Index     237
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Customer Reviews

Average Rating 4
( 9 )
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Sort by: Showing all of 8 Customer Reviews
  • Anonymous

    Posted October 22, 2005

    Buying Real Estate Foreclosures

    Finally, a book that does'nt just agrandize the author and tell you how wealthy and godlike they are. This is a book that is informative. It gives you the A to Z on how to deal with and aquire foreclosures.This book can help everyone from the greenhorn to the Attorney.It speaks to all levels and is extremely comprehensive! Thank you!!

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  • Anonymous

    Posted October 22, 2005

    Buying Real Estate Foreclosures

    This Book is the Standard bearer of Foreclosures.I makethis book mandatory reading for my students when we get to foreclosures.Need I say more?

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  • Anonymous

    Posted October 22, 2005

    Finally, a book with all the information I have been looking for!

    Finally, a book that does'nt just agrandize the author and tell you how wealthy and godlike they are. This is a book that is informative. It gives you the A to Z on how to deal with and aquire foreclosures.This book can help everyone from the greenhorn to the Attorney.It speaks to all levels and is extremely comprehensive! Thank you, you have helped me make my first six figure deal in the forclosure aspect of Real Estate!

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  • Anonymous

    Posted December 22, 2003

    A complete waste of time and money!!!!

    I could've spent time reading something that could've really help me. I thought that this book was going to enlighten me about some unknown secret with foreclosure, but I was wrongly mistaken. Everything thats in this book I already knew, but could've learned from the internet. I was just expecting more inseek about the how abouts of purchasing foreclose properties. I'm sorry but I wouldn't recommend this book to anyone!!!

    0 out of 1 people found this review helpful.

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  • Anonymous

    Posted September 2, 2003

    Excellent Book

    I had the original book from Ms. Kollen-Rice and I would have given that four stars. This new updated book is outstanding and I am convinced that nobody knows more about buying foreclosures than Ms. Kollen-Rice. Hearing the actual facts about buying foreclosures is refreshing as compared to the b.s. that the informercials spew. I can't wait until she does seminars in my area.

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  • Anonymous

    Posted September 2, 2003

    Outstanding Book!!!

    I have been involved in real estate for over 20 years and have purchased several books and tapes. This is by far the best and most honest book that I have read about buying foreclosures. I found the author very knowledgeable and the forms very useful. Definitely worth much more than is being charged.

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  • Anonymous

    Posted September 14, 2002

    Thank You So Much!

    I was always interested in purchasing investment houses and now my dream has come true. I watched those informercials and was all excited about buying a house for no money down. Thanks to this book, I learned several mistakes that I could have made that could have cost me a small fortune. I'm happy to report that with the help of this book, I now own two forclosures and am looking to buying more. Thank you so much Ms. Kollen.

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  • Anonymous

    Posted February 28, 2001

    I am absolutely appalled!!!

    Unless you are a 'total Greenhorn' or fell off the turnup truck yesterday DON'T BUY IT!!! There were no reviews about the book when I bought it, so I spent a lengthy time reading about the book. The advertisement about the book is totally untrue and a person could learn more in 15 minutes searching the internet or going down to the county public trustees office and that is all for free. I am sorry to say, but it was a total waste of my money. A kindergarten foreclosure class would teach you more

    0 out of 1 people found this review helpful.

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