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Focusing On Foreclosures is a step by step primer in the art of acquiring foreclosure real estate. The book walks you through the foreclosure process to determine the best strategy to use for your situation as well as the property owner and lien holders position.
Learn how the experts buy Pre-foreclosures by starting at the beginning of the process - when the lender files a complaint against the property owner (up to 2 years before the actual Sheriff's sale). This is the point when the property owner is highly motivated to make a deal rather than face the prospect of loosing the real estate and destroying their credit. This strategy can command the largest discounts - up to 60%. Learn successful techniques for negotiating with troubled property owners to translate a problem situation to a Win/Win solution.
Diversify your strategy by purchasing the mortgage at deep discount from the Lender (short sale) and setting your upset price at the Sheriff's Auction. Negotiate with subordinate lien holders to control the property for "pennies on the dollar".
Learn techniques for bidding at the Sheriff's Auction to avoid "Auction Fever" and minimize your costs. Discover how to protect yourself from unusual liens by buying REO (Real Estate Owned) from lenders while negotiating a significant discount using professional techniques.
Before jumping in to your first deal, this book will help you target your goals. Your criteria may be very different depending on whether this is a home to live in or an investment property. Use the enclosed worksheets to target your geographic area, determine your housing/investment needs and discover how much you can afford.
After you set your goals, the book describes how to be an effective detective. There are several information sources which list pre-foreclosures, foreclosures of government agencies (RTC/FDIC) and REO's. The book discusses the advantages and disadvantages of each type.
A drive by worksheet is included to record information about each prospective property. After the drive-by, any properties not eliminated must be fully researched. The book details some unusual information sources to compile your information reserve about the property. For example, did you know the tax assessor for the town can tell you the number of bedrooms and other interior improvement as well as any impending assessments? But you have to know how to ask the right questions.
Your detective work is not complete until you visit the Hall Of Records to research the mortgages, deeds and liens. The book describes, in detail, how to perform this research including determining if there are any superior federal or tax liens.
Before you make a deal, you must determine what the property is worth and apply the simple formula provided in the book. Using the research you have already obtained, you adjust the comparables for your target property and apply a discount for your level of risk. We'll show you how to compute the cost of the liens and equity of tenant security deposits to determine your baseline deal. Discover creative ways to secure financing to acquire the real estate as well as long term financing.
There are special techniques to make a successful deal. There are literally hundreds of questions to be answered before you can determine if this deal is the one for you. We address them thoroughly in our text, before any contact is made with the owner of the property or the attorney for the lender.
You only have one chance to make a first impression and first impressions count. Your prior research, will give you the facts to increase your credibility with the lender as well as test the honesty of the property owner. The steps outlined in this book give you a successful tract and lead you to the most profitable deal.
About the Author:
Sidney A. Pashkow, retired publisher of Foreclosure News of NJ, the nations first pre-foreclosure monthly magazine, sold at news stands in New Jersey, New York and Pennsylvania. He conducts Foreclosure Seminars for thousands of real estate brokers, attorneys and layman. He was quoted as an authority by the New York Times article "Foreclosure Sales Home buying For The Fearless" (5/14/95 pg. f9).
Over 35 years of experience in Real Estate and Related fields of loan brokerage, mortgage banking, and as a leader in National Mortgage Brokerage.
He developed the first successful National Mortgage Brokerage Company dealing exclusively in servicing released GNMA eligible mortgages by networking over 10,000 CRT's to Institutional Investors, Mortgage Bankers and Wall Street Government Dealers world wide.
He served as President for one of Wall Street's government security firms. As an Investment Banker he developed a fully hedged stand by program for mortgage bankers and pension funds.
He marketed, negotiated and closed multi million dollar real estate investments in apartment buildings, shopping centers and office complexes.
This diversity of experience qualified him as a Liquidator for the Federal Deposit and Insurance Corporation, where he participated in marketing their failed portfolios and foreclosed investment properties. He also participated in the closing of Federal Savings Institutions, performed auditing, pricing and marketing of lenders portfolios (over $700,000,000) of Real Estate Owned.
Victoria A. Jackson, is the current publisher of Foreclosure News of NJ, the nations first pre-foreclosure monthly magazine. Foreclosure News of NJ is sold at over 4,000 news stands in New Jersey, New York and Pennsylvania. Each issue contains over 1,200 new foreclosure complaints published months before the Sheriff's legal advertisement appears in local newspapers. Foreclosure News was profiled in the New York Times article "Foreclosure Sales Home buying For The Fearless" (5/14/95 pg f9).
She is an accomplished financial writer specializing in foreclosure real estate and tax lien acquisition and financing . She has appeared on CNN Financial News (3/98) as an authority on foreclosure real estate investing.
As an accomplished System Analyst and Management Consultant to fortune 100 companies, she developed new and innovative systems that are presently in place and working examples of her excellence.
She earned a BSBA in Business Administration with a concentration in Finance and a minor in Management Information Systems Decision Support Systems from the University of Delaware. Earned her FLMI insurance designation as a System Analyst for one of the nations largest insurers.