Foreclosure Myths: 77 Secrets to Saving Thousands on Distressed Properties!

Overview

Learn the whole truth about foreclosures and discover some real bargains with the myth-busting information in Foreclosure Myths: 77 Secrets to Saving Thousands on Distressed Properties!. Find out the truth about seventy-seven persistent myths that prevent would-be homeowners and real estate investors from taking advantage of tremendous profit potential. Understand how to find, evaluate, and buy foreclosure properties at a discount, including how you can use other people's money to finance your investments through...

See more details below
Other sellers (Paperback)
  • All (5) from $1.99   
  • New (2) from $10.77   
  • Used (3) from $1.99   
Sending request ...

Overview

Learn the whole truth about foreclosures and discover some real bargains with the myth-busting information in Foreclosure Myths: 77 Secrets to Saving Thousands on Distressed Properties!. Find out the truth about seventy-seven persistent myths that prevent would-be homeowners and real estate investors from taking advantage of tremendous profit potential. Understand how to find, evaluate, and buy foreclosure properties at a discount, including how you can use other people's money to finance your investments through firsthand stories from top industry professionals and handy resources like government foreclosure guidelines.

Read More Show Less

Product Details

  • ISBN-13: 9780470289587
  • Publisher: Wiley
  • Publication date: 8/18/2008
  • Edition number: 1
  • Pages: 224
  • Product dimensions: 8.80 (w) x 5.88 (h) x 0.60 (d)

Meet the Author

Ralph R. Roberts is a real estate investor and an award-winningspeaker and author whose other books include Foreclosure InvestingFor Dummies, Foreclosure Self-Defense For Dummies, and Walk Like aGiant, Sell Like a Madman, all from Wiley. For more information,visit www.AboutRalph.com.

Chip Cummings has spent twenty-five years in real estatefinance, with more than $1 billion in loans as a broker, banker,and president of several mortgage companies. He has helpedthousands of homeowners obtain their own homes and investmentproperties, is a certified trainer for the National Association ofMortgage Brokers, and is a former president of the MichiganMortgage Brokers Association. His other books include MortgageMyths, from Wiley. For more information, visitwww.ChipCummings.com.

Read More Show Less

Table of Contents

Forword by (Dr. Gary Lacefield).

Acknowledgments.

About the Authors.

Introduction.

1. Getting Started.

Myth #1. I'm Taking Unfair Advantage of Someone Else's Misfortune.

Myth #2. Foreclosures Only Happen in “Bad” Neighborhoods and During Economic Downturns.

Myth #3. Foreclosures Are Always The Result of Financial Irresponsibility.

Myth #4. The Average Person Can't Find Foreclosures—You Have To Be an Insider.

Myth #5. I Need a Lot of Money to Get Started.

Myth #6. If Foreclosure Rates Are Rising, Buying Doesn't Make Sense Because There Are Too Many Homes Already on the Market.

Myth #7. The Process Is Incredibly Time-Consuming; There's No Way to Get Started If I Already Have a Full-Time Job.

Myth #8. I Have To Be An Expert.

Myth #9. Real Estate Agents Won't Help Me with Foreclosures—There's Nothing in It For Them.

Myth #10. I Can Do This by Myself.

2. The Foreclosure Process.

Myth #11. The Process Takes a Long Time.

Myth #12. I Can't Get It—It’s in Bankruptcy.

Myth #13. I Can't Help Out The Homeowner.

Myth #14. They'll Save the Property, and I'll Be Out My Time and Money.

Myth #15. They Can Still Cancel the Sale.

Myth #16. I Have to Wait Until It's Listed with a Real Estate Agent.

Myth #17. It Was Published in the Paper, So I Can Buy It Now.

Myth #18. I Have to Wait Until the Auction to Buy the Property.

Myth #19. If I'm Not The High Bid At Auction, I Can Forget Buying The House.

3. Finding the “Right” Properties.

Myth #20. Every Foreclosure Is a Good Deal.

Myth #21. I'm Buying a Home at the Foreclosure Auction.

Myth #22. Courthouse Auctions Are the Only Source of Foreclosure Properties.

Myth #23. Real Estate Agents Always Have First Crack At The Good Deals.

Myth #24. I Can Find Better Deals Outside My Own Area.

Myth #25. Foreclosed Properties Are Always Trashed and Need Extensive and Costly Repairs.

Myth #26. Something Else Is Wrong with the Property If It Was in Foreclosure.

Myth #27. I Don't Need an Inspection.

Myth #28. I Can't Get Inside, So There's No Way for Me to Estimate the Property Value.

Myth #29. Never Bid on a Second Mortgage.

4. Analyzing the Deal.

Myth #30. I Found the Opportunity Too Late—There's Not Enough Time.

Myth #31. I Found the Opportunity Too Early—I'll Probably Waste My Time.

Myth #32. I Can't Get a Good Deal Through a Real Estate Agent.

Myth #33. I Can't Get a Good Deal from Bankruptcy.

Myth #34. I Can't Get A Good Deal On a Government REO.

Myth #35. I Can't Get a Good Deal from the Lender.

Myth #36. The Purchase Price And My Fix-Up Costs Are The Only Costs I Need To Consider.

Myth #37. I Should Adjust My Bidding Strategy Depending on How Many Bidders Show Up and How Eager.



Myth #38. It Doesn't Matter Where Its Located; Since I'll Pay Well Below Market Value, the Location Isn't Important.

Myth #39. I Shouldn't Bring in Experts to Help Me Analyze the Deal; the Fewer People Who Know It's Available, the Better.

5. Financing the Property.

Myth #40. Interest on Loans from Private Investors Is Too High.

Myth #41. Lenders Don't Want to Deal with Little Ole Me.

Myth #42. Lenders Won't Be Willing to Talk to Me Until I Have a Deal on The Table.

Myth #43. I Should Use as Much of My Own Money as Possible.

Myth #44. I Can't Use FHA or VA Financing.

Myth #45. I Can't Use a Home Equity Loan to Finance the Property, Since I Don't Own the Property Yet.

Myth #46. Since The Property Is Already in Foreclosure, I Can't Assume the Owner's Loan.

Myth #47. The Property Has to Be in Good Shape to Get Financing.

Myth #48. Taking on a Partner Will Merely Cut into My Profits.

6. Securing the Property.

Myth #49. Once I Purchase the Property at Auction, I Can Take Immediate Possession.

Myth #50. Only Real Estate Pros Are Allowed to Attend Real Estate Auctions.

Myth #51. There Will Be Lots of People Bidding against Me.

Myth #52. The Higher The Bidding Goes, and the More People Bidding, the More Likely It's a Great Property.

Myth #53. I Won't Be Able to Get Good Title to the Property.

Myth #54. I'll Have to Pay the Back Taxes and Insurance.

Myth #55. I Can't Force The Previous Owners to Vacate the Property.

Myth #56. I Don't Need Insurance Until the Previous Owners Move Out and I Take Possession of the Property.

7. Cashing In!

Myth #57. I Need to Finish Renovations Before I Sell.

Myth #58. The More I Put into a Property, the More Return I'll Get.

Myth #59. I'll Save Money and Make More Profit If I Make All Repairs and Upgrades Myself.

Myth #60. I Can't Make A Profit.

Myth #61. I Won't Be Able To Sell It – They Couldn't!

Myth #62. I Already Have a Home; My Best Bet Is to Flip the Foreclosures I Purchase.

Myth #63. The Property Will Be Easiest to Flip When It's Market Ready.

Myth #64. It's a Foreclosure; I'll Still Make a $10,000 Profit!

Myth #65. I Should Feel Guilty.

8. Avoiding Disaster.

Myth #66. I'm an Experienced Real Estate Investor, So I Don't Need to Do My Homework.

Myth #67. I Am Familiar with the House, So I Don't Need to Inspect It.

Myth #68. The House Looks Great—It Won't Need Many Repairs!

Myth #69. This House Is Amazing—It's Worth a Fortune!

Myth #70. I Can Trust What the Homeowners Tell Me.

Myth #71. If I Find Myself in Financial Difficulty, I'll Never Escape Foreclosure.

Myth #72. I'll Be Able to Flip This House in a Couple of Weeks!

Myth #73. If I Make Some Repairs Before I Take Possession of the Property, I'll Save Valuable Time.

Myth #74. It's a Stretch, but I Think I Can Make an Extra $10,000 on This Property.

Myth #75. I'm Making Good Money on Real Estate, but I Should Keep My Day Job.

Myth #76. I've Put So Much Time into This Deal—I Refuse to Let Anyone Outbid Me!

Myth #77. Foreclosure Investing Is Just Too Complicated—I Can't Do It.

Appendix.

Resources.

Sample Forms & Checklists.

State Foreclosure Guidelines.

Index.
Read More Show Less

Customer Reviews

Be the first to write a review
( 0 )
Rating Distribution

5 Star

(0)

4 Star

(0)

3 Star

(0)

2 Star

(0)

1 Star

(0)

Your Rating:

Your Name: Create a Pen Name or

Barnes & Noble.com Review Rules

Our reader reviews allow you to share your comments on titles you liked, or didn't, with others. By submitting an online review, you are representing to Barnes & Noble.com that all information contained in your review is original and accurate in all respects, and that the submission of such content by you and the posting of such content by Barnes & Noble.com does not and will not violate the rights of any third party. Please follow the rules below to help ensure that your review can be posted.

Reviews by Our Customers Under the Age of 13

We highly value and respect everyone's opinion concerning the titles we offer. However, we cannot allow persons under the age of 13 to have accounts at BN.com or to post customer reviews. Please see our Terms of Use for more details.

What to exclude from your review:

Please do not write about reviews, commentary, or information posted on the product page. If you see any errors in the information on the product page, please send us an email.

Reviews should not contain any of the following:

  • - HTML tags, profanity, obscenities, vulgarities, or comments that defame anyone
  • - Time-sensitive information such as tour dates, signings, lectures, etc.
  • - Single-word reviews. Other people will read your review to discover why you liked or didn't like the title. Be descriptive.
  • - Comments focusing on the author or that may ruin the ending for others
  • - Phone numbers, addresses, URLs
  • - Pricing and availability information or alternative ordering information
  • - Advertisements or commercial solicitation

Reminder:

  • - By submitting a review, you grant to Barnes & Noble.com and its sublicensees the royalty-free, perpetual, irrevocable right and license to use the review in accordance with the Barnes & Noble.com Terms of Use.
  • - Barnes & Noble.com reserves the right not to post any review -- particularly those that do not follow the terms and conditions of these Rules. Barnes & Noble.com also reserves the right to remove any review at any time without notice.
  • - See Terms of Use for other conditions and disclaimers.
Search for Products You'd Like to Recommend

Recommend other products that relate to your review. Just search for them below and share!

Create a Pen Name

Your Pen Name is your unique identity on BN.com. It will appear on the reviews you write and other website activities. Your Pen Name cannot be edited, changed or deleted once submitted.

 
Your Pen Name can be any combination of alphanumeric characters (plus - and _), and must be at least two characters long.

Continue Anonymously
Sort by: Showing all of 3 Customer Reviews
  • Posted December 27, 2008

    Saved me right out of the shoot!

    Picked this book up on a whim, as I was intersted in my neighbors house which was going through foreclosure. Picked up some good tips right away, which then led to me being able to negotiate with the bank and pursue a short sale. Now I own it and renting it back to my neighbor, while pocketing $366 per month.<BR/><BR/>Can't wait to pick up my next one, and this book made me feel less intimidated by the process. Easy read the way it's laid out, and good for beginning investors or first time homebuyers.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted August 24, 2008

    Outstanding information

    As a beginning investor, this answered a lot of the questions I was looking for. Simple straight forward answers, and i liked the format. would recommend to a friend.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted March 10, 2010

    No text was provided for this review.

Sort by: Showing all of 3 Customer Reviews

If you find inappropriate content, please report it to Barnes & Noble
Why is this product inappropriate?
Comments (optional)