How to Buy Foreclosed Real Estate: For a Fraction of Its Value [NOOK Book]

Overview

As foreclosures increase, so do the odds of finding the home of your dreams!

You can ride out the storm in the housing market and find great real estate at amazing values. Whether you're looking for a new home or an investment property, this step-by-step guide will show you how to find, buy, and finance foreclosed property.

This new edition ...

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How to Buy Foreclosed Real Estate: For a Fraction of Its Value

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Overview

As foreclosures increase, so do the odds of finding the home of your dreams!

You can ride out the storm in the housing market and find great real estate at amazing values. Whether you're looking for a new home or an investment property, this step-by-step guide will show you how to find, buy, and finance foreclosed property.

This new edition includes information on:

  • The current state of the housing market and the opportunities it offers
  • How to find foreclosed property on the Internet
  • Short selling and other techniques for buying foreclosed real estate
You'll also learn how to:
  • Research properties
  • Get the best financing
  • Manage investment properties
  • Limit repair and remodeling costs
Real estate experts Don Ayer and Dick Pas have revised Theodore J. Dallow's classic text and added invaluable new material in the process, making this the only guide you'll ever need to buying foreclosed property.

In recent years, the real estate industry has undergone one of the most significant upheavals in its history. The editor of the popular professional newsletter Foreclosures covers every relevant topic and warns against the most common pitfalls--all in a way that's easy for the layperson to understand.

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Product Details

  • ISBN-13: 9781440515521
  • Publisher: F+W Media
  • Publication date: 3/1/2008
  • Sold by: Barnes & Noble
  • Format: eBook
  • Edition number: 3
  • Pages: 192
  • Sales rank: 571,361
  • File size: 312 KB

Meet the Author

Theodore J. Dallow was the owner of three Century 21 real estate offices inn Nassau Country, New York. He was the managing broker for HU Foreclosed Properties in southern Nassau County.

Don Ayer has been a real estate broker for more than twenty-five years. He lives in Waukesha, WI.

Dick Pas is an attorney, licensed real estate broker, and co-owner and president of Heartland Home Mortgage. He has previously represented the Small Business Administration in bankruptcy and foreclosure matters. He lives in Hales Corners, WI.

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Table of Contents

Foreword     xi
How Did We Get Here?     1
If 75 Million People Lose, Say, {dollar}35,000 Each, Is That a Good Day at the Office?     3
Moving on to Mortgage Lending     5
Important Recent History     10
The Rise and Fall of Subprime Lending     20
How Foreclosures Happen     26
Payment Option Loans and Other Loan Types     33
The Best Mortgage Loan and the Second-Best Mortgage Loan     37
Other Reasons for Foreclosure     40
Deed in Lieu of Foreclosure     47
How to Buy Foreclosed and Distressed Properties     53
You Have to Know the Numbers     55
Preforeclosure-Contacting Mortgagors Prior to the Sale     60
Acquire Knowledge and Avoid Emotional Pitfalls     67
Short Sales     70
Before the Sale     74
Preparing for the Sale     86
The Sale     91
After the Sale     98
Calculating a Bid Price for Investment Property     106
Investment Real Estate     110
Managing Investment Real Estate     117
Those Easy-Money, No-Cash Commercials and Seminars     122
The Road Ahead     129
Fear and Greed     131
Fine-Tuning Your Thinking     136
We Didn't Know Mortgages and Real Estate Were That Important     139
Frequently Asked Questions     143
Checklists     151
Standard Buyer's Agreement     159
Glossary of Crucial Terms     165
Index     173
About the Authors     176
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Customer Reviews

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Sort by: Showing all of 5 Customer Reviews
  • Anonymous

    Posted March 10, 2003

    Student; Just interested in started RE investments

    I thought this book is a great reference to anyone looking to invest in real estate. On contrary to one of the reviews, I don't believe he vents too much. In being inexperienced, you need reality-based knowledge to start with; he was only giving you all of the pros and cons of RE investing. It's not always going to be peaches and cream as some infomercials have you to believe. I'm thankful that I got a chance to read the book because I was soon going to be headed for a lot of headaches myself.

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  • Anonymous

    Posted September 7, 2002

    For Personal Use Only

    I bought this book thinking that the author had a real estater in mind while writing. Boy was I wrong. This is a perfect book if you are personally looking to buy your next home. The author brought up many good points, but I has turned off by the remarks he made about renting property to tentants. In fact I think his qoute was, "never rent a property to someone, it's to big of a headache". I also loved his section on the T.V. Infomercials. I think that he is a little jealous that he didn't think of it. That chapter made no sense to me at all. I don't know why he even put that chapter in the book. Filler maybe? If you are looking to buy your next home, cheap. Buy this book. If you are going into real estate investment, find something else to read.

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  • Anonymous

    Posted May 11, 2002

    Ossified Conservatism

    I don't question the credentials or experience of the author. I do feel like he spent some time venting his frustrations with real estate investing. Being an investor myself I couldn't help but feel gloom after reading his book. I believe he has underestimated the entrepreneurial spirit and may be more of a discouragement to success than a motivator. One can argue that he has tried to present the 'problem' side of investing to give balance. I personally feel his ultra-conservative approach overstates the downside of real estate investment to the detriment of upside benefits. I did recognize some glimmers of hope in this book for the prudent investor actually having a degree of success, but felt that even these glimmers of hope were clouded with a gloomy overall picture. You may disagree - but that's my take on it. Read some other books to balance this one out!

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  • Anonymous

    Posted December 25, 2001

    One of the best info books ever.

    A no-nonsense guide to real estate in general, with focus on foreclosures. Anyone serious about real estate investing should view this book as a classic must-read. If you had an uncle who new everything about real estate and was willing to sit down with you for four hours to tell you everything he knew, you would probably get the same advice which Dallow gives in this book. Dallow gives practical advice and instructions on how to procede, as well as funny anecdotes of his own experiences.

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  • Anonymous

    Posted June 2, 2001

    A REAL EYE OPENER

    THE AUTHER KNOWS HIS REAL ESTATE AND TELLS YOU WHAT TO WATCH OUT FOR. FROM LIENS TO TENANT'S THAT WILL CAUSE YOU A PROBLEM IN THE FUTURE. WHERE YOUR BEST INTENTIONS CAN TURN INTO YOUR WORST NIGHTMARE. IT OPENED MY EYE'S LIKE 10 CUPS OF COFFEE. IT SHOT DOWN MY INTENTIONS BUT IT SAVED ME FROM A TORNADO OF TROUBLE. THIS BOOK IS GREAT AND ANYONE LOOKING INTO RENTING PROPERTIES SHOULD READ THIS BOOK!!!!!!!!GREAT JOB WELL WORTH READING AND THANK YOU! SEAN M.

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