Make Money in Short-Sale Foreclosures: How to Bypass Owners and Buy Directly from Lenders - Before, During or After the Foreclosure Sale

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Overview

Everyone knows real estate investing is a great moneymakingopportunity. But many investors don't know that short-saleforeclosures are an even better way to get into the real estategame. Rather than getting stuck with non-performing mortgages,lenders are making deals with investors to substantially discountthese loans below the amount of the loan itself! Buying propertiesat this discounted price can be highly lucrative and extremelyaffordable. And the opportunities will continue to grow! The marketfor short-sale ...

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Overview

Everyone knows real estate investing is a great moneymakingopportunity. But many investors don't know that short-saleforeclosures are an even better way to get into the real estategame. Rather than getting stuck with non-performing mortgages,lenders are making deals with investors to substantially discountthese loans below the amount of the loan itself! Buying propertiesat this discounted price can be highly lucrative and extremelyaffordable. And the opportunities will continue to grow! The marketfor short-sale foreclosure properties is expected to double overthe next few years, so now is the time to get into the game.

Make Money in Short-Sale Foreclosures shows novice investors howto find and purchase these bargains for the biggest possibleprofit. Renowned real estate authors Chantal and Bill Carey showyou how to find these great deals, negotiate for the best price andterms, and employ a moneymaking strategy focused on either long- orshort-term profits. This handy guide provides all the strategiessavvy investors like you need and reveals all the inside secrets ofshort-sale investing.

Most foreclosure books will show you how to buy the equity of anowner in foreclosure. But when an owner has no equity to buy, mostbooks will tell you to walk away from these little- or no-equitydeals. Make Money in Short-Sale Foreclosures is one of the very fewreal estate books available that offers comprehensive coverage ofshort-sale foreclosure investing—including how to createequity with these low- or no-equity deals. From buying propertiesdirectly from lenders to winning at foreclosure auctions, thishandy guide reveals all the inside secrets you need to know to takeadvantage of these unbeatable moneymaking opportunities.

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Product Details

  • ISBN-13: 9780471760849
  • Publisher: Wiley
  • Publication date: 4/14/2006
  • Edition description: REV
  • Edition number: 4
  • Pages: 288
  • Product dimensions: 6.28 (w) x 9.15 (h) x 1.00 (d)

Meet the Author

Chantel Howell Carey, a member of Zonta International, hashandled millions in real estate sales and management as a broker,consultant, and trustee.

Bill Carey began selling real estate in 1977 and is aformer director of the San Diego Association of Realtors and theCalifornia Association of Realtors. Chantal and Bill are alsoseminar speakers and international real estate and trustconsultants. Bill is a tax consultant as well. Together, they arealso the authors of several other books, including The New Path toReal Estate Wealth, Quick Cash in Foreclosures, Make Money in RealEstate Tax Liens, and the bestselling How to Sell Your Home Withouta Broker, all from Wiley.

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Table of Contents

Preface.

Introduction.

1. Make Money in Short-Sale Foreclosures.
The two strategies to make money in foreclosures are quick cash andlong-term wealth building.

2. What Is a Foreclosure?
A foreclosure is a lender taking a property from a borrower torecover their loan asset.

3. What Is a Short-Sale Foreclosure?
A short-sale foreclosure is a lender selling a property for lessthan the loan amount.

4. How to Find Short-Sale Foreclosures.
You can find short-sale foreclosure opportunities anywhereforeclosures are happening.

5. Dealing with Owners in Financial Distress.
There are two time periods to work with owners in financialdistress.

6. When to Buy Short-Sale Foreclosures.
Buy short-sale foreclosures before, during, or after theforeclosure sale.

7. No Equity? No Problem!
You can create equity in the property even if the property ownerhas no equity.

8. How to Bypass the Owner.
Contact the property owner before you make contact with the realestate lender.

9. How to Write a Short-Sale Offer.
There are no ands, ifs, or buts when you write a short-saleoffer.

10. Buying from the Lender before the Foreclosure Sale.
The bottom line is the bottom line when you are buying from realestate lenders before the foreclosure sale.

11. Understanding Short-Sales from the Lender’s Point ofView.
By understanding short-sales from the lender’s point of viewyou will be able to communicate more effectively with thelender’s short-sale decision maker.

12. How to Have Your Short-Sale Offer Accepted by theLender.
Find the person in charge of short-sales for the lender andnegotiate directly with that person and no one else.

13. FHA, VA, and Private Mortgage Insurance Short-Sales.
You can make a short-sale deal with the Federal HousingAdministration, the Department of Veterans Affairs, and privatemortgage insurance companies.

14. Buying the Mortgage in Foreclosure at a Short-SalePrice.
Buy the mortgage in foreclosure from the lender before theforeclosure sale.

15. Buying at the Foreclosure Sale.
Bring cash when you are buying on the courthouse steps.

16. Buying from the Lender after the Foreclosure Sale.
Real estate lenders want to make real estate loans. They do notwant to own real estate.

17. Bankruptcy and Other Problems.
You must be aware of an owner filing bankruptcy.

18. Escrow, Closing, and Title Insurance.
Never buy property without title insurance.

19. Flipping Your Short-Sales.
Flip your short-sale foreclosures for a quick profit.

Conclusion.

Appendix A: Deeds Chart.

Appendix B: Loans Chart.

Appendix C: Contracts and Paperwork.

Glossary.

Index.

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Customer Reviews

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  • Anonymous

    Posted February 20, 2008

    Good Stuff

    I picked up this book in the book store and could not put it down. Shows you how to put together a Short Sale pkg. to present to the bank. Plus alot more I am buying it!!! Not alot out there on this subject. The authors speak in plain english and give examples. Thanks

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  • Anonymous

    Posted January 11, 2007

    Disappointed Reader

    I've been in real estate for some time now. With the market in it's current state, short sales are the way to go, but when I started reading this book, I found that it had no direction and was very misleading. It was not layed out in a way that a reader who's wanting to be successful could go out and make this work. I will be taking it back tomorrow for a refund.

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