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 moneymaking opportunity. Many investors are starting to realize that short-sale foreclosure investing is the most profitable real estate investing opportunity of our time. When lenders get stuck with non-performing loans, they will sell them at a lower price than the mortgage itself. Properties associated with these loans can be purchased at 20 to 50 per cent below market value. From buying properties before the foreclosure sale to bypassing owners and making deals ...

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Overview

Everyone knows real estate investing is a great moneymaking opportunity. Many investors are starting to realize that short-sale foreclosure investing is the most profitable real estate investing opportunity of our time. When lenders get stuck with non-performing loans, they will sell them at a lower price than the mortgage itself. Properties associated with these loans can be purchased at 20 to 50 per cent below market value. From buying properties before the foreclosure sale to bypassing owners and making deals directly with lenders, this guide reveals the secrets of successful short-sale foreclosure investing. Chantal Howell Carey (Bedford, TX), a member of ZONTA International, has handled millions in real estate sales and management as a broker, consultant, and trustee. Bill Carey (Bedford, TX) is a long-time broker and the former director of the San Diego Association of Realtors and the California Association of Realtors. Chantal and Bill are also the authors of Quick Cash in Foreclosures (0-471-67955-0), How to Sell Your Home Without a Broker, Fourth Edition (0-471-66854-0), The New Path to Real Estate Wealth (0-471-46791-X), and Make Money in Real Estate Tax Liens (0-471-69286-7), all from Wiley.

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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, has handled millions in real estate sales and management as a broker, consultant, and trustee.

Bill Carey began selling real estate in 1977 and is a former director of the San Diego Association of Realtors and the California Association of Realtors. Chantal and Bill are also seminar speakers and international real estate and trust consultants. Bill is a tax consultant as well. Together, they are also the authors of several other books, including The New Path to Real Estate Wealth, Quick Cash in Foreclosures, Make Money in Real Estate Tax Liens, and the bestselling How to Sell Your Home Without a 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 and long-term wealth building.

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

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

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

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

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

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

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

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

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

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

12. How to Have Your Short-Sale Offer Accepted by the Lender.
Find the person in charge of short-sales for the lender and negotiate 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 Housing Administration, the Department of Veterans Affairs, and private mortgage insurance companies.

14. Buying the Mortgage in Foreclosure at a Short-Sale Price.
Buy the mortgage in foreclosure from the lender before the foreclosure 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 not want 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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  • 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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