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Real Estate Investing in Foreclosures

November 13, 2010 Hans Anderson Real Estate Investing, 14

Make sure you check out discounted homes in foreclosure, with the number of foreclosures that are available nowadays, a property in foreclosure could potentially offer a great opportunity in real estate investing.

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Some very disturbing yet opportunistic news according to the National Association of Realtors stated that there will be more than 1 million foreclosures over the next two years and that estimate may turn out to be low. Before you consider buying a property in the foreclosure market, be sure to do your home work. Buying a home in foreclosure can be relatively easy and an excellent investment, but it’s not without risk.

Usually you can find these properties through the state process or various online companies that provide foreclosure lists. foreclosure proceedings through the state are generally held at the local courthouse, in the clerk’s office or in front of the foreclosed property. When purchasing a foreclosure property from auction, this will probably represent the highest potential return but also the most risk involved.

Another option you might consider is buying a home in pre-foreclosure. You can find a house in pre-foreclosure by studying the public notices about homes in default at your local city hall. This type of information is available from various Internet pre foreclosure companies. Most of these companies will charge a fee, though, for their services. As in most businesses some supply very good information and others not as informative.

Once you locate a property in pre foreclosure, there probably won’t be much competition if any, because the home usually isn’t up for sale yet. Any deal at this time will be a private deal. What you want to do is offer the property owner a price that’s less than market value but more than the amount owed on the bank loan. Quite often home owners in pre foreclosure are quite happy to just pay off their debt and save their credit. What can make this quite difficult for investors is the idea of approaching a home owner who hasn’t put a for-sale sign up yet. You are offering them an opportunity to save their credit rating and maybe put some cash in their pockets. Always remember that these home owners are going to lose their property,

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