10 Tips To Successfully Buy a Foreclosure in 2009
Author: Hans Anderson // Category: Various Posts10 Tips To Successfully Buy a Foreclosure in 2009
By Alexis McGee
With foreclosure numbers in the tens of thousands nearly everywhere across the country, many people who have never invested in real estate are wondering “is now the right time to find great deals?”
The answer is yes as the indicators are strong for investors — banks are selling foreclosed properties at huge discounts and strapped homeowners with foreclosure looming are looking for ways out of their predicament, including selling to investors.
Done right, buying a home pre-foreclosure directly from a homeowner creates a win-win situation. The homeowner gets needed cash, and the buyer a solid investment property.
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Whether you opt to buy a discounted REO property from a bank or lender, or an individual homeowner, it’s essential to pay attention to the details.
1. Understand Your State Foreclosure Laws.
It’s imperative that before anyone sets out to buy a foreclosure from anyone that he or she understands the foreclosure laws of that individual state. They vary dramatically, and affect the foreclosure process time line well as sellers’ and buyers’ legal rights. For example, some states give former homeowners specific rights, such as the option to buy back their properties after foreclosure auction.
2. Use the Right Lead Sources.
Locate solid potential property leads with the help of reputable foreclosure listings web sites like Foreclosures.com. Alternatively, you can manually cull county property records at your county recorders office. A warning: Not all web sites are equal. Some have incomplete and inaccurate information that is unreliable.
3. Beware Marketing Come-ons Like “Instant Riches”.
Avoid web sites or foreclosure “gurus” that promise instant riches with no effort and no money, or their “secrets” for a price. Keep your wallet in your pocket until you have first thoroughly “googled” that person and company. If a web site requires a user fee and won’t allow you a free trial first, look elsewhere.
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