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

by Theodore J Dallow, Don Ayer

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.

Product Details

ISBN-13:	9781440515521
Publisher:	Adams Media
Publication date:	03/01/2008
Sold by:	SIMON & SCHUSTER
Format:	eBook
Pages:	192
File size:	356 KB

About the Author

An Adams Media author.

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