Archive for the ‘search’ tag
real estate foreclosure
real estate foreclosure
want 2 buy real estate foreclosure or the best way 2 pick up investment?
want 2 buy towards end of year sit on it for about 2 years until market turns around and sell with that money want 2 start flipping houses for a career.im on ssi disabled and worried about loosing my check ass well so canty take any chances as in not making enough
The answer by the realtor is alittle off. If you plan to live in the home as your principal residence, and you live there for 2 of the last 5 years you will not have to list the money made as gross income on your taxes.
However, if you do not plan to live in it for that period of time it will be considered income and need to be reported to the IRS.
real estate foreclosure
real estate foreclosures: Double-edge Sword or Heaven Sent?
It’s completely understandable…investing in real estate foreclosures can be irresistibly attractive. The lure of landing quick profits from 40% to 50% or more is enough to get anyone’s attention! But if you’re thinking about taking the foreclosure plunge it’s prudent to proceed with caution.
You have a small bucket of factors that’ll make the difference between experiencing the thrill of investor success, or the agony of foreclosure defeat. You need to have the right knowledge and walk in prepared.
If you’re new to investing…lets start off simple.
Foreclosure is a legal process whereby a mortgage holder, such as a bank, takes over possession of a property due to default on the mortgage loan. In the US, some states have what’s called, ‘strict’ foreclosures. This legality attempts to let the borrower have some time to make good on back payments. The borrower is given period of time to bring the debt current. Failing to do that, the title reverts to the lender.
You don’t want to be in the middle of someone else’s legal headaches.
And some advise to avoid offering any kind of legal rescue in exchange for part or whole ownership of the property. You absolutely MUST educate your self with accurate information from those with experience in this area. And there are ways to creatively help others solve their foreclosure problems with win-win methods.
In addition to accessing accurate legal information for your location, here are some other considerations for you…
Some legal foreclosure proceedings allow the borrower to have the ‘right of redemption’. This gives them a finite period to ‘cure the loan’. In other words to make back payments or strengthen their credit so they can reclaim title to and possession of their property.
You must be aware of critical clauses in their contract and get expert legal advice for your state or location.
But after the foreclosure is complete, or beyond question, you can create a plan to invest in the property. Some like to keep an eye out for deals in which a Notice of Default has been issued.
Then you have auctions on foreclosed property. These are quite common but still you need to do your due diligence. Never bid on a property without some first hand confirmation of its legal status and physical condition.
Here’s why this is so important…
Auctioned foreclosures are sold ‘as is’. Just like autos and other vehicles. And the difference with other property sales is there are no warranties or granting of title insurance.
A few things you should do at a minimum…
Arrange for a professional inspection to be performed. And you should do this even if you’re an experienced investor. No property is totally free from minor defects and issues. You just want to be sure it doesn’t need major repairs like a new roof, foundation repairs, or serious plumbing issues, etc.
On the other hand, if you’re looking for a fixer-upper to flip then major repairs may be acceptable. Only you know about your strategies and available resources. If you’re looking at major repairs, of course you should take those into consideration in your offer.
One other method of foreclosure investing is the REO, or Real Estate Owned. It’s owned by the lender. REO’s are properties that are auctioned but have not been sold. You can find some very good REO deals. But again you must exercise caution and do your homework!
Lastly…there’s the ‘short sale’ foreclosure deal. In this situation the lender agrees to accept less money than is outstanding on the loan. You’ll negotiate directly with the lender and come to terms. And all the due diligence cautions apply in this situation, as well.
Remember! Do your research. There are more considerations the wise foreclosure investor needs to consider. It’s possible to specialize in this area and do very well. You just need to get the right education from someone who has successfully been there and done that.
About the Author
Peter Conti, http://www.MentorFinancialGroup.com, is America’s leading real estate investment expert. He has helped thousands of clients create financial independence using real estate through his many books, investing courses, boot camps, lectures, and personal mentoring. Peter still actively invests in single family homes and commercial real estate.
How do I get into real estate investments through foreclosed properties with no money and bad credit?
I am looking into real estate foreclosures in oklahoma and they it seeems interesting.The bidding starrts at 2/3 of what the assessor thinks the house is worth but the market valuse of the house is usually higher than the assessed value so there is equity from just buying the house in foreclosure.But i have no money and very bad creit can you tell me the best way to get started.
Best way to get started is to get your credit in line. If you don’t have any positive credit reporting that you are paying on time then get a secured credit card. Get several.
If you have open collections, make payment arrangements and pay them off.
Don’t get your credit pulled a lot.
The credit cards you do get, don’t max them out. Keep the active balance about 40% of what the credit limit is. Pay that on time.
Maybe in a year or two years you will be in the position to buy with no money down if those programs are still in existence.
Where’s The Bottom Real Estate Foreclosure 2010 2011 2012
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