Find Bank Owned Real Estate Foreclosure Listings
Find Bank Owned Real Estate Foreclosure Listings And Homes For Sale
I just saw several new reports on TV and the paper where it details the demise of some major sub-prime mortgage lenders.
Several have gone out of business and several are in serious financial troubles. One such company, just closed their Sub Prime mortgage division due to high deliquency rates and problematic loans.
This means massive opportunity for the foreclosure investor.
You see, one of the best allies you can have in this business is a bank with lots of REO homes for sale (REO = Real Estate Owned by the bank)
They are NOT in the home owning business. They are in the lending business.
So you need to do the following:
1- Find all the banks in your local market
2- Call or visit the REO department of foreclosure departments of said banks
3- Find or make friends with everyone there
Now get on their mailing list and be quick to visit every property they tell you about.
Once you visit the home, run some comparable market values using zillow.com or cyberhomes.com
Both of these fine tools will tell you what the homes in the area are selling for.
Take 80% of the average price in the area and make a short sale offer to the banker.
Short sale offer is when a bank accepts an offer for less than what they are owed on the house.
Why would a bank do that? Simple. They don't want the home. They are NOT in the home ownership business. They are in the lending business. So while you're at it, ask them for a loan too :)
Maybe not.
Let's locate then house first and get the offer accepted.
Next ... once the offer is accepted... start finding a buyer ASAP!
We'll cover this in the upcoming series of blogs.
So remember, finding bank owned real estate foreclosures is one of the most effective methods of investing as of right now due to the high number of deliquencies.
Visit Home Foreclosure Investing Blog to read Experts discuss Investing Strategies and tips guanateed to improve ones forclosure buying skills.
I just saw several new reports on TV and the paper where it details the demise of some major sub-prime mortgage lenders.
Several have gone out of business and several are in serious financial troubles. One such company, just closed their Sub Prime mortgage division due to high deliquency rates and problematic loans.
This means massive opportunity for the foreclosure investor.
You see, one of the best allies you can have in this business is a bank with lots of REO homes for sale (REO = Real Estate Owned by the bank)
They are NOT in the home owning business. They are in the lending business.
So you need to do the following:
1- Find all the banks in your local market
2- Call or visit the REO department of foreclosure departments of said banks
3- Find or make friends with everyone there
Now get on their mailing list and be quick to visit every property they tell you about.
Once you visit the home, run some comparable market values using zillow.com or cyberhomes.com
Both of these fine tools will tell you what the homes in the area are selling for.
Take 80% of the average price in the area and make a short sale offer to the banker.
Short sale offer is when a bank accepts an offer for less than what they are owed on the house.
Why would a bank do that? Simple. They don't want the home. They are NOT in the home ownership business. They are in the lending business. So while you're at it, ask them for a loan too :)
Maybe not.
Let's locate then house first and get the offer accepted.
Next ... once the offer is accepted... start finding a buyer ASAP!
We'll cover this in the upcoming series of blogs.
So remember, finding bank owned real estate foreclosures is one of the most effective methods of investing as of right now due to the high number of deliquencies.
Visit Home Foreclosure Investing Blog to read Experts discuss Investing Strategies and tips guanateed to improve ones forclosure buying skills.
posted by Mr. Foreclosure at 11:50 PM
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