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.

How To Buy Foreclosure House w/ Free Listing and No Money Down

How To Buy Foreclosure House w/ Free Listings and No Money Down

NOW THIS IS A TALL ORDER!

The other day, as I'm fielding calls from several home sellers in serious financial trouble, I get a call from this guy asking me how he can buy a forclosed home with nothing down and no money out of his pocket.

He then goes to asks for some money out of escrow so he can fix the home.

I'm thinking to myself, self, you don't need this :)

He then asks if this is at all possible or a bunch of "BS" (that's his words)

Well. The short answer is YES. It is possible. All of the above is possible. In fact I do it daily.
Yes you can buy a home with no money down and nothing out of your pocket and I help people with this everyday. But one thing this fellow didn't have is a steady job and that, my online friends, is a hard one.

I can't take the chance of selling this house and have it go into forclosure because he didn't pay the payments.

So how is this all possible?
Here are the 3 basic home buying scenarios:
1- You have good credit
2- You have bad or no credit with lots of money
3- You have bad or no credit with NO money

Let's tackle situation #1:
You have good Fico credit history.
What's Fico you ask? That stands for Fair Isaacs Credit which is an evaluation of your credit history. The higher your Fico, the better off you are.

So let's say you have an awesome credit score. Good news. I can get you into one of my homes with nothing down and I'll pay 2 months of your payments while you settle in. In fact you can also easily qualify for some cash out in order to get the house fixed up.

Now aint that great :)
(Just joking around a little)

The second situation calls for Bad or no credit history but with money to put towards the purchase of the home. This is very doable and in fact, we run radio ads all day long and some of the people calling in, will love to assign their homes over to a suitable buyer for a couple of thousand dollars!

YES. For less than a month's rent payment, you can get into a house.

The last one, and this is a very tough one, is when you have Bad credit score and you have no money to put down. This is only doable if you have a cosigner and he/she wants to help you get into a foreclosed home.

Or we can provide you with a free foreclosure listing and you can call or visit the homeowner yourself. The free lists are public records and if you hit enough people, you can cerainly get into a foreclosed peoperty with nothing down.

That's it for now.

Visit Home Foreclosure Investing Blog to read Experts discuss Investing Strategies and tips guanateed to improve ones forclosure buying skills.