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Foreclosure
How to Invest Successfully
by: David Jacobsen
If someone is about to
lose their home to foreclosure, then you can guarantee
they're feeling stressed. They're probably being bombarded by calls
and letters from creditors, and for many people it all becomes too
much to handle. They close their eyes and hope it will all just go
away.
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Reality is that it won't, and as an investor interested in buying
foreclosures, the hardest part can be convincing the homeowner that
they really are going to lose their house unless they do something
about it. It can also be difficult to convince them that you really
are trying to help them, even though you are helping yourself make a
profit at the same time.
When you're dealing with foreclosures, time is of the utmost
importance. You need to have enough time to bail out the homeowner
and take over the property before it's too late. That's why it can
be a good idea to subscribe to a foreclosure listing service - you
get access to listings at the earliest possible time, and don't have
to use your valuable time looking for potential foreclosure
properties from other sources.
Many people facing foreclosure have spoken to an attorney, and are
convinced that bankruptcy is their only option. In most cases this
isn't true, but attorneys tend to stick to what they're familiar
with, which is bankruptcy, rather than mentioning other
possibilities such as:
- Sale by assumption
- Deed in lieu
- Straight sale
- Foreclosure presale
- Compromise sale
- Short payoff
- Workouts
- Assignment
- Injunctions
There are still more options than these, which shows that bankruptcy
definitely isn't the only choice for the homeowner. When you're
dealing with a homeowner in foreclosure, make it clear that you're
offering an alternative to bankruptcy. Find out whether they really
understand what bankruptcy will do to their credit history and how
it will affect their future.
If you're serious about buying foreclosure properties, then you need
to become familiar with everything that's required in the process,
and check everything for every property you consider. These items
include:
- Loan and mortgage documents
- Loan amount, monthly payment, and interest rate
- Any outstanding taxes
- Existing insurance policies
- Any other liens or judgments
Make sure you have enough information to complete all the necessary
tasks before the foreclosure occurs. If there's not enough time,
don't even bother starting. Having said that, learn as much as you
can about ways to delay foreclosure, and help the homeowner to
implement them all. If may just give you enough time to take over
the property before the foreclosure auction.
Above all, focus on creating a solution where everybody wins. It's
never an easy time for the homeowner, so be prepared for plenty of
anger, frustration and resentment - some of which may be directed at
you. Walk away if it's obvious the person doesn't want to work with
you. Find someone who is interested in finding a solution, show
empathy for their situation, put together a strategy to get the best
possible result for them, and before long you'll find yourself with
a good portfolio of investment properties.
About The Author
Additional Real Estate
Foreclosure Information Resources
-
Foreclosure Investing - A Smart Strategy
Foreclosure investment
opportunities are normally created when homeowners default on
monthly installment payments
-
Tips For Buying Bank Foreclosure Houses
Foreclosed houses are real estate properties that have been
foreclosed by the lending companies
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Alger County Real Estate
Resources
-Munising
& Alger County Michigan Foreclosures
*
Alger, MI Foreclosures - foreclosure listings,
pre-foreclosure, bankruptcy homes, include HUD foreclosures VA
foreclosures government foreclosures and bank foreclosures
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For Sale by Owner Upper Peninsula Businesses, City of Munising residential
