Foreclosures are one of the biggest real estate investment opportunities available in today's market. They also have a compelling benefit--when you buy a property on the brink of foreclosure, you're solving that problem for the previous owner, and getting a great deal in the process. Building Wealth Buying Foreclosures helps you target top properties and get the best deal, with tips on how to avoid scams, insight into the lender's perspective, and a checklist that helps you keep track of every step of the way.
Inside information on how to
- Target only the right properties to buy
- Negotiate the best price
- Get a good deal on a mortgage
- Make the right offer at the right time
- Understand the lender's perspective
- Make sense of title insurance
- Decide to rent or sell the property
"With foreclosures at an all time high, there’s never been a better opportunity to buy good real estate at a bargain price. John Schaub, my favorite realestate guru for 30 years, shows you how to do it without getting into trouble. This book is a gold mine of how to buy real estate cheaply and profitably. Most other real estate gurus do one or the other, but not both!¨"
Table of Contents
Introduction vii
Getting Started Buying Foreclosures 1
Foreclosure Facts 3
What You Should Know Before You Buy Your First Foreclosure 11
Making the Most by Buying Property That You Understand 21
Buying at the Time When You Have the Greatest Advantage 27
Preforeclosure: The Way You Can Buy with the Least Amount of Cash 35
The Most Exciting (Riskiest) Time to Buy: At the Foreclosure Sale 59
The Safest Time to Buy: After the Sale 67
The Most Profitable Time to Buy: Buying the Note(s) Before the Sale 75
Short Sales: Buying When the Seller is Willing to Walk Away 87
The Insider's Scoop: Understanding the Lender's Perspective 97
Sixteen Ways a Lender Can Help You Buy a House 103
Nine Things That Make Lenders Nervous 113
Buying from Sellers in Bankruptcy 119
Borrowing to Buy Your First Foreclosure 127
Contract Negotiation 131
Beware the Con Artists: Eight Costly Foreclosure Scams 143
Getting a Good Title and Understanding Title Insurance 151
Foreclosure Buying Checklist 159
How to Make the Decision to Rent or Sell 161
Selling a Houseto a User on Terms 171
Selling the House to an Investor 183
Accelerating Your Plan for Building Wealth 189
If You Find Yourself in Trouble 199
If You Can't Buy Their House 205
Appendix 219
Index 235