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Buying Real Estate Foreclosures 3/e

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ISBN-10: 0071546618

ISBN-13: 9780071546614

Edition: 3rd 2008

Authors: Melissa S. Kollen-Rice

List price: $25.00
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Description:

Written by one of America's most experienced real estate experts, this completely revised and updated edition of the bestselling Buying Real Estate Foreclosures offers the latest information on this hot real estate market, including Sources of foreclosed properties, including government agencies, auctions, banks, and defaulting homeowners, Tips on conducting an inspection, calculating property value, and uncovering hidden costs, New strategies for cutting through red tape and negotiating with banks, government agencies, and defaulting homeowners, Techniques for buying foreclosures before, at, and after an auction, Ways to benefit from the latest groundbreaking foreclosure laws. Filled with…    
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Book details

List price: $25.00
Edition: 3rd
Copyright year: 2008
Publisher: McGraw-Hill Education
Publication date: 9/4/2008
Binding: Paperback
Pages: 224
Size: 6.00" wide x 9.00" long x 0.75" tall
Weight: 0.792
Language: English

Table of Sample Forms, Illustrations, and Checklists
Preface
Acknowledgments
Introduction
Understanding Foreclosures
An Overview of the Legal Procedure in Foreclosure Actions
Mortgages and Deeds of Trust
Judicial and Nonjudicial Foreclosures
Finding the Foreclosure Statute in Your State
The Soldier's and Sailor's Civil Relief Act of 1940
The Three Opportunities for Purchasing Foreclosures
The Basics of Buying Foreclosures at the Auction
A Day at the Auction
Warning: Peculiar Purchase Ahead
Finding Upcoming Foreclosure Auctions
The Basics of Buying Foreclosures after the Auction-from Banks
Defining Bank-Owned Properties
Redefining Bank-Owned Properties
A Lender's View of Bank-Owned Property
An REO Purchase versus a Bank Auction Purchase
Finding REOs
Preparing Your Offer
Negotiating Strategies That Help You Cut through the Red Tape
The Basics of Buying Foreclosures after the Auction-from Federal, State, and Local Government Agencies
Defining Government-Owned Property
Finding Government-Owned Foreclosures
The Basics of Buying Foreclosures before the Auction
Understanding the Defaulting Owners
How You Can Help
Negotiating with Defaulting Owners-When the Property Has Equity
Negotiating with Defaulting Owners-When There Is Negative Equity (a.k.a. "Short Sales")
Steps in a Short Sale
Finding "Pre-Auction" Foreclosures
Contacting Defaulting Owners
Additional Strategies and Tips for Buying Pre-Auction Foreclosures
Buyers Beware: Has Your State Adopted a Home Equity Theft Prevention Act?
Clarifying Government "Acts" of Kindness
Financing Foreclosures with Traditional Real Estate Loans
Riddle for Buyers
Calculating Your Foreclosure Budget
The Burden of Proof
Decisions, Decisions
Types of Loans
Comparison Shopping for the Best Lender
Key Questions to Aska a Lender
Creative Strategies for Financing Foreclosures
Foreclosure Purchasers with Limited Cash and Good Credit
Foreclosure Purchasers with Limited Cash and Tarnished Credit
Foreclosure Purchasers with a Lot of Cash and Good Credit
Foreclosure Purchasers with a Lot of Cash and Tarnished Credit
Equity Sharing: Buying Foreclosures with a Partner
How It Works
Why It Works
The Owner-Occupant's Goals and Challenges
The Investor's Goals and Challenges
Comparing Purchase Details and Finance Costs
Equity Sharing to the Rescue
Contract Terms to Agree Upon
The Risks Involved in Equity Sharing
Equity Sharing for Parents and Children
Equity Sharing for an Investor and a Contractor
Finding a Partner for Equity Sharing
Equity Sharing Helps People Achieve Their Goals
Choosing the Right Property: What You Don't Know Can Hurt You
Finding the Right Property
Asking the Right Questions
Organizing Yourself
Inspecting the File of the Foreclosure Action
Hiring a Title Expert
Asking for the Terms of Sale before Bidding on Foreclosures at Auctions
Uncovering Hidden Costs
Establishing Property Values
Calculating Cash Flow
Preparing Your Bid Sheet
Organizing Your Prebid Calculations
Fine Tuning Your Prebid Calculations
Final Confirmation
Congratulations! You Are the Successful High Bidder
When You Are the High Bidder at the Auction
When Your Offer for a Bank- or Government-Owned REO Foreclosure Is Accepted
When Your Offer to the Defaulting Borrower for a Preforeclosure Is Accepted
Coast to the Closing with These Five Standard Operating Procedures
Applying the Five Standard Operating Procedures to Your Particular Circumstances
An After-Contract Checklist
Now that You Own the Property
Steps to Take for Completing the Transaction
An After-Closing Checklist
Making Repairs to Your Foreclosure
Pinpointing Priorities
Finding a Contractor
Implementing a Competitive Bidding System
Implementing a Performance-Based Payment Plan
The Big Picture
Getting Started Today
Follow These Six Steps for Success in Purchasing Foreclosures
From Rags to Riches with Real Estate Foreclosures
Glossary
Index