Buying Real Estate Foreclosures

Buying Real Estate Foreclosures

eBook - 2003
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Publisher: New York : McGraw-Hill, 2003.
Edition: 2nd ed.
ISBN: 9780071436021
0071436022
Characteristics: xxvi, 214 p. : ill. ; 23 cm.
Contents: Understanding foreclosures
An overview of the legal procedure
Mortgages and deeds of trust
A mortgage foreclosure
A trust deed foreclosure
The Soldiers and Sailors Civil Relief Act of 1940
Opportunities for purchasing foreclosures
The basics of buying foreclosures at the auction
A day at the auction
The opening bid amount
The bidding procedure
The high bidder
Thirty days to close in bank auctions
Unusual closing delays
Warning: peculiar purchase ahead
Buying for less than market value
No down payment refunds
The burden of dispossessing occupants
Buying in as-is condition
The delinquent borrowers right of redemption
Unanticipated liens you may be responsible for in addition to the purchase price
Finding upcoming foreclosure auctions
Foreclosure auction list publications
Announcements in local newspapers
The basics of buying foreclosures after the auction-from banks
Defining bank-owned properties
The property was not sold at the public auction
The deed to the property was returned to the lender (a.k.a., a friendly foreclosure)
Redefining bank-owned properties
A lenders view of bank-owned property
Buying REOs vs. buying foreclosures at bank auctions
Finding REOs
Preparing your offer
Negotiating strategies that help you cut through the red tape
Justify low offers with documentation
Rise above your competition
The basics of buying foreclosures after the auction-from federal, state and local government agencies
Defining government-owned property
Government Services Administration (GSA) sales
Department of Housing and Urban Development (HUD) sales (a.k.a. FHA foreclosures)
Veterans Administration (VA) sales
Federal Deposit Insurance Corp. (FDIC) sales
Federal Home Loan Mortgage Corporation (Freddie Mac) sales
Federal National Mortgage Association (Fannie Mae) sales
The basics of buying foreclosures before the auction
Understanding the delinquent owners
How you can help negotiating with the delinquent owners-when the property has equity
Negotiation with the delinquent owners-when there is negative equity (a.k.a. short sales)
Finding pre-auction foreclosures
Contacting delinquent owners
Once is not enough
Dress for success
Letters that open doors
Envelopes that beg to be open and read
Additional strategies and tips for buying pre-auction foreclosures
Include these contract terms
Use the "B" (as in Bankruptcy) word in self-defense if the lender is unreasonable
Financing foreclosures with traditional mortgage loans
The burden of proof
Decisions, decisions
Basic mortgage types
Conventional fixed-rate mortgages
FHA/VA Loans
Balloon loans
Adjustable rate mortgages (ARMs)
Graduated-payment mortgages
Comparison shopping for the best lender
Key questions to ask a lender for fixed and adjustable rate loans, ask.

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