What to do Facing Foreclosure in US
Being a sophisticated professional real Estate Investor it is must that you have in-depth knowledge, tips and tricks and practical strategies to give you edge against any body and everybody. You want to buy a foreclosure? Remember, there are both great opportunities and great pressures and pitfalls. You do not want to end up buying a lemon. Greed and fear will make you jump through the hoopla.
Real Estate Investors education and mentoring can provide the blue print to this massive opportunity to bank on it without any hesitation. We recommend the safest and best way to buy is when it's a bank-owned property for average American or Canadians.
Pre-foreclosure: These homes are in the foreclosure process, but they have yet to be sent to auction. Owners are typically trying to unload them because they are "underwater," owing more on the homes than they are worth or distress due to refinancing.
You have the advantage of being able to inspect the home before purchase -- which isn't the case in other types of foreclosures. As a potential buyers you must negotiate a deal with the lender as well as the owner. That makes buying at this stage of foreclosure complicated and slow. Now you have to make sure you got a bargain and negotiate with the bank.
Sheriff's auction: These sales yield the lowest prices, but they are fraught with difficulties. The properties are unavailable for inspection, leaving buyers with a long list of expensive repairs -- and much larger bill than they intended. This stage is usually best left to the veteran sophisticated Real Estate Investors, the contractors and investors who regularly bid on these places and know what they're doing.
Repossession (REO): This occurs after the home has gone through a sheriff's auction but does not sell and the bank gains possession of the property. Home buyers may not get the best bargains during this stage, but they can nearly always perform a thorough inspection before closing, minimizing costly surprises. At this stage the property comes with a clear title.
Even in this safer stage, though, homes are still usually sold in "as is" condition. That makes the home inspection even more critical. Since you're buying from a Bank, not a Home owner, the buying process can be faster, so be prepared to move quickly. Many times a listing goes on sale and the property get sold within days.
World Wealth Builders offers many unique, practical, out of the box real estate investor apprenticeships which offers the student hands on, in the trenches style instruction to facilitate both a different mindset as well as a successful and lucrative real estate investment business. To find out more, please go to www.WorldWealthBuilders.com
The above information is provided as a guideline and is not intended to give a professional legal advice. Please consult a real estate lawyer for their opinion on your particular case.
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