About Short Sales

Most people in the US are aware of the current real estate crisis and the unsettling fact that many people are losing their homes to foreclosure. Before a home is in the process of becoming foreclosed, it is in the pre-foreclosure stage. The pre-foreclosure period can last anywhere from a few weeks to a few months, and is considered by many real estate investors as the absolute best time in which to negotiate the purchase of a home.

Many houses that are ‘for sale by owner’ are houses that are in a period of pre-foreclosure. The lenders sometimes allow the homeowners to try to sell their home before foreclosing it. The banks are not in the real estate business themselves and would rather the owners sell the home instead of (the lenders) having to foreclose it.

Here are many advantages to buying a pre-foreclosed home from a homeowner rather than bidding on a foreclosed home at an auction:

- Pre-foreclosed houses are often cheaper considering as it’s being sold by a home owner that is in a hurry to sell to avoid facing foreclosure and the bad credit that goes along with it.

- Because you are working with the owner you’ll be able to ask questions about the property you wouldn’t be able to otherwise.

- There is usually less competition for a pre-foreclosed home than a auctioned foreclosed home. You won’t have to worry about placing the highest bid.

- More time to evaluate financial scenario then at an auctioned property.

- Auctions can be either overwhelming or lead to egotistical or emotional decisions.

- You can bring an inspector along with you to inspect a pre-foreclosed home.

- You will be allowed to make a low down payment on a pre-foreclosed house. This is not the case at a foreclosure auction.

Always check to make sure that the pre-foreclosed home you’re interested in has no liens or judgments against it. You should also bring along someone to inspect the home for you so you’ll know of any problems. The risks in purchasing a pre-foreclosed home are similar to purchasing a home the traditional way, only a lot less expensive.

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How many times have you turned on your television late at night and been bombarded with the latest real estate program that all but guaranteed you everything you ever wanted. Television, radio, and print alike are each swarming with advertisements created by these self-appointed masters who promise to guide you to wealth beyond your wildest dreams. And certainly it can be done in real estate, yet for the few who succeed there are so many more who fail, and still the late night guys manage to stay in business.

So how is it that these gurus still have the money to advertise? The reason is because there are people who succeed. They are shown giving their testimony, but they are not special in any particular way. They paid for the system and made some money using it for sure, but their success is not necessarily an indicator of yours.

So what do they have that the rest of the population does not? That can be a difficult question to answer, however in many cases a lack of fear can sum it up. If you don’t have anything, you certainly don’t have anything to lose. If you are at rock-bottom and the only way to go is up you might be more open to taking risks, and in real estate, very little is accomplished without risk.

Sure, you could become a landlord. You could collect rent and make enough to live off of at the very least. Then again, You might only make enough to squeak by, spending most of your “profits” on things like maintenance, improvements, taxes, lawyers and legal documents, and even landscaping. The expenses are tremendous. If you can do most or all of the work for yourself, or even if you want to do it yourself, you have an advantage, but it does not come easy.

Foreclosures offer another real opportunity, however properties are sold on as “as is” basis, and this means there is quite often serious and sometimes expensive repairs that must be done before the property can be sold. Being a contractor or having those kids of skills can be a real money saver with REO properties, as well as a solid understanding of the market.

Another way to get involved is by joining a group of people and investing together. This is a great way to spread the risk, and while the profits can be a bit smaller, the damage to your bank account will also be reduced. If you have some cash on hand this could be a fantastic way to get started.

So the men and women selling those real estate programs on television are accurate. There is money to be made, however it requires patience, skill, and a decided lack of fear. If you can stomach the risk it could be the answer.

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It’s unfortunate but foreclosed homes currently represent half of all of all the homes sold in the US. Before the bank forces foreclosure there is in a period called pre-foreclosure which can last anywhere from two to twelve weeks. Many of the real estate gurus have made a fortune on pre-foreclosures and consider it as one of the best, if not the best, way to invest in real estate.

A lot of times the banks don’t want to deal with having to foreclose a home, so they will allow the owners to sell it during the pre-foreclosure period. You can get a great bargain in buying a pre-foreclosed home.

Here are many advantages to buying a pre-foreclosed home from a homeowner rather than bidding on a foreclosed home at an auction:

- Pre-foreclosed homes are often sold for less than foreclosed homes. To avoid credit problems a homeowner is motivated to sell their home before the bank takes possession.

- Since you won’t be at an auction, you will be given more time to talk to the home owner about any questions you may have concerning the house.

- There is usually less competition for a pre-foreclosed home than a auctioned foreclosed home. You won’t have to worry about placing the highest bid.

- More time to evaluate financial scenario then at an auctioned property.

- Many people can become more emotionally driven during bidding and pay more then they had intended to.

- You have time to have a pre-foreclosed home inspected resulting is less risk.

- You will be allowed to make a low down payment on a pre-foreclosed house. This is not the case at a foreclosure auction.

Make sure you bring along an inspector when you check out a pre-foreclosed home. You should also check to make sure there are no past judgment liens or unpaid taxes on the property. The risks in buying a pre-foreclosed home are not that much more then buying a home the traditional way through a real estate company.

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