About Short Sales

Pre-foreclosures properties are homes that are about to go into foreclosure. Some of the best real estate deals are made this way, before they hit the mainstream foreclosure market. Negotiations are usually with the owner directly, who would like to work out a deal before the bank forces them to leave the property.

The number of pre-foreclosures is growing every day. If you’ve kept up with the media recently, you know that investing in pre-foreclosure homes is one of the best ways to make a substantial profit. There are virtually a limitless number of these discounted homes on the market, due to the sub-prime mortgage crisis and the current economic slowdown.

Compared to an auction, buying a pre-foreclosure property can often be a more attractive alternative. At an auction, you often have to have the necessary cash on hand in order to participate in the bidding, however, with pre-foreclosures, you don not require immediate cash and can work out different scenarios with the current home owner and your bank. This allows you the ability to purchase a foreclosed house that they may not of been able to do otherwise.

The main advantage of a pre-foreclosure is you get to meet the people who’s house your interested in acquiring in a less anxious environment then at an auction. With an auction homeowners will usually remain anonymous.

A huge benefit to buying a pre-foreclosure is the ability to examine the property ahead of time. Because the current owner is still living on the property you can physical knock on their door and have a look around and examine the house. You can even discuss with the owner as to any current problems with the functionality of the property. If you time it right and the owner agrees you may also be able to get a home inspection done.

Pre-foreclosures provide the opportunity to see what sort of work needs to be done to the premise, and provide you with an idea as to the budget required to do so. You now have much more information then you would before a foreclosure auction to make the right decision of whether or not to purchase.

So now you can see that buying at the pre-foreclosure stage has some nice advantages over buying at auctions or from a realtor. It really comes down having the right information to make the right choice, at the right price.

Pre-foreclosures are homes and/or property that are about to go into foreclosure. This is where some of the best deals are made. These are generally negotiated directly with the owner, who is eager to avoid the grief of foreclosure.

The number of pre-foreclosures is growing every day. If you’ve kept up with the media recently, you know that investing in pre-foreclosure homes is one of the best ways to make a substantial profit. There are virtually a limitless number of these discounted homes on the market, due to the sub-prime mortgage crisis and the current economic slowdown.

Depending on your situation buying a pre-foreclosure home can be an improved method of acquiring property rather then buying at an auction. Auctions more often then not require that you have the necessary cash on hand in order to bid. When buying pre-foreclosure homes, however, you don?t necessarily have to have cash on hand.

The main advantage of a pre-foreclosure is you get to meet the people who’s house your interested in acquiring in a less anxious environment then at an auction. With an auction homeowners will usually remain anonymous.

One of the biggest advantages of purchasing a pre-foreclosure over an auction is that you can inspect the property before it goes into auction. At this point the property owner is still living in the home so obviously you want to call on them and take a look around the house to see what kind of condition it is in. If the owner feels you make be able to help them, they may disclose if there are any internal problems with the house (i.e. water damage, electrical issues, etc.). Also if the owner is co-operative and you have enough time it would be advised to get a property inspection done as well.

This allows you to determine how much effort, if any, will be required to repair the house and at what cost. This will eliminate much of the risk and will help you make a better decision about if the property would be a good investment or not.

Hopefully this article articulated some of the advantages that buying pre-foreclosures is a good alternative. All real estate professionals consider this method as one of your best value options when it comes to purchasing a home

How to Buy Cash Flow Notes, a Common Struggle

When you are looking for non performing notes, you will most likely run into this common hurdle. I wanted to take the time to share it with you.

So you’ve been busy cold calling banks and looking for notes to buy.

A lot of these bank contacts have told you that they either don’t sell notes or that they don’t have any non performing notes right?

Let me ask you…when we hear this, should we just accept this information assuming it is the truth? Or should we do some more research by say, contacting someone else?

“Can I Buy Cash Flow Notes? The 2 Responses

Let’s take a look at the two possible responses you can get:

1. We do not sell real estate notes.

2. Our bank does not have any non performing notes.

The first statment I might believe, but the second? No way.

If someone is telling you that they don’t sell non performing notes, I would say that their statement is about 25% correct. Maybe.

On the otherhand, if they are telling you that they don’t have any non performing notes, the likelihood that they are pulling your chain is about 99.9%.

What do you do? Find someone else to call at the bank.

Learning How to Buy Cash Flow Notes…How to Find Contacts

If on your first attempt, you contacted Loss Mitigation…try secondary marketing the next time. Or you can call in and ask for the CFO directly.

Always keep in mind that you can solve a problem in many ways. Don’t get discouraged when you are turned away, don’t let the first door shut stop you in your note buying pursuit.

How to Buy Cash Flow Notes – Finding Contacts…A Tip From Will

I want to share with you a tip that one of my students, Will, has shared with me. A tip on finding contacts, follow these steps.

1. Go to thomas-law.com and select “mortgage banker licenses”

2. Select the state and click on the link that reads mortgage lending division

3. On the left side click on the “licensee records” link

4. choose the “licensed mortgage bankers” link

It’s that simple, now you have the principal contact info and emails for all your bank contacts! You can use this tool for all 50 state and start buying some cash flow notes!

Hard work pays off.