By Melissa Kollen-Rice
''... are looking to purchase a home or different actual property less than marketplace price? if this is the case, learn this book.''--Robert J. Bruss, syndicated genuine property columnist
Home foreclosure are at a ten-year excessive, and this re-creation of Melissa Kollen-Rice's bestselling advisor fills readers in on every little thing they should recognize to discover and finance genuine property offers from banks, S&Ls, public auctions, executive organisations, and different resources. jam-packed with worksheets, checklists, and speak to directories, deciding to buy genuine property foreclosure is the source for newcomers and execs alike. This totally revised and up-to-date version positive aspects:
- Guidance on pitfalls, hidden expenditures, resources of foreclosures lists, and artistic financing thoughts
- Valuable pattern varieties and files
- A new chapter--''What the banks don't desire you to grasp: why are they so influenced to sell?''
- New suggestions to assist traders lower throughout the purple tape
- In-depth discussions of the advantages and hazards of every kind of financing
- A thoroughly up to date pre-bid record
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Extra info for Buying Real Estate Foreclosures
In this book, the terms “lender” and “bank” are used interchangeably. The Basics of Buying Foreclosures after the Auction—From Banks 33 A Lender’s View of Bank-Owned Property The foreclosure “stigma” that conjured up an image of an evil banker with a black cape, moustache, and top hat is a long-forgotten memory. Lending institutions have become reluctant property owners, charged with the overwhelming task of managing, marketing, and selling the repossessed properties in their inventories. Here are five reasons why foreclosures are a lender’s nightmare.
Under certain circumstances, you may be granted an extension (extra time to close). For example, if your attorney is on vacation, you may need to ask for an extension until he or she returns. Normally, however, if you are the successful high bidder at a foreclosure auction, you will be expected to close within the 30-day period stipulated in the contract. Unusual Closing Delays I was once involved in an unusual circumstance in which the referee, appointed by the court to sell the property at the auction, required an extension of more than a year because a necessary legal document was missing.
The manner of making an offer to purchase the property is by written offer to the REO seller. 6. The new owner may be responsible for unexpected liens and judgments on the premises, in addition to the purchase price. 6. The REO seller usually clears up any existing title problems before title is conveyed to the new owner. Figure 3-1. A bank auction purchase vs. an REO purchase. 38 Chapter 3 property addresses, the asking prices, access to the properties, pictures of the properties, information about the property taxes, lot sizes, and contact information for access to the properties.