By Peter Conti
Existence will be difficult for genuine property execs nowadays. regardless of rates of interest at traditionally low degrees, the doubtful economic climate makes householders hesitant to relocate or alternate up. There simply aren't that many consumers available in the market, and the few who exist generate fierce pageant. actually, it sort of feels the one ""hot area"" is foreclosure. yet that isn't inevitably undesirable information. Conti and Finkel's publication is an effective ""crash course"" for actual property agents and brokers eager to comprehend this sector and explains the intricacies focused on investment funding bargains, utilizing a number of buying/closing equipment and utilising go out techniques. due to the e-book in addition to workshops and seminars provided via the 2 authors, millions of individuals every year research the paintings of profitable actual property making an investment.
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Additional info for Making Big Money Investing in Foreclosures: Without Cash or Credit
Example text
Almost all mortgage states have redemption periods. Judicial Foreclosures (Used in Mortgage States) Step One: Borrower Is Delinquent— Preforeclosure Stage The borrower misses a payment on his loan and after the grace period is ended becomes delinquent on the loan. This step is the 20 Making Big Money Investing in Foreclosures without Cash or Credit same in both a judicial and a nonjudicial foreclosure. The lender prefers not to foreclose but to have the borrower make timely payments. Once the lender believes it’s at risk of not getting the money, it quickly proceeds to Step Two—which does differ from the nonjudicial process.
27 28 Making Big Money Investing in Foreclosures without Cash or Credit Four Factors That Make Purchase Option Strategies Work with Foreclosures 1. Little or No Money Down You can make all these buying strategies work without putting a ton of your cash into the property deals. For the buying strategies that do require cash, you’ll learn how to minimize the amount of your money in the deal by tapping into insider sources to fund your deals. ‘‘ ■ Peter’s Story One of our students found an REO (Real Estate Owned) property that a lender had taken back in a foreclosure.
Step Two: Lender Files the Default—Notice of Default Stage At a certain point, the lender will no longer work with the borrower and will start the official legal process of foreclosing on the property. The lender files a Notice of Default (NOD) at the county recorder’s office and mails a certified copy of the NOD to the borrower. In some states the name of this document is different, but its purpose and function is always the same. In Colorado, for example, the document that lenders use to record the default is called Notice of Election and Demand for Sale by Public Trustee.