How to Buy Foreclosures System

Real estate agents are getting asked how to buy foreclosures a lot these days.
Don't buy without reading this article or you could lose your tail.
Real quick, heres why I'm qualified to give you advice. Realtor since 1993. Experience in multiple recessions. Short sale experience. Experience with foreclosure flips, deed flips, surplus funds. Condo development experience and over 1,200 sales under my belt. Hall of fame recipient from when I was with RE/MAX.
First and foremost, let's talk about the rules that will keep you out of trouble.
Rule 1 - always do complete chain of title research. There is nothing more important than knowing what is against the property.
Here's a real life example I recently ran across where there were two mortgages in existence. The mortgage in second position foreclosed on the home. The first mortgage holder generally buys the home at foreclosure when this happens. Not this time. The first let the property sell.. The new buyer thought they had hit the jackpot, paying under $40,000 for a home worth about $150K.
But the woman never had the chain of title checked. She had no idea she bought the second mortgage and that the first mort was still in position.. The new buyer was foreclosed on by the 1st mortgage holder a few months after she bought the home..
Okay, second rule. Have the home inspected. I had a buyer that refused to pay $350 for a full blown inspection on a lake home. Stole the house for over one hundred thousand under market. Oops - didn't know about the water and termite damage to the structure. A $120 Grand repair bill erased the savings.
Third commandment. Do not get emotionally attached to the property.
The above dealt with standard foreclosure buying. Please read following for the better ways. The real pros don't actually close on the house and still make crazy profit. And they don't bother with short sales.
We're going to touch on the top two ways to make crazy profit from foreclosures.
Deed flipping is a great technique. Make money with this easy method.
This is not the best method, but still light years ahead of regular foreclosure buys. Your goal here is to identify homes going into foreclosure on a first mortgage that have under 60% of debt to value. So if a home should go for $100K, its debt load via the first mortgage can't be over $60K.
At that point you track down the owner and offer them a couple of grand for their deed. Note: this works in states that use trust deed. That's most of them.
Next comes recordation of the deed prior to the property hitting the first day of the foreclosure auction. Very important: the owner of the deed is the same as the home owner according to state definition. Because of this, you also have the right of redemption. The right of redemption is the right of the owner - deed holder - to buy the property for what is owed against it by the foreclosing entity.
Hold on now. You do not exercise this right. Instead, look up the bidders in the courts file and sell the deed to the highest bidder on the property. You can easily get 5 times your deed purchase investment. The investor pays off the debt and pays you and still end up ahead on total money out. Everyone wins in this scenario.
Heres' the kicker -
Don't stop reading now...
Let's say the home was to go for one hundred grand. Let's say there's sixty owed againt that. So now there's a forty grand surplus left. The bank isn't allowed to keep that.
The county gets these monies to hold onto. The point is to give lien or judgment holders a shot at getting money that they are owed.
Wanna take a shot at who is entitled to the money if there's no further encumbrances on it? The past owner - as defined by who last owned the deed, prior to the foreclosure.
So if you're the deed holder, you get paid this excess..
Follow this now -- Wait. Think about this. Shouldn't you just chase excess funds? You don't have to find foreclosures with low debt load. You don't have to approach a freaked out owner in the midst of foreclosure. And there is no risk that the home won't sell at the auction.
And you can go after overages even when there are judgments or mortgages still against it. No joke.
This works in every state and has zero risk when done right!
No program on the net even comes close to this And it avoid risky and low profit tax sale overages such as those in the hooked on overage course. That is a waste of time and has limited funds. Don't mess with foreclosure buying when you can make more money without head ache!
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How to Buy Foreclosures

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