Foreclosure Information
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| Auction Guides: Not So Hot Properties and Foreclosed Homes from $3000 No Money Down!Auction Guides: Not So Hot Properties and Foreclosed Homes from $3000 No Money Down! Ads like these in newspapers and magazines, on television and the Internet, and in coupon mailings to your home may sound like the ticket to your dream home. They offer the chance to buy a big ticket item at auction - for well below its market value. What.
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| For people willing to do a bit of homework, the foreclosure market offers some of the best opportunities available in real estate today. Experts point toward significant growth in available foreclosure
properties, so there�s never been a better time to line up your resources and educate yourself about this previously hidden market. It�s not unusual to save from 10 to 30 percent of the market value on a
foreclosure property, and certain properties offer savings of 50 percent or more! There really are bargains out there. You just have to know where to look. |
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| With the rapid appreciation in many real estate markets, investors can realize a quick profit in the short term by reselling a property. Even if a particular real estate market is not red-hot, investors can profit
over the long term by initially using the property as a revenue generator—leasing the property while allowing equity to build. |
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| But while it's one thing to look for property, few sellers will consider you to be a serious buyer unless you have your finances well in order. Buyers really need to be pre-qualified before engaging in
discussions with a seller. This ensures that the buyer is in a financial position to purchase the property, and is in the strongest possible position to negotiate. For pre-qualification, a loan officer will ask you a
few questions concerning employment history and proposed collateral, and will ultimately provide you with a pre-qualification letter stating the amount you are pre-qualified to borrow. |
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| Foreclosure auction sales are typically the domain of the professional investor. These properties are formally in default, and sold to the highest bidder at an auction. Buyers are required to be physically
present at the auction and must be prepared to pay 100 percent of the sale price in cash on the spot. |
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