| If you are a buyer interested in purchasing a | | | | at a discount, a homeowner facing foreclosure |
| foreclosure home, then prepare to invest time | | | | may still be able to recover some of their equity |
| and energy in understanding and navigating the | | | | and walk away with profit. |
| foreclosure process. Why? Because not only will | | | | 3) Get a fresh start Stopping the foreclosure |
| you better understand how to avoid the potential | | | | allows homeowners to relax a bit. The pressure |
| pitfalls that could cost you money, but you may | | | | of the foreclosure fads away, they will then find it |
| find opportunities for negotiating a good deal. | | | | easier to move on and begin rebuilding their life. |
| Foreclosures Law: Foreclosure laws are state | | | | Getting Started: 1. Foreclosure Auctions: these |
| driven. In other words each state has their own | | | | happen at court houses in your area or can be |
| laws to govern foreclosures. Pre-foreclosures: | | | | found on some websites. Best to research ( call |
| Foreclosure is a process in which a piece of real | | | | your local court house and do some internet |
| estate becomes the property of a lending | | | | research ) before you are ready to start this |
| institution due to the owner's inability to make | | | | business. |
| scheduled payments on the mortgage or deed of | | | | 2. REO Sales - An REO is Real Estate Owned by |
| trust. When dealing with a pre-foreclosure contact | | | | the lender or bank 3. Pre-Foreclosure Properties - |
| the owner as soon as possible. People will jump at | | | | Pre-foreclosure sales are a purchase of the |
| the chance to save their credit plus have a | | | | property before the county foreclosure auction. |
| chance to walk away with some $$$ in their | | | | Because of that, timing is critical |
| pocket. Explain the three benefits of avoiding | | | | Today more than ever before there are more |
| foreclosure: | | | | foreclosures happening. Now is the time to jump |
| 1) Protects their credit By working with an | | | | into this business if you're a motivated enough. |
| investor, homeowners may be able to avoid | | | | Although working in real estate can be fun and |
| foreclosure and begin rebuilding credit. If the | | | | exciting it always requires a lot of study time and |
| homeowner loses his home then his credit will be | | | | dealing with people. The more you learn the easier |
| hurt in such a way that he/she will have trouble | | | | it becomes. Always keep yourself up to date and |
| buying a car, new home and even getting a job.. | | | | laws of your area and always talk with owners |
| Many places look at credit reports before dealing | | | | like they are your best friend.. After all you will be |
| with you. | | | | making a ton of cash off them. |
| 2) Make a profit Real estate investors purchase | | | | |