http://investors4realestate.com/how-to-buy-foreclosed-homes/- How To Buy a Foreclosed Home

I have spent the past two years focusing on purchasing as many foreclosed homes as I could.  Along the way I have learned what works and what does not work.  I have come across many myths and false beliefs.

During this short four minute video I am going to share with you the most important lessons I have learned in regards to buying a bank foreclosure. If I were to have known these when I first started I would have made thousands of dollars more.

The very first thing you should do is sit down and decide exactly what your dream foreclosed home would be.  Break it down as specific as you possibly can. Start by answering the following questions.

Bed and baths.
Square footage.
The size of your yard.
You should have a specific location defined.  An area where you want to live.  Make sure you are willing to live in that area.  Do not set an area and change your mind, make it exact.  Take into consideration work, super markets, parks, schools, entertainment and other factors such as crime.
How updated the house is.  How new are the windows, how new are the bathrooms and kitchen.  If you want them to be new with in the last 10 years or so I would suggest the you either buy a new house or plan on having them redone.
The age of the house.
Anything else that you can think of which would make an ideal house for you.
Rate of return you are looking to get if this house is an investment.

Next find out how much you can spend on the foreclosure.  

Speak to a mortgage broker and get a pre-approval letter.  
Look at your finances and determine how much you can spend monthly.  
If you’re an investor decide how much you can invest.

Once you have your ideal house created in your mind and on paper.  Find a real estate agent or get access to the local MLS.  Set up an automated search function and have it alert you whenever one of these homes becomes available.  Find out how much the banks are willing to negotiate on the price and at what point do the get desperate.  In my area unless it has been on the market for a couple of months, the banks will not go more than 5% away from the asking price.

Next we are going to look at the mind tricks the banks use to get you paying more for a foreclosure.

Banks have all kinds of rules and regulations restricting people from getting a house in the first month or so of its listing.  They do this to build the illusion of scarcity.  Many people fall for this. Don’t let them trick you, know there are plenty homes.

It causes people to grossly over pay for foreclosures. The banks love it. So they do everything they can to get you emotionally involved and over pay for a given house.

http://www.youtube.com/watch?v=oDObtnOm75k

Duration : 0:2:13

(more…)

Technorati Tags: bank, buying, Estate, finance, for, foreclosed, foreclosure, foreclosures, home, homes, house, housing, how, owned, purchase, Real, real estate, realty, REO, residential, sale, short

http://realestatemarketingthisweek.com – Real Estate Marketing – Avoid a foreclosure on your credit report, short sale your home and save your credit –
Produced by Dan Havey of Real Estate Marketing This Week

Part 8 – Ok, so that is good to know, I know there are people who want to try and do that and I really dont know. I am really a full time mortgage professional, I didnt get into the loan modification business on purpose, we write mortgage loans, real estate loans for residential and commercial, so therefore I dont know your laws on the same token you dont do loan modifications and you dont write loans, youre professional realtor.

Exactly, and one more thing, bottom line is you cant be defrauding the bank. Because then youre stepping into mortgage fraud, as you know. You do have to have a hardship, you honestly do have to show, if youre going to be benefiting from staying in the home, you have to show a hardship that you cant afford the current payment. If youre making a couple hundred thousand a year and have a ½ million in the bank and owe $200,000 the bank isnt on your side in that case.

There are a lot of situations though when a homeowner wants to stay in their home, if that is the case, then we market it to investors, because there is a lot of the people who are buying these homes so we work with the investor and we work out the lease amount and the homeowners can stay in their homes in those situations. Whatever it looks like at the end of the day, the homeowner needs to picture where they are going to be in the short term midterm and long term and where this house fits into those plans, if a loan mod isnt right a short sale is a significantly better option than a foreclosure.

They need to call now, they need to take action because you do need to find a place to live and were here to help you, you dont want to get two weeks to the point of foreclosure and have no where to move your family. And the Dreamvestors Team that is your main focus right now, but people still call you for first time home buyers.

We work with buyers as well as people who are short selling. We have been in real estate several years and we didnt want just short sales, were fortunate to have a very strong clientele base and were always taking new clients. We have just adjusted our focus as the market called for it and as our clients called for it.

The other thing too when we talk about these short sales, getting out of that home before it goes to foreclosure is always the best case scenario, the bank is happier with it, the house is more saleable in most cases, people are still living there, its still there home, they still feel like the pride of ownership.

Yes, and in addition, pride of neighborhood is another point. Your neighbors are going to like you better because there is not a foreclosure in their neighborhood, it helps keep the prices up when the bank takes them back the banks price them even lower typically, well sure and then its vacant and we have the potential problem of neighborhood kids turning the house into a paintball arena.

I saw that in a fantastic two story home with an amazing backyard, this house was to die for, a million dollar home and the neighborhood kids turned this house into a paintball arena. Now I am not going to lie, that might have been fun when I was a kid, but this house was trashed, wires hanging out, I mean it was just an absolute mess. The lenders dont want that, you dont want that. They need to take action they need to call you.

Yes educate yourself and call someone today. Folks its important to point out today that I would like to see you call Kalyn and Jeri for this because I know, I have seen their track record. I know their close ratio and I know that they generally care about you and your needs first, but if you have someone who does this and youre contemplating it, if you have a sale date coming up, you need to take action. Move on with your life, put this part of your life behind you.

One of the things to and we dont want to get to deep into this, Jeri or Kalyn, but after the short sale is done its all said and done, you have an affiliation with people who can help them out in getting their credit repaired and ready to go. We do, we really pride ourselves on being a one stop shop, so we help educate them, if its going to be a loan modification or a short sale once they get through the process then we begin working with them on credit repair. We have a program that we work ourselves, and if its a really sticky issue with your credit we have people that we work very closely with that we will refer you to, we also have a team that includes a bankruptcy attorney, a real estate attorney and a real estate CPA… http://realestatemarketingthisweek.com/avoid-a-foreclosure-short-sale-your-home-%E2%80%93-save-your-credit/

Duration : 0:7:2

(more…)

Technorati Tags: alternative, assistance, attorney, bailout, bank, bank short sale, bankruptcy, consultant, dan havey, Estate, expert, foreclosure, foreclosure short sale, fraud, government, home, lawyer, lender, lender short sale, loan, loss, mitigation, modification, mortgage, mortgage short sale, prevention, process, Real, real estate marketing, real estate short sale, sale, scam, short, short sale, specialist, taxes, this week

http://www.Buyhomesrealfast.com Short Sale Process for stopping Foreclosure

Duration : 0:4:3

(more…)

Technorati Tags: Central, fast, Florida, foreclosure, home, house, liquidation, process, sale, sell, short, Stop, your

3 BIG mistakes NOT to be made while talking to homeowners in foreclosure in Michigan.

Duration : 0:3:12

(more…)

Technorati Tags: Detroit, Estate, foreclosures, Michigan, preforeclosure, Real, sales, short

http://www.FreeForeclosureDatabase.com Looking for the best free foreclosure listings? Find foreclosure property, Fannie Mae & short sales. Searches are all free, all the time. No membership required.

Duration : 0:4:48

(more…)

Technorati Tags: Estate, fannie, foreclosure, foreclosures, mae, pre, properties, Real, sales, short, tax