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Keys to Buying Foreclosed and Bargain Homes
Barron’s Business Keys have gained deserved reputations as easy-to-read books of sound advice for consumers and non-experts. These brief, fact-filled volumes cut through business and financial jargon and speak to consumers in plain English. They offer information and advice on saving, investing, protecting one’s assets, coping with taxes, and prudent management of personal finances. Updated to reflect the current real estate market, this book presents an informed view of the advantages and potential pitfalls connected with buying foreclosed and bargain properties. Various sources are described including lending institutions, the FHA, the Farmer’s Home Administration, and others. There are valuable tips for buying at auction and for taking advantages of special programs such as urban homesteading.
Buying A House? Take Foreclosure Bus Tour
Some local real estate agents are trying to turn foreclosures into someone’s windfall.
The agents are taking prospective buyers on buses for what they call Equity Tours.
KMBC’s Bev Chapman reported that there are plenty of for-sale signs in the metro area, and agents are willing to cut prices to move houses.
“You can’t build this home for what you’re going to pay for it,” Prudential Gaslight real estate agent Mary Edwards said.
On a recent day, Edwards was showing prospective buyers about 20 houses. She said the homes would give the buyer between $10,000 and $50,000 in instant equity because of their low sale price.
One of the homes is in the Four Pillars subdivision in Blue Springs.
“It’s got a great room with a see-through fireplace in the entry way,” said Prudential Gaslight real estate agent Brian Gauldin said.
The house has five bedrooms with big walk-in closets, three and one-half bathrooms and a new three-car garage. The home is listed for $314,900.
Agents said if you tried to build it, it would cost about $350,000.
The house has been on the market for 221 days.
Agents said banks that hold the titles to houses such as this want to get them off the books.
“So they drop the prices to get them out of their inventory so they can get good loans in hopes of recouping some of their losses there,” Edwards said.
Some of the homes have tax appraisals that are higher than their asking price.
Chapman reported that there are some housing bargains out there, but real estate agents said the challenge is to get prospective buyers to see the houses and notice the silver lining in someone else’s foreclosure.
“If you really want to get a good deal on a house and really want to buy, now’s the time to do it. Don’t wait,” Edwards said.
On Saturday, Edwards and Gauldin will be showing people houses in eastern Jackson County that cost more than $200,000; on Sunday, they’ll show houses that are less than $200,000.
To register for the foreclosure bus tour, visit maryredwards.com.
Duration : 0:2:29
Buy Foreclosed Homes - Using Direct Mail
Lets look at direct mail a little closer as a way to buy foreclosed homes. The previous video covered some of the advantages and disadvantages of direct mail. Probably the biggest advantage to direct mail is that you are able to aim directly at a specific targeted market for buying foreclosed homes.
Buying foreclosed homes encompasses several methods. You can wait until the home is in the possession of the bank and buy it as an REO. You also have the option of going after the home while it is in foreclosure. This “pre-foreclosure” market is where the majority of investors are working. This market can be rather cluttered and it is easy to get lost in the shuffle.
One often-overlooked market for buying foreclosed homes is the 30–60-90 day late list. These are people that have fallen behind on their mortgage and have not yet been filed upon by the lender as being delinquent. These people are not bombarded by mail because this list is very hard to get and is not public record. If you market to this list you will be amazed at the response it can produce.
There are two caveats here. First is that these lists come from credit reporting agencies and have certain restrictions on what needs to be said in the message. Second is that if you try to do this yourself you will find that you have to buy a large list, usually 5000 names or more. This method is not for beginners or people that are low on marketing funds.
If you are in a position to look at this method as a strategy, I suggest that you strongly consider outsourcing your mailing to a “done for you” organization. The following link will take you to the best group that I know and they will give you the full details. In addition they will give you a 30-day guarantee for their services. Go there now and check out what is available for your business. GET MY MAILINGS DONE FOR ME!
Buying Foreclosed Homes - Marketing
Buying Foreclosed Homes - Marketing With Direct Mail
Buying Foreclosed Homes
Mortgage meltdown, housing crisis, foreclosures out of control, everyone buying foreclosed homes…… You have heard this for months now. What does it really mean?
It means that more than ever, buying foreclosed homes can bring you huge bargains. Learning how to navigate the world of buying foreclosed homes is a necessity for anyone wanting to cash in on the current real estate crisis.
How to buy foreclosed homes is the question on every investors mind. This my area of expertise and over the coming weeks and months we will explore the numerous ways you can benefit from buying foreclosed homes.
Not only will we discuss how you can buy foreclosed homes but we will also provide you a step-by-step guide to real estate investing. In addition to buying foreclosed homes we will discuss wholesale investing, buying real estate with no money down, probate investing, subject to investing and a full range of other opportunities within the world of real estate investing.
Stay tuned but if you want to explore some good ideas right now check out the link on the left or sign up for the Free Report on the right.
Talk to you soon,
Dick Weiss
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