Your Investing Options After the Foreclosure Auction
By Jason Loucks
For the truly dedicated investor, it’’s good to know that most investors give up before the preforeclosure process has even completed. Why? Because they don”t really know what they are doing, they get discouraged, or they think that they”ve lost the deal and cannot get it back after the auction.
Guess what? Once the auction is over, you can still get your hands on a lot of great deals as long as you know what to do. Banks aren”t very penalized anymore for having properties on hand, so they aren”t as desperate to sell. What that means for you is that you”ll be able to find more bank owned and real estate owned (REO) properties than ever before.
There are three kinds of deals you”ll be looking for when you buy these types of foreclosures, and sometimes it can serve you better to wait until after the foreclosure auction. Banks aren ” t afraid of holding on to properties, despite what you may have heard, and there are three basic ways that you can buy their properties to make yourself a good profit.
The first kind of deal you can find through an agent isn”t even a foreclosure or REO. It’’s the ones who aren”t asking a lot of money because the sellers simply have a lot of equity. They can afford to take your dirt cheap offer because they have the equity in it. You can buy a home this way, turn around and sell it to another investor and cash a check for $5,000 to $25,000 or better in almost every instance.
The second kind of agent is the one who has a REO property (bank or real estate owned) where they just want out of the property. They want to be done with it, and will sell cheap so that you can buy it quickly and they can get back to other business. You can get these homes at great deals by checking out property values online and then offering between 40 and 60 percent of what the property is worth. If your offer is accepted, you can again turn it over to another investor or an owner/occupant and make your profits right there. If you have the cash, you can even fix the place up a bit (if needed) and make an even bigger profit.
The third type of agent is the one with a property listed for short sale. The reason that this works is because agents can often get short sales approved where others can”t simply because they know the inside scoop. All that you have to do in this situation is make an offer and wait for acceptance. All in all, Foreclosure properties are a great investment, before, during, and even after the foreclosure auction if you”re willing to learn the steps it takes to profit.
About The Author
For more great Foreclosure Investing secrets from Jason Loucks and a FREE CD on how you can start profiting from Foreclosures, Preforeclosures, Short Sales, and REO’’s for yourself, go now to: http://www.PreforeclosureFortune.Com