Real Estate Investors - Bank Foreclosures By Bill Carey, Fri Dec 9th
The time is now to get in on year end deals from banks andmortgage companies who are carrying foreclosure properties (REOreal estate owned). foreclosures - REO's are an on going problemfor the mortgage industry at a 52 year high, banks and mortgagecompanies are overloaded with homes.
To get your best deals in foreclosure properties follow thesetips:
Work with a Real Estate Agent - agents are ready andwilling to work with investors, remember that agents expect todo business now don't drag them all over town wasting their timeand your time. Be ready to buy. Some commissions are aslow as 1.5% that's $375.00 to an agent on a $50,000 propertywhich is normally $750.00 not much income after all the hoopsthe mortgage companies will make them jump through.
Top Agents - In today's real estate world the top agentscan put you into a VIP or email program where you will receivedaily emails' with complete property descriptions and photos.You go check out the properties you are interest in and call theagent when you want to go inside. This comes with a price theagent will expect you to sign a Buyer Agent agreement for thisservice. Agents will bend over backwards for you if youtreat them fairly and don't expect them to work for nothing.
MLS and REO Services - Access to property information ispretty easy today if you know where to look. You can get accessto
the public side of the MLS and find most properties for saleyou will not be able to do the fine tuned search that your agentcan. Banks and mortgage companies all have web sites you canaccess to hunt for properties; again your agent can get moredetailed information and be on an email list as a registeredlicensed agent. You can do all the work yourself with out anagent, but you will need an agent to make an offer.
HUD - VA - Government Owned - The only access you willhave to these properties is through an agent who is registeredwith the agency. Some properties have special keyed locks andonly registered agents have the keys. The process is moredetailed and closing by year end is not as important, this isthe government they don't have share holders to answer to.
Be Ready To Buy - Have your financing in place line up yourhard
money lenders, self-directed IRA's, private lenders,partners, credit
cards, and cash, 2nd mortgage your home. Whatever you plan on using
to buy an investment property be readyand able to close before
year end to get the best discounts.
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