Every state and county has slightly different rules concerning the sale of pre-foreclosures and short sale investing, but there is a basic process that each follows.  This foreclosure process takes quite a long time before a property is sold at the sheriff’s auction and even, in some cases, before the homeowners are evicted from the property.  Yet, even so it’s still a good chance for real estate investors to pick up properties at a discount along every step of the way.

Begins with Non-Payment

A lender is often a bank that lends the buyer money based on their job, down payment and credit history to purchase a home.  In return the buyer agrees to a home mortgage with that bank to begin paying back the loan.  The bank makes money because the loan accrues interest over the lifetime of the mortgage.  The buyer becomes a homeowner and everyone is happy.  Should the buyer turned homeowner stop paying back the loan through the mortgage, the bank has a safety net in being able to take ownership of the homeowner’s property.

Full article… Understanding the Foreclosure Process

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The other night Jeff Adams recorded a no-cost webinar (recording below), in which he showed us how to buy bank-owned houses for pennies on the dollar using none of your own money or credit.

With the rising number of foreclosures, banks are over run and desperate to unload homes, even pretty homes in nice neighborhoods. Its easy to see why this is a hot topic.

On this call Jeff revealed how, over the past 14 years, he has successfully profited from buying and selling bank-owned properties and continues to do so to this day.

Here are some of the topics Jeff covers:

• Foreclosure buying systems for securing properties directly from lender and banks at rock bottom, almost unbelievable prices.
• Business and marketing systems to grow the right way—fast. You won’t walk into the same traps most real estate investors make, because you’ll know what to look for and how to avoid them.
• Negotiation systems and quickly mastering the art of communication and influence. Create win-win solutions for any scenario and quickly have other the side “see things your way.”
• Selling systems that work in any market. Right now investors are shivering in their boots when it comes to the thought of selling today—that’s not you. Discover the same supercharged selling strategies Jeff uses to unload properties that work even in the worst markets in the country.

Full article… Foreclosure training: how to buy from banks…

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Within the category of government foreclosures you can consider quite a many different sources.  These include VA foreclosures from the Department of Veterans Affairs, HUD foreclosures from the Department of Housing and Urban Development, the General Services Administration, the Department of Treasury, the Small Business Administration, the Department of Agriculture (USDA), the Marshals Service, the Federal Deposit Insurance Corporation (FDIC) and also Fannie Mae.  At last count there were about 37 different government departments through which you can locate foreclosure properties.  One site that has compiled listings from a few of these departments is www.homesales.gov.

The more commonly known government foreclosures are through HUD and VA and more information about those can be found on the following pages respectively:

• HUD foreclosures
• VA foreclosures

There are pros and cons with each so weigh up whether they are for you and also consider the following lesser known government foreclosures.

Full article… Government Foreclosures – For Real Estate Investors

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Note: check out our database of foreclosure homes which has over 1.5 million listings including an extensive supply of bank foreclosures. It now includes all Wells Fargo foreclosures since their asset manager, Premiere Asset Services, has signed up.

Once you've decided to start investing in foreclosures, you still have one big step left to handle. You must find the right foreclosure listings. There are numerous sources of foreclosure properties and I find it helpful to divide the sources into two broad categories: government foreclosures and bank foreclosures.

Within the category of government foreclosures you can consider quite a many different sources.  These include VA foreclosures from the Department of Veterans Affairs, HUD foreclosures from the Department of Housing and Urban Development, the General Services Administration, the Department of Treasury, the Small Business Administration, the Department of Agriculture (USDA), the Marshals Service, the Federal Deposit Insurance Corporation (FDIC) and also Fannie Mae.  At last count there were about 37 different government departments through which you can locate foreclosure properties.  One site that has compiled listings from a few of these departments is www.homesales.gov.

Full article… Foreclosures – Where To Find Great Foreclosure Listings

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Technorati Tags: bank foreclosures, countrywide reo, foreclosure auctions, foreclosure homes, foreclosure listings, foreclosure properties, foreclosure sales, foreclosures, government foreclosures, hud foreclosures, real estate foreclosures, reo properties, va foreclosures