Foreclosure Investing: Tips For Making Money Off the Foreclosure Market

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Foreclosure Investing

• Tips for making money off the foreclosure market

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Foreclosure Investing

• Foreclosed homes can be purchased for up to 60
  percent below their market value. With some
  modifications these homes can be resold for
  near or at market value giving you a sizable
  profit.
• Even more profits can be made by buying
  distressed properties in need of repair fixing
  them up and selling them back into the real
  estate market.

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Foreclosure Investing

• Foreclosure Investing is an easy way to make
  thousands of dollars fast.
• Investors who are particularly handy can make a
  lot of money by buying repairing and reselling
  fixer upper homes. Even investors with little to
  no experience in home repair stand to make big
  bucks.
• The key to making money through home investing
  can be achieved by following some basic steps.

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Tip 1 Pre-Qualify for a Loan

• Unless you plan on buying foreclosures entirely
  in cash you will likely need to take out a home
  loan to afford a foreclosed property.
• If you are able to pre-qualify for a loan it
  greatly improves your chances of making a
  successful bid.
• In a judicial foreclosure state where a lis
  pendens is involved you may be required to prove
  your ability to pay before the sale can be
  finalized.

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Tip 2 Research Neighborhoods

• Many foreclosure investors assume that its best
  to buy the nicest house in a bad neighborhood.
  This is a huge mistake because the poor quality
  of the surrounding homes will drive down the
  value of the property.
• Meanwhile buying the worst home in a nice
  neighborhood will bring up the value. Once youve
  renovated the property the value will only
  continue to increase.

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Tip 3 Research Foreclosures

• If you plan to buy auction homes attend an
  auction as a spectator first so you know what to
  expect.
• If you plan to buy REO properties form a
  relationship with lenders that list REOs.
• If you plan to buy foreclosure short sales
  contact the homeowner and/or seller named in each
  listing to ask questions about the property.

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Lets Review

• Try to pre-qualify for a home loan to increase
  your chances of making a successful bid on a
  property.
• Research foreclosures and the value of the homes
  in the surrounding neighborhood.
• Learn local foreclosure laws and become familiar
  with foreclosure buying methods.

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