There are many different ways to buy foreclosures, and many different types of properties that you can buy. If you take the time to learn a little bit about what options you have (and you do have plenty), you'll be much better prepared than if you only learned one 'method' or 'exclusive secret' that a self-proclaimed 'guru' might offer.
Remember when everyone thought foreclosures were at their worst a year or two back?
Well the current foreclosure rate is triple that! And that means triple the potential deals for you, if you get a little knowledge of how to tap in!
There are four basic processes that you can choose from when it comes to buying foreclosed properties, and going through them step by step will help you to determine which is best for you.
You can buy foreclosures by working with the seller, working without the seller through back-end deals, at auction, and from banks once they become REO (real estate or bank owned) property. Within that, there are many different ways to buy those properties from the various sources, including:
-Buy foreclosures with existing equity for cash. 90% of foreclosure 'experts' recommend this, but it's the worst way to go, and presents the fewest deals.
-Taking over loans, loan modification, or 'subject to' purchases where you buy the property subject to the lien being paid off.
-Short sales, both back-end and those with the seller's cooperation
-Auctions, where you can often find great deals, but need to be prepared and you will definitely need cash up front
-Use someone else's money. You can find investors who are willing to put up the money but not the effort, allowing you to profit for just a little bit of easy work.
You need to find a foreclosure list, which is a FREE list (it's public record after all) of homeowners in the beginning stages (preforeclosure) of the process. You can get that list free from the public records office in your county, many of which are online these days.
You can sign up for services online that will deliver the listings to your inbox if you want, but this will cost you a small fee.
Once you have the list, look at the homes that are listed with small liens or that are vacant and go for those first. They offer the easiest deals to get into, and the highest profits!
For more great Foreclosure Investing secrets from Jason Loucks and a FREE CD on how you can profit from Foreclosures, Preforeclosures, Short Sales, and REO's for yourself, go now to: http://www.PreforeclosureFortune.Com
Tags: real estate, finance, foreclosure, real estate investing, loan modification, buy foreclosures, flip foreclosure