Author: Chris B. Jenkins
Source: ezinearticles.com
Because of the economy, foreclosures are becoming an epidemic. People are trying to find smaller -more affordable homes for themselves and their families. As sad as this can be for the original homeowner, it can be extremely lucrative for the savvy real estate investor.
Smart real estate investors can often obtain a foreclosure property for a fraction of it’s value. The key fact you need to consider, is what stage of foreclosure the home is in. This fact will determine which route you should take when you are trying to get the property.
Houses in preforeclosure:
This is often a great opportunity to contact the person that lives in the property. Ask them if they would ever consider giving you the house as a wholesale property. With wholesale investments, you’re taking over the existing payments. This will help you because you will get the house cheaper than you would if it went on the market, and it helps the home owner because the house will not be foreclosed and their credit history will not be affected. While the owners will still be losing their home they will be saving their selves the credit damage and the embarrassment that goes hand in hand with foreclosure.
Action homes:
Homes in the “Action” state will be put on the market as auctions. You’ll most likely get the property at below market value here, but you’ll be competing with other investors. This almost always brings up the purchase price. The bottom line here is that both of these options can have advantages and their disadvantages, you just have to decide which one of these foreclosure possibilities work best for you.
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