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The Basics in Finding and Flipping Foreclosure Property

By: Jim Savage

The Opportunity In Foreclosure Properties
Buying foreclosure properties for sale at the auction is the most common and profitable ways to make fortunes out of foreclosed homes. You may have to move at the right time because many distressed homeowners would want to dispose of their property quickly.

Foreclosure properties for sale at public auctions are conducted under the supervision of the court of the county in which the property is situated. There are many kinds of real estate foreclosure properties that you can invest in for long and short term profits.

Before you begin investing in this kind of property it is essential that you arm yourself with a lot of information. Foreclosures take place if repayments on a loan secured by real estate are not honored.

As an example, Ohio law obliges the lender to bring a court suit against a borrower in order to obtain order for the sale of the foreclosure property. In such an event the lender is entitled to appropriate the security which is the real estate.

Having a solid understanding will enable you to find the best offers, locate properties in marketable states and help you make good realm estate investments. It is also recommendable to ascertain the foreclosure property laws in the state in which you intend to buy as they differ from each other. Many auction disasters arise out of overbidding which results when real estate investors do not take into account the market price of a property and the cost of repairing a home.

Doing Real Estate Market Research
It should not be a difficult task to make these assessments on a foreclosure home. You can readily obtain the necessary information from the court or from the lenders or lien holders. While a bubbling real estate market is positive for sellers, a slowing market favors the more careful buyer. Although it is fairly easy to profit in a booming seller's market, one has to carefully follow a well-planned strategy in a slowing, buyer's market.

Before you make up your mind to acquire the property, you should undertake a lot of research to determine whether the house foreclosure you are buying will bring you profits. There are several factors to consider but principally you should look at the market value, ascertain the total debt, evaluate the expenses on the property and finally calculate your net profit.

Determining the present market condition is easy once you understand what clues are present. Using the number of days required to sell a property that's comparable to what you're considering investing is the key. A number of sites offer the ability to quickly determine how long a property remains for sale.

Equity in a foreclosure home is simply the difference between the total expenses on a property and what its market value is. Therefore with an understanding of the market clues, making a determination of the market in three ways using days on market:
seller's market 0 - 60, a flat market 61 - 90, or a buyer's market 91+ depending on the average number of days a property remains listed.

Finding Quality Foreclosure Listings
As a real estate investor, you can find foreclosure list for free or at a price. Although both will provide you with information on available house, the difference between the two is of significant importance. Try a number of foreclosure listings sites and evaluate which offers the best most current listings. Foreclosure listings are public information and generally available at the local recorder's office.

Finding foreclosure properties can be done by visiting the local recorder's office and making photocopies, since listings are added on a daily basis, this can be daunting. Using the internet, a number of web sites allow searches by state, county, city, and zipcode. Since most foreclosure listing sites offer a free trial period, take advantage to determine if the quality of data and services meet your needs. A free listing service will only give you scanty information about which homes are going for foreclosure but a paid service will give you much detailed information needed to proceed with the sale or investment of the property.

Like with any product, an extensive search for and comparison for available foreclosure list will give you the best price and value for money. All the sites listed below offer listings for a fee. Take advantage of the free trial period offered evaluate their listings. The sites should offer the latest listings with daily/monthly updates. Therefore, in evaluating foreclosure-listing services, the quality of the listing or "freshness" is important.

Working With Real Estate Agents
The single most important aspect of foreclosure investing involves finding and working with a Real Estate agent. Picking the right real estate agent will make a buyer’s life much easier. There are agents who specialize in the foreclosure market, with specific experience in REO properties. But it’s also important to consider the agent’s knowledge of the area; their ability to close a deal; and their access to other professionals (attorneys, lenders, mortgage and title professionals) to ensure that the buyer is in good hands.

Since a majority of Real Estate agents focus on "traditional" real estate transactions, mentioning "foreclosures" might cause them to balk at potentially working with an prospective investor. Be prepared to work with them and share your knowledege and the opportunity foreclosures offer. Since a real estate professional works as a“Buyer’s representatives” thy have the home buyer’s interests at heart, and are charged with finding the right property and negotiating the best price for their clients.

Look for an agent with foreclosure transaction experience, as well as knowledge of local, regional and state laws; therefore, educating the agent on the opportunity of working with you is important. If a foreclosure property is being considered out of the area or state, then working with a local agent in that area -who can advise on the condition, knowledgable about the growth potential, advise on local conditions, is an important relationship to develop and nuture.

Article Source: http://www.moneyarticlelibrary.com

Writing from his 15 years of real estate investing experience, Jim Savage writes on foreclosure investing strategies at www.forclosedproperties.com.


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