FORECLOSURE: QUESTIONS AND ANSWERS

By
Real Estate Broker/Owner with American Homes of S.I.

FORECLOSURE: FACT VS.FICTION

THERE ISNT A DAY THAT GOES BY WITHOUT SOMEONE ASKING ME ABOUT FORECLOSURES AND HOW TO OBTAIN THEM.HERE ARE SOME BASIC INFO YOU SHOULD KNOW.IF YOU ARE THINKING ABOUT REAL ESTATE INVESTING PLEASE CALL ME DIRECT TO SCHEDULE AN APPOINTMENT TO FURTHER DISCUSS IN DETAILS THE RISK VS. REWARD.   

Q; WHAT IS A FORECLOSURE?

A; A FORECLOSURE IS A HOME THAT THE MORTGAGEE HAS DEFAULTED ON.GENERALLY AFTER 3 MONTHS MISSED MORTGAGE PAYMENTS THE BANK STARTS FORCLOSURE PROCEEDINGS.IT COULD TAKE BETWEEN 6 MONTHS TO OVER A YEAR BEFORE AN AUCTION DATE IS SET.

Q; HOW DO I FIND THESE FORECLOSURES?

A; THERE ARE NUMEROUS WEB SITES THAT OFFER FORECLOSURE INFORMATION ON ALL 50 STATES.I HAVE FOUND SOME OF THE SITES USEFULL,BUT MANY OF THE HOUSES THEY LIST ARE OUTDATED .AUCTION DATES ARE POSTED IN VARIOUS PRINT MEDIA,SO CHECK YOUR LOCAL PAPER. THE PRE-FORCLOSURE HOMES CAN ALSO  BE FOUND AT YOUR LOCAL MUNICIPALITY

Q; WHAT IS A PRE-FORECLOSURE?

A; A PRE-FORECLOSURE IS AN OWNER THAT IS 3 + MONTHS IN ARREARS.THESE ARE THE HOMES ALL SPECULATORS (FLIPPERS)WANT. MAKING YOUR DEAL PRIOR TO THE LENDER TAKING POSSESSION CAN YIELD THE GREATEST EQUITY POSITION.

Q;HOW DO I APPROACH AN OWNER IN PRE-FORECLOSURE?

A;MOST INVESTORS WILL SEND A GENERIC LETTERS OR OTHER PRINT INFORMATION TO THE OWNER.

YOU MIGHT TRY SOMETHING LIKE THIS:

HI, MY NAME IS ________ I AM INTERESTED IN BUYING A HOME IN YOUR AREA. IF YOU ARE CONSIDERING SELLING YOUR HOME PLEASE CONTACT ME AT. 888-888-8888.

**DON'T BE DISCOURAGED IF YOU DON'T RECEIVE A REPLY.MOST PRE-FORECLOSURE OWNERS WAIT TILL THE LAST MINUTE BEFORE REALIZING THAT THEY MUST SELL OR RISK LOSING EVERYTHING.**THE SMALL INVESTOR SHOULD UTILIZE A REAL ESTATE BROKER TO ASSIST IN AQUIRING AND MARKETING.THE REALTOR WILL HELP EXPEDITE THE PROCESS. 

Q;WHAT IS A REAL ESTATE AUCTION?

A;THE REAL ESTATE AUCTION IS A METHOD TO SELL A PROPERTY THROUGH AN AUCTIONEER OR REFEREE.THE AUCTION INFORMATION,UPSET AMOUNT AND ADDRESSES CAN BE FOUND IN LOCAL NEWSPAPERS 

Q;IS IT TRUE THAT THE BEST BARGAINS ARE FOUND AT AUCTION?

A;NOT NECESSARILY THE CASE HERE FOLKS! AUCTIONS ARE VERY TRICKY. SAVY INVESTORS WILL DO EVERYTHING TO OBTAIN POSSESSION PRIOR TO AN AUCTION DATE TO ASSESS THE HOUSE. IS THE HOUSE VACANT? IS IT OCCUPIED? IS AN EVICTION NECESSARY? HOW MUCH WORK WILL THE HOUSE REQUIRE? ARE THERE ANY OUTSTANDING LIENS? WHAT IS FULL MARKET VALUE ONCE REHABED?THE MORE INFORMATION YOU COMPILE THE BETTER. AS ALWAYS TRY AND GET THE INSIDE SCOOP.

INVESTING ISNT FOR EVERYONE.THE REWARDS OF PURCHASING A FORECLOSURE OR PRE-FORECLOSURE ARE WONDERFUL,BUT THERE ARE PLENTY OF RISKS AS WELL.FIND A REALTOR THAT HAS KNOWLEDGE IN THE PROCESS. CALL US TODAY TO SCHEDULE AN APPOINTMENT.718-981-3400.

REGARDS, RON MOLCHO..MANAGING BROKER @ AMERICAN HOMES OF SI 

 

     

 

 

 

 

 

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