Hey Gang,
Answered some questions regarding purchasing foreclosures @ http://www.zillow.com/advice-thread/How-can-you-buy-a-foreclosure/317212/
My thing is that when people think of foreclosures, many times they think of the old run of the mill bank owned houses that you have to get in a bidding war on at the courthouse or on real estate listing services.
That's just not true.
Another source for pre-foreclosures where great deals can be had before they pop up on listing services is through your local real estate investor clubs. These investors may have some excellent properties available that only a few people know about which can lessen your competition big time.
There's a great real etate investor group in Houston Texas: http://www.R2STexas.com. You'll need to deal with wholesalers- people that have discounted properties under contract or own them outright.
Also, some local institutional lenders that lend on rehab properties may know of some great deals also from properties they've taken back from investors in default.
Real Estate investors call these guys Hard Money lenders because the terms are pretty tough: High interest rates, interest only monthly payments, and a short fuse- usually 6-12 months and bamm! the house gets taken back.
Just like with any lenders, thes Hard Money Lenders don't really want these properties back either so keep that in mind and you might get in on some really good deals on houses that may have already been partially redone!
Now go out there and get em
Dennis
Answered some questions regarding purchasing foreclosures @ http://www.zillow.com/advice-thread/How-can-you-buy-a-foreclosure/317212/
My thing is that when people think of foreclosures, many times they think of the old run of the mill bank owned houses that you have to get in a bidding war on at the courthouse or on real estate listing services.
That's just not true.
Another source for pre-foreclosures where great deals can be had before they pop up on listing services is through your local real estate investor clubs. These investors may have some excellent properties available that only a few people know about which can lessen your competition big time.
There's a great real etate investor group in Houston Texas: http://www.R2STexas.com. You'll need to deal with wholesalers- people that have discounted properties under contract or own them outright.
Also, some local institutional lenders that lend on rehab properties may know of some great deals also from properties they've taken back from investors in default.
Real Estate investors call these guys Hard Money lenders because the terms are pretty tough: High interest rates, interest only monthly payments, and a short fuse- usually 6-12 months and bamm! the house gets taken back.
Just like with any lenders, thes Hard Money Lenders don't really want these properties back either so keep that in mind and you might get in on some really good deals on houses that may have already been partially redone!
Now go out there and get em
Dennis
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