Save 50% on bank foreclosures and REO real estate. $1 Trial + Monthly Subscription Fee.
www.realtystore.com Save Rate
Find foreclosed homes at 50% off. Homes selling for as low as $10,000. Pay $1 to get lists in your area.
www.HUDforeclosed.com Save Rate
Control Your Assets w/ 24/7 Online Mobile Access. Learn More Here.
www.BankofAmerica.com
750 Foreclosed CA Homes To Be Sold Huge 5 Day Home Auction! 7/12-7/20
www.USHomeAuction.com/REDC
Earn 3.50%APY* till 08/15/08 With HSBC Direct Online Savings
HSBCdirect.com
Search 1.3 Million+ Listings. Free. Save 20-50% On Your Home.
www.RealtyTrac.com
Custom tailored property search Straight to your email 100% free
C21Infinity.com/foreclosures.php
Search Pre-Foreclosure & Distressed Homes For Free! Over 50,000 Sellers
Houses.Net
Search Thousands of Below Market California Foreclosures Free
www.ClickandQualify.com/
Make $4,000/Day in Pre-Foreclosures At Home In Your Sweatpants.
Bank.PreForeclosureFortune.com
Subscription based service providing lists of real estate foreclosures.
www.brucebates.com
Searchable database of homes for sale-financing options.
www.homesteps.com
Find foreclosed homes at 50% off. Homes selling for as low as $10,000. Pay $1 to get lists in your area.
www.HUDforeclosed.com (Paid)
Providing nationwide valuation, management and marketing of Bank-owned real estate.
www.iasreo.com
Professional Real Estate Services with John Skaife in Vacaville, California.
pearson-skaife.com
Offers services to clients who seek professional servicing of REO's.
www.premierereo.com
Save 50% on bank foreclosures and REO real estate. $1 Trial + Monthly Subscription Fee.
www.realtystore.com (Paid)
Control Your Assets w/ 24/7 Online Mobile Access. Learn More Here.
www.BankofAmerica.com
750 Foreclosed CA Homes To Be Sold Huge 5 Day Home Auction! 7/12-7/20
www.USHomeAuction.com/REDC
Earn 3.50%APY* till 08/15/08 With HSBC Direct Online Savings
HSBCdirect.com
Guide to Investing in Bank Foreclosures
Expand your business financial portfolio with bank foreclosuresThe risk involved in investing in bank owned homes is related to the condition of the bank owned property, the limited access you have to the bank foreclosed homes prior to the bank auction and the condition of the real estate market where the bank owned property is located. You can minimize these risks by having an experienced and skilled team on your side made up of a real estate expert, a financing expert and a construction expert. With these people on board you will be able to find the diamonds in the rough and avoid the lemons.
The process of investing in bank foreclosure homes involves five steps:
1. Use bank foreclosure listings and foreclosure information to identifying bank foreclosure investment properties.
2. Evaluate the potential of foreclosure listings.
3. Acquire financing and buy homes using foreclosure information.
4. Prepare home to maximize sale price.
5. Sell the home for a profit.
Action Steps
The best contacts and resources to help you get it done
Obtain foreclosure information
Before you can invest in bank foreclosures, you need to know what properties have been foreclosed on. To find this information you have two options, visit your local city hall for a listing of bank foreclosures or subscribe to a foreclosure listing service.
I recommend:
Foreclosure listings and Foreclosure Data both offer listing services for foreclosure and pre-foreclosure listings.
Assign value to your targeted bank-owned property
After identifying potential bank foreclosures to invest in, your next step is to evaluate the home and determine what it is worth now and what it could be worth with a little work.
I recommend:
The Quicken Home Value Calculator and the Yahoo Home Value Calculator can be used to estimate the potential value of a home based on its current condition and its anticipated condition.
Amortize your financing for bank foreclosed homes
In order to buy a bank foreclosure you will need some sort of financing ready to go on the day of the auction. To help you determine how much you can afford to invest, amortize possible purchase prices.
I recommend:
HSH's Amortization Calculator and Bankrate's Amortization Calculator are both easy to use.
Create a budget for preparing the investment property for sale
The key to making a profit in this industry is the budget. At the start of your project create a budget that makes sense for the project and stick to it.
I recommend:
These tools are great for project budgeting: Cost Estimator and Quick Calculators.
Sell your bank foreclosure investment property for a profit
In order to make a profit you need to sell your property. To accomplish this, you will need a qualified real estate agent to work with.
I recommend:
Realtors.com and Remax.com will help you find a qualified real estate agent in your target zone.
Tips & Tactics
Helpful advice for making the most of this Guide- Investing in bank foreclosures is a team event. The stronger your team is, the more money you are likely to make.
