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The glut of foreclosed properties is causing problems for those wanting to sell their homes. It's a good buyer market right now but as far as selling...it’s problematic. From July through September of this year, California alone reported one foreclosure filing for every 88 households.
With homeowners facing pre-foreclosures and bank-owned or foreclosed on the rise, nationwide, the American dream of owning a home is being pulled out from under the feet of families from all walks of life. Foreclosures were up 41 percent during 2007's first six months compared to the first half of last year.
With the market as it is, the savvy real estate investor is taking courses and attending seminars. They are schooled on how public court documents provide you with information about homes one month to six months before foreclosure. Knowledge with real “take-away” value is offered by the most sought after courses and teachers. For example, in every state, a legal notice must be filed before a foreclosure can be finalized. Knowing the length of time between the initial legal action and the final resolution varies nationwide, but the procedure is the same. In most states, a forcible detainer is filed. It may indicate the property address, name of the homeowner and amount owed. Armed with the last information for key markets, the well trained investor is aware that this action is filed before the actual foreclosure and gives you enough information to contact the homeowner directly.
The major benefit of buying a pre-foreclosure home is that it's not an emotional event. It's all dollars and cents and the opportunities, we're seeing now some of the most target rich opportunities in years.
The Country Talks
The number of houses selling in middle-America is almost half of what it was two years ago. “It was so hot before a couple years ago, right now it's so dead I'm not seeing the houses move like they were before," say local residents. According to analyst and real estate investors, banks are currently accepting extremely low offers. With foreclosure activity doubling nationwide from the same time period in 2006, mortgage lenders are preparing for even more defaults as adjustable rate loans continue to reset to higher interest rates in the next quarter.
P.S. If you haven't signed up for my Free Short Sale Course yet, then you are really missing out, go here: http://www.freeshortsalecourse.com/
With homeowners facing pre-foreclosures and bank-owned or foreclosed on the rise, nationwide, the American dream of owning a home is being pulled out from under the feet of families from all walks of life. Foreclosures were up 41 percent during 2007's first six months compared to the first half of last year.
With the market as it is, the savvy real estate investor is taking courses and attending seminars. They are schooled on how public court documents provide you with information about homes one month to six months before foreclosure. Knowledge with real “take-away” value is offered by the most sought after courses and teachers. For example, in every state, a legal notice must be filed before a foreclosure can be finalized. Knowing the length of time between the initial legal action and the final resolution varies nationwide, but the procedure is the same. In most states, a forcible detainer is filed. It may indicate the property address, name of the homeowner and amount owed. Armed with the last information for key markets, the well trained investor is aware that this action is filed before the actual foreclosure and gives you enough information to contact the homeowner directly.
The major benefit of buying a pre-foreclosure home is that it's not an emotional event. It's all dollars and cents and the opportunities, we're seeing now some of the most target rich opportunities in years.
The Country Talks
The number of houses selling in middle-America is almost half of what it was two years ago. “It was so hot before a couple years ago, right now it's so dead I'm not seeing the houses move like they were before," say local residents. According to analyst and real estate investors, banks are currently accepting extremely low offers. With foreclosure activity doubling nationwide from the same time period in 2006, mortgage lenders are preparing for even more defaults as adjustable rate loans continue to reset to higher interest rates in the next quarter.
P.S. If you haven't signed up for my Free Short Sale Course yet, then you are really missing out, go here: http://www.freeshortsalecourse.com/