So, You Wanna Buy Pre-Foreclosures?

So you wanna buy pre-foreclosures? or at the courthouse steps? So many people ask us about this. Here's our '30 second seminar' on it. If you're going to buy PRE-foreclosures--after the seller is behind on her payments, but before the lender's auction date-then there are some pros and cons to consider.

Pros: 1) you've got a good possibility of buying the house subject-to the loan from a very motivated seller who just wants out. 2) you don't need to do any marketing, just read the foreclosure notices (more on this later), pull some comps and do drive-bys. 3) There are several *thousand* foreclosures published each month, in the greater Atlanta area-plenty to choose from.

Cons: 1) You've only got about 3 weeks (to beat the courthouse auction) to contact homeowners and get signed contracts, title work, funding, etc. 2) Most pre-fc homeowners are in denial about their situation and/or mad at the world due to all their stress and debt collection calls they get. Soooo, they're usually not very open or friendly to you and your offer. 3) Most really good deals are redeemed (caught up) by the homeowner, and the foreclosure cancelled, just before the courthouse auction.

Say you decide to jump in and 'play the PRE-foreclosure game'. We'd recommend you subscribe to the Atlanta Foreclosure Report at www.equisystems.com/default.htm (about $600/yr and we don't receive any commission for recommending them), and get the monthly list online. Also, consider doing a lot of bold, cut through the clutter mailings to the pre-foreclosures you're considering, to get their attention and have them call you. Remember, their mailbox and answering machine is filled with debt collection stuff. You need to stand out, and hit them often. You might want to mail a different neon postcard or lumpy mail (trash can, stick of dynamite, handcuffs, etc.) *every few days*, until they've grown to like you or are curious enough to call you.

If you choose to skip pre-foreclosure and actually buy foreclosures at the courthouse steps-then you're dealing with the foreclosing attorney and the lender, not the homeowner. The biggest things to keep in mind is you're expected to pay all cash by the END of the auction day; you'll have to run your own title exam in advance; and you'll probably have to guess what condition of home interior is since homeowner may not have let you inside. Another option is to buy the note/mortgage for cash at a deep discount, direct from the lender, prior to the courthouse auction. You don't have to deal with the homeowner that way, but you do have to have access to funds, and you will still have to do your own foreclosure after you buy the mortgage.

Best of success & abundance,

Lou Castillo

FREE! Real Estate Investing Secrets To Earning $100,000 Your 1st Year! -- 11 Overlooked Real Estate Statregies That Will Turn Your Investing Business upside Down And On The Fast Track TO Success...Guranteed! Plus A Bonus Track With A Secret So Successful It Can Double Your Investing Income Overnight!

http://www.InvestorSuccessTactics.c om

---

Seller Objections To Lease Purchase

A large percentage of the mail we receive are from... Read More

Purchasing International Real Estate

Interested in investing somewhere other than your back yard?Management companies... Read More

How to Make Money in Real Estate Without Doing the Scrunch Work

If you don't have the time to invest working on... Read More

Conversation & The Real Estate Investor

One key that makes investors is conversation or should I... Read More

Selling Your Own Home: 10 More Tips

Selling your own home can be a time-consuming and frustrating... Read More

Property Investing Secrets 9

Property Investing: Here Are Two Important Tactics You Must Do... Read More

Business Credit Card Dirty Tricks

My system teaches people that the proper use of credit... Read More

Do I Need A Real Estate Survey?

Getting a survey before you close on any real estate... Read More

Investment Real Estate Made Easy ? Make the Most from Each Investment Dollar

When it comes to buying investment real estate, there are... Read More

The Value of Foreclosed Property

The discount on a foreclosed property is not as great... Read More

Closing Costs When Buying A Home

Closing costs are often the last thing a person thinks... Read More

Escrow Accounts ? Are You Paying Too Much?

Money in escrow is "dead money". It doesn't earn interest... Read More

Before You Buy A House ? Top 10 Tips

There are serveral things you need to think about and... Read More

Homebuyer Heaven Can?t Possibly Last

With interest rates at record lows over the past year,... Read More

Juggling The Day With A Deal

Doing deals with sellers is why you went into lease... Read More

Real Estate Investing: America Rents

Most people in America rent a personal dwelling!Just think how... Read More

Realtors - Self Promote Your Way To Success

Okay, so we all can agree - listings are the... Read More

Lease Purchasing Is The Perfect Home-Based Business

Some call it the 30 second commute. We call it... Read More

How Much Home Can You Afford In Todays Market?

If you haven't figured your credit worthiness and borrowing power... Read More

Oh No! Something has Happened in Florida

The Florida housing market has attracted many foreigners to invest... Read More

Customer Service ? The Real Estate Revolution

Traditionally, real estate has been viewed as a sales industry.... Read More

Should You Buy Hud Homes?

Buy HUD homes are sometimes the cheapest option available for... Read More

Where is Florida Investment Property

Florida Investment Property ? Why Investing is a Wise Decision... Read More

Advantages to Buying or Owning a Condominium

Condos have become an increasingly attractive home ownership option for... Read More

Seven Tips in Choosing Maui Income Properties

Aloha! If you are interested in choosing a Maui income... Read More

Seven Questions You Should Ask When Buying a Condo Hotel Unit

You may have heard all the buzz about the newest... Read More

What Homeowners Should Know to Stop Foreclosure- Speaking Your Lenders Language

Financial literacy is the means of empowering consumers to make... Read More

Subdividing - But NOT Land!

Many people are familiar with the concept of sub-dividing a... Read More

Setting Goals for Real Estate Success

The power of goal setting has been well documented and... Read More

Panama is Hot - A World Class Retirement Haven Thats Ripe For Profitable Real Estate Investment

If you've followed any of the major survey agencies around... Read More

Attention To Details Helps Homeowners Sell Fast In A Buyers Market

Your boss has just given you the career opportunity of... Read More

Home Equity Loans ? Beware of Appraisal Fraud

A new report by the independent Demos group has revealed... Read More

A Crash Course On The Payout Options Available To You When Selling A Mortgage Note

Okay, let's take a look at the typical payout options:Full... Read More