Purchasing Real Estate Foreclosures
Foreclosures are at an all time high and increasing daily.
Treasury Secretary Henry M. Paulson, Jr., speaking before the New York Society of Securities Analysts, stated that we are facing an unprecedented wave of 1.8 million subprime mortgage resets over the next two years. As mortgage payments reset, making the monthly payments even higher, more home owners will face foreclosure. Nationwide, there was a 75% increase in foreclosure filings in 2007 from the prior year and more than 1% of households were in some stage of foreclosure. This translates into more than two million mortgages already in default.
What does this mean for buyers?
Buyers and investors can make a fortune investing in real estate if they learn to apply real investment strategies when making their real estate purchases.
Right now, foreclosures are at all time high, possibly creating the greatest buyers' market in our history. Down markets provide tremendous opportunities to purchase desirable properties at deeply discounted prices. Lenders are motivated to get non-performing loans off their books. In areas where foreclosures are 5% or more of market sales, we can see discounts at 25-40% or more. If you're thinking that this sounds like a terrific opportunity to build wealth, you're absolutely correct!
Maybe you’ve never purchased foreclosures before and don’t know how or where to begin. Realtors, buyers, and investors quickly learn they don’t have to be brokers to be successful. What matters most is mastering two key steps: selecting the right property and negotiating the sale for pennies on the dollar. When you learn and apply our proven strategies, you not only make more money, but save time and energy. It becomes fun. Are you ready to begin this rewarding, exhilarating adventure?
You can easily master the skills you need with our powerful educational programs.
So many times my new clients tell me that they wish they had a better understanding of what to look for when they purchased previous homes and properties. What they really needed were answers to one or more of these questions. What is the structural integrity of the home? Does it meet current codes? Are needed repairs minor or major? What is the expected cost? What is the value and investment potential of the property?
Learning to do your own pre-home inspection is a valuable tool in selecting a suitable foreclosure property/home. Once you understand the fundamentals of basic construction, you will be amazed and delighted at how easy pre-home inspection becomes. You will know when you have a winner and when to just walk away and look further.
Once you have selected a suitable property/home to meet your criteria and understand and know the differences and effects of recourse and non-recourse loans and deficiency judgments, you will be better prepared to negotiate short sales with lenders or buy smart at auction. There you have it…a slam-dunk approach to realizing your desire and making fantastic money in real estate. Our training is second to none! What you learn and apply will serve you well in any market, at any stage of your life.
Motivation and knowledge are powerful tools; when they are organized into a definite plan of action, success is attainable.
If you’re serious about making your fortune in real estate, we’re prepared to help you achieve your intention and goals. Start by registering for our upcoming basic or advanced level e-course/webcast, "Purchasing Foreclosures and Negotiating Short Sales," or contact us to arrange on-site training for your company or professional association. Once you have this core knowledge, put your wealth building on the fast track with our mentoring program.
Turn your dreams into reality!
JoNell Reed, Broker/Owner
TransEra Realty, LLC
Premier Education Center, LLC
http://www.PremierEducationCenter.com
http://www.jonellreed.com
Phone: 763-263-6610