Every day we hear more and more about how homes are in foreclosure and the failing markets, but there is money to by made. Familiarizing yourself with foreclosure and real estate laws can mean an opportunity to make money with properties in foreclosure.
There are three stages in regards to deal with a foreclosure. There is buying from a pre-foreclosure which is buying from the owner. If the owner can not sell the property it will next go to auction. When a property does not make it out of auction, it becomes bulk REO real estate owned foreclosure and can be purchased from the lender. Buying a real estate owned foreclosure has the least amount of risk when you are purchasing a foreclosure. A bulk REO tape will be a listing of several properties that a lender will want to sell.
Getting The Deal
One of the first ways to be able to get a deal is to develop relationships with banks and credit unions in your area. It will provide to be a good resource to have a relationship with one or two bankers in these types of institutions. It may take a while to develop this type of relationship but it is well worth to have someone you can work with. You will also need to have liquid funds that are easily accessible to prove to the lenders with the foreclosures that you are able to close on the deal at a moments notice. Bulk REO are very time critical real estate transactions.
The best way to find buyers is through referrals. Ask friends, neighbors, coworkers who their real estate agents were. If that agent doesn’t deal with a bulk REO they will know an agent who does.
Now is The Best Time To Invest in A Bulk REO’s
There is a record number of foreclosures in America at this time which opens the door for this remarkable opportunity.