How to Buy a Foreclosure Three Stages of Foreclosure Sales
If you have cash on hand or good credit, you may be wondering how to buy a foreclosure. Theres never been such a good time to get into real estate investing. The bottom has fallen out of the market and there are far more sellers than buyers. Further, the real estate market should recover by 2011, so you will only need to hold on to your investment for a limited period of time before you can expect to make a sizable return. So, heres how to buy a foreclosure.
The first step in how to buy a foreclosure is determining what stage of foreclosures you want to pursue. You can buy a home that is still owned by the mortgage holder which is known as pre-foreclosure investing. Immediately following the bank foreclosure, there is a sheriffs auction where you can pick up homes. Then, if the home is not sold at that auction, it becomes part of the lenders auction and is considered a bank foreclosed home. There are advantages and disadvantages for each step.
How to Buy a Foreclosure as a Short Sale
When you buy a home in pre-foreclosure, it is known as a short sale. A short sale provides a win-win-win...
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