Buying Real Estate Foreclosures 3/E

  • ISBN13:


  • ISBN10:


  • Edition: 3rd
  • Format: Paperback
  • Copyright: 2008-09-04
  • Publisher: McGraw-Hill Education
  • Purchase Benefits
  • Free Shipping On Orders Over $35!
    Your order must be $35 or more to qualify for free economy shipping. Bulk sales, PO's, Marketplace items, eBooks and apparel do not qualify for this offer.
  • Get Rewarded for Ordering Your Textbooks! Enroll Now
List Price: $25.00 Save up to $5.00
  • Buy New


Supplemental Materials

What is included with this book?

  • The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.
  • The eBook copy of this book is not guaranteed to include any supplemental materials. Typically, only the book itself is included. This is true even if the title states it includes any access cards, study guides, lab manuals, CDs, etc.


Written by one of America's most experienced real estate experts, this completely revised and updated edition of the bestselling Buying Real Estate Foreclosures offers the latest information on this hot real estate market, including Sources of foreclosed properties, including government agencies, auctions, banks, and defaulting homeowners, Tips on conducting an inspection, calculating property value, and uncovering hidden costs, New strategies for cutting through red tape and negotiating with banks, government agencies, and defaulting homeowners, Techniques for buying foreclosures before, at, and after an auction, Ways to benefit from the latest groundbreaking foreclosure laws. Filled with user-friendly step-by-step worksheets, checklists, sample documents, foreclosed property Web sites, and a helpful glossary, this third edition helps you make sense of all the changes in the foreclosure market. Buying Real Estate Foreclosures guides you toward a purchase that will leverage the most profit-safely and sanely-with minimal risk. Book jacket.

Author Biography

Melissa S. Kollen-Rice is an attorney with more than 20 years experience in all phases of the real estate industry, and the director of Long Island Real Estate Training.


Table of Contents

Table of Sample Forms, Illustrations, and Checklistsp. xi
Prefacep. xv
Acknowledgmentsp. xvii
Introductionp. xix
Understanding Foreclosuresp. 1
An Overview of the Legal Procedure in Foreclosure Actionsp. 3
Mortgages and Deeds of Trustp. 5
Judicial and Nonjudicial Foreclosuresp. 9
Finding the Foreclosure Statute in Your Statep. 14
The Soldier's and Sailor's Civil Relief Act of 1940p. 16
The Three Opportunities for Purchasing Foreclosuresp. 16
The Basics of Buying Foreclosures at the Auctionp. 19
A Day at the Auctionp. 21
Warning: Peculiar Purchase Aheadp. 27
Finding Upcoming Foreclosure Auctionsp. 31
The Basics of Buying Foreclosures after the Auction-from Banksp. 35
Defining Bank-Owned Propertiesp. 37
Redefining Bank-Owned Propertiesp. 38
A Lender's View of Bank-Owned Propertyp. 39
An REO Purchase versus a Bank Auction Purchasep. 41
Finding REOsp. 42
Preparing Your Offerp. 44
Negotiating Strategies That Help You Cut through the Red Tapep. 47
The Basics of Buying Foreclosures after the Auction-from Federal, State, and Local Government Agenciesp. 49
Defining Government-Owned Propertyp. 51
Finding Government-Owned Foreclosuresp. 51
The Basics of Buying Foreclosures before the Auctionp. 57
Understanding the Defaulting Ownersp. 59
How You Can Helpp. 60
Negotiating with Defaulting Owners-When the Property Has Equityp. 61
Negotiating with Defaulting Owners-When There Is Negative Equity (a.k.a. "Short Sales")p. 62
Steps in a Short Salep. 66
Finding "Pre-Auction" Foreclosuresp. 66
Contacting Defaulting Ownersp. 67
Additional Strategies and Tips for Buying Pre-Auction Foreclosuresp. 70
Buyers Beware: Has Your State Adopted a Home Equity Theft Prevention Act?p. 71
Clarifying Government "Acts" of Kindnessp. 72
Financing Foreclosures with Traditional Real Estate Loansp. 73
Riddle for Buyersp. 74
Calculating Your Foreclosure Budgetp. 75
The Burden of Proofp. 77
Decisions, Decisionsp. 78
Types of Loansp. 81
Comparison Shopping for the Best Lenderp. 88
Key Questions to Aska a Lenderp. 89
Creative Strategies for Financing Foreclosuresp. 95
Foreclosure Purchasers with Limited Cash and Good Creditp. 97
Foreclosure Purchasers with Limited Cash and Tarnished Creditp. 102
Foreclosure Purchasers with a Lot of Cash and Good Creditp. 106
Foreclosure Purchasers with a Lot of Cash and Tarnished Creditp. 108
Equity Sharing: Buying Foreclosures with a Partnerp. 109
How It Worksp. 111
Why It Worksp. 111
The Owner-Occupant's Goals and Challengesp. 112
The Investor's Goals and Challengesp. 112
Comparing Purchase Details and Finance Costsp. 114
Equity Sharing to the Rescuep. 117
Contract Terms to Agree Uponp. 119
The Risks Involved in Equity Sharingp. 124
Equity Sharing for Parents and Childrenp. 125
Equity Sharing for an Investor and a Contractorp. 127
Finding a Partner for Equity Sharingp. 127
Equity Sharing Helps People Achieve Their Goalsp. 129
Choosing the Right Property: What You Don't Know Can Hurt Youp. 131
Finding the Right Propertyp. 133
Asking the Right Questionsp. 136
Organizing Yourselfp. 145
Inspecting the File of the Foreclosure Actionp. 147
Hiring a Title Expertp. 147
Asking for the Terms of Sale before Bidding on Foreclosures at Auctionsp. 147
Uncovering Hidden Costsp. 148
Establishing Property Valuesp. 152
Calculating Cash Flowp. 153
Preparing Your Bid Sheetp. 157
Organizing Your Prebid Calculationsp. 159
Fine Tuning Your Prebid Calculationsp. 159
Final Confirmationp. 168
Congratulations! You Are the Successful High Bidderp. 169
When You Are the High Bidder at the Auctionp. 171
When Your Offer for a Bank- or Government-Owned REO Foreclosure Is Acceptedp. 172
When Your Offer to the Defaulting Borrower for a Preforeclosure Is Acceptedp. 172
Coast to the Closing with These Five Standard Operating Proceduresp. 173
Applying the Five Standard Operating Procedures to Your Particular Circumstancesp. 176
An After-Contract Checklistp. 181
Now that You Own the Propertyp. 183
Steps to Take for Completing the Transactionp. 185
An After-Closing Checklistp. 188
Making Repairs to Your Foreclosurep. 189
Pinpointing Prioritiesp. 191
Finding a Contractorp. 191
Implementing a Competitive Bidding Systemp. 192
Implementing a Performance-Based Payment Planp. 211
The Big Picturep. 217
Getting Started Todayp. 219
Follow These Six Steps for Success in Purchasing Foreclosuresp. 221
From Rags to Riches with Real Estate Foreclosuresp. 225
Glossaryp. 227
Indexp. 237
Table of Contents provided by Ingram. All Rights Reserved.

Rewards Program

Write a Review