| Vital and so valuable; those are the essentials offered | | | | that help you determine your strategy and price for |
| up by foreclosure listings services. Yes, it's all a matter | | | | the offer. Knowing the date of the auction or sheriff |
| of public record and some drive-by research; maybe a | | | | sale gives you an idea of the time you may have to |
| photo or two and you could get it yourself. If you take | | | | negotiate discounts with junior lien holders and create |
| that approach the best deals will go to the competition, | | | | equity. Alternatively if you decide to bid at auction, you |
| and some of that competition will be both experienced | | | | will focus on the time you have to inspect the home |
| and highly successful in sorting out the wheat from the | | | | and raise your finance for the day or shortly after if |
| chaff so to speak. | | | | your bid is successful. Red alert! Your listings service |
| What are those essentials you need to make an | | | | will alert you to State foreclosure laws about |
| informed selection of foreclosure properties that are | | | | redemption rights. Knowing the auction date helps you |
| going to be worth your time to investigate seriously? | | | | be the first in with an all cash almost unconditional offer |
| Whether you are after a family home, or are a first | | | | to the lender/owner when the property fails to sell |
| time buyer of foreclosures for income generating | | | | above the upset price at the auction. |
| purposes or a newcomer to this market as an | | | | Finally, if you are looking at listings that say the |
| investment, those essentials are the same. What | | | | property is REO, then you know you are at the end of |
| stage of foreclosure is the property in, and depending | | | | the process, the foreclosed property is being offered |
| on the particular stage in the process, what's the value | | | | for sale from the lender or institutional inventories of |
| of the liens recorded against that property, what date | | | | repossessed property, some of which failed to sell at |
| for the auction, and who is the seller. | | | | auction or shortly after. Many of the REO offerings |
| If the property that attracts you is in pre foreclosure | | | | require bid submission through a real estate agent, |
| then you are going to be trying to contact the | | | | there may be pre set limits to price adjustments (and |
| borrower in default. That party could be a motivated | | | | your agent may be close enough to the bank or lender |
| seller, but there are many who have not yet come to | | | | to know those policies) and although the title is clear, |
| grips with a possible sale as a way out of their | | | | you need to check out the "as is" condition thoroughly. |
| financial problem. By knowing the total of the debt | | | | So much to see, so much to learn and more, and |
| recorded against the property, some comparable | | | | maybe time yet to take advantage of this buyer's |
| prices for fit to resell, same neighborhood stuff, you | | | | market. Well worth investing in a foreclosure listings |
| can calculate whether the owner has equity or is | | | | service first. |
| under water. These are all factors in a pre foreclosure | | | | |