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What are Foreclosure Properties?

There are basically three stages of foreclosure when investors and prospective homeowners have a buying opportunity.

Preforeclosures are still owned by the borrower but the mortgage is in serious default. Often borrowers will sell their property at this stage to avoid the impact of having a foreclosure on their credit report.

Auction properties have been posted for public sale and may be bought at the time of the foreclosure auction by arranging to pay the arrears plus other costs at the same time the lender legally takes ownership of the collateral. This type of sale is sometimes called a Sheriff's Sale as the local sheriff is responsible for seizing the property and conducting the sale.

REO Property is the term for "real estate owned" by the bank, savings and loan, or other lending entity after the foreclosure sale or auction is concluded with no other purchaser buying the real estate.
 
What is a Down Payment Auction?

A down payment auction is when a property is listed for sale at public auction and bidders are bidding on the amount they are willing to pay as a down payment with the property owner financing the balance. Some of the eBay listing you see above may be for down payment only.

 
What is a Tax Deed Sale?

A tax deed sale occurs when a governmental agency seizes property for nonpayment of taxes. A tax deed sale is one of two methods the government may use to recover unpaid real estate taxes; the other being a tax lien sale.

At a tax deed sale, the minimum bid is generally the amount of back taxes owed plus interest, as well as costs associated with selling the property. After the sale, title is transferred to the new owner by either a Tax Deed or Sheriff's Deed. If the property is not purchased at auction title may revert to the county government.

 
Can People Make Money Buying Foreclosures, Tax Sale and REO property?

Absolutely! Most of the great family fortunes in our country have been created through real estate ownership and investments in real properties.

People just like you are attracted to the opportunities presented by dealing with foreclosures because frequently they can buy the properties at prices substantially below market value. Buying properties at discount prices is the surest and quickest way to make money in real estate. Individuals who are looking for a home can get a significant amount of equity up front with foreclosures.

Of course, there are no guarantees with any investment, but all across the country, people earn almost immediate income by "flipping" foreclosure properties for big profits. And many landlords are able to buy and rent foreclosures, producing positive cash flow and long term wealth accumulation.

 
 

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