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regards,
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I have not had good success in “short sales” or pre-foreclosures” due to what I refer to as “The Creature” or more commonly know as the Federal Reserve Bank. The reason I believe banks are not willing to short sale the notes very low before the foreclosure is because they are still leveraging those notes. Yes, banks are are enabled by their Federal Reserve Charter to count their promissory notes as cash in their accounts and go borrow more money based on how many promissory notes they keep on their accounts. When you think about this and understand it, it’s like a paradigm shift in your thinking and the light bulb comes on in your brain. If the banks make more money by borrowing against what we call a liability and they call an asset that explains a lot.

So, when you dealing with banks and foreclosures you want to make your offer after they have leveraged the heck out of that promissory note and now want to dump what we call the asset. You can get help finding these through your local MLS or start calling on banks and develop a relationship with their REO department. When you find these and start negotiating with the banks is when you will start getting major discounts of 50%-80% off the retail values of these properties. Like any business it does require work but it can be very profitable.

As an example, my team recently purchased an FHA foreclosure in the Denver, Colorado market for about 35% of it’s retail value because the previous investor had started the remodeling then ran out of cash. So, this was a 3 bedroom home with a brand new furnace, new wiring, new pluming and a completely redesigned interior. All we had to do was finish was was already started. We sold that property for $115,000 a few months after purchasing it in a slow market. Very nice profit on that one.

However, if you want to succeed in this market you must have a good team, be very flexible and most importantly have “multiple exit strategies”. Know and learn these strategies such as fix and flip, fix and hold, wrap around deeds, equity sharing, lease with option to buy, etc. If you don’t know these terms then you either need to learn them or DON’T invest in real estate. Educate yourself first so you don’t wind up with a horror story of your own like the ones we have all heard of.

Happy investing and have a blessed day!
http://bit.ly/InvestingWithJerry

As an all cash investor, I rarely ever look beyond the daily trustee and sheriff auction sales.

I recently began searching for properties in AZ, more specifically Maricopa County, a place I haven’t invested in before, but want to because of such low prices and a fairly strong rental market. I managed to stumble upon a proxy bid service that offers a free foreclosed property list of real estate coming straight out of default and put on the auction block after the 90 days of notice to homeowner.

I’ve quoted you on an article about different types of foreclosures at http://blog.home-fish.com/01-types-of-foreclosures

If the property does have Defendants listed that are Lenders, you can query the owners named as Defendants to find if the mortgages and or encumbrances are superior or inferior to the mortgage being foreclosed.

This is turning into a tutorial, in short Lis Pendens you can locate pre foreclosures before anyone else knows. Seek out judgments in the official records to locate properties which have met the requirements of law and are awaiting auction.