Buying and Selling Foreclosure

[NYfoxx]

Hello My favorite Bloggers,

I have a question.  I met with a Broker the other day.  He told me that he is doing  Buying and Selling Foreclosure homes.  He said there is no experience and you can make 10,000, 20,000 per transaction. He will train. 

Do any of you guys have experience in that.

[andydallas]

Ok,,,I have to ask, how much is he wanting to charge you to show you how

virtually everyone on here should have experience buying foreclosures, and the ones that are brave sell (many of us hold for rentals in this market)

[lauraalamery]

Yes, do find out is there is a catch.

Making money with foreclosures is possible and doable, but in this market you have to be very careful how to go about it:
1. Have a buyer ready for the type of property you are buying;
2. Have money available same day of foreclosure;
3. Use do diligence - make sure the property does not have major liens or judgments, etc.

[Dogmersfield]

I think buying foreclosures is not rocket science to have training before doing it practically. The people who re facing foreclosure are really innocent ones and you don't need any clever thinking to convince them to sell their property at cheaper rate.

[Carla Hailey]

Do know the RE background and brokerage experience of the person you are dealing with? Just be very careful for there are scams lurking around the corner. And yes, you can buy and sell foreclosed properties. For post foreclosed properties expect that the bank cannot provide disclosures with regards to property history/condition issues.

[hardwoodatlanta]

I think buying foreclosures is not rocket science to have training before doing it practically. The people who re facing foreclosure are really innocent ones and you don't need any clever thinking to convince them to sell their property at cheaper rate.

I would not say this is that easy. Sure, most owners of distressed properties are pretty desperate and would accept to sell their homes at discount but many can't since the vast majority of foreclosed properties are underwater.

I would say - go to the courthouse and see what properties are bought by investors (most are going back to the bank). Try to do some research on those properties and figure out what made them attractive to the investors. Maybe you can also get some professional advice from them and also referrals for the broker who offered to train you...

[savana]

I think buying foreclosures is not rocket science to have training before doing it practically. The people who re facing foreclosure are really innocent ones and you don't need any clever thinking to convince them to sell their property at cheaper rate.

I would not say this is that easy. Sure, most owners of distressed properties are pretty desperate and would accept to sell their homes at discount but many can't since the vast majority of foreclosed properties are underwater.

I would say - go to the courthouse and see what properties are bought by investors (most are going back to the bank). Try to do some research on those properties and figure out what made them attractive to the investors. Maybe you can also get some professional advice from them and also referrals for the broker who offered to train you...

This will really good advise for me so that later it will be beneficial making certain deals in buying foreclosure.

[EmeraldTaylor]

you may have noticed certain properties are listed as Bank Owned or REO properties. As a result of the recent housing crisis, many homes are on the market due to foreclosure. Sometimes these properties can be offered and purchased much lower than market value.

What is the difference to a buyer when going through the real estate purchase process, if the property is a foreclosure. What are the potential risks in purchasing a foreclosure property?

[russellmurray]

I don't have an experience in that field but as far as I know, the money you can make will depend on the negotiation between the homeowner and the bank.

[Jade456]

Depending on the area, you might find a lot of foreclosures or very few. In areas where there are a lot, buying one is basically the same as any other transaction, save that it may take a little longer depending on the bank.

[LVVR]

You don't just go into that kind of thing without any experience, you're bound to lose a lot of money that way. I would find a qualified professional and ask him to show the ropes. This person does not sound like he knows what he is talking about.

[asmayameen]

its not an easy field to jump in it without any prior knowledge. you must know the rules, procedure and law of related state. if someone have expertise in buying and selling foreclosure properties then u must take advantage of it!   

[Bay Area Brian]

NYfoxx

is he talking about preforeclosures or REO's. If he is willing to train you why not let him try, just don't sign anything without checking with your lawyer or here first. Or is this the famous NY everything free in America for a small fee in America situation.

I'm assuming there is future business for him and he is providing the base for that business by training you for free. But in the meantime get a library card and start researching, and reading the archives here. Plus have him show you some files of actual deals done, if he has actually done it he left tracks in the snow.

[Real Estate Seller]

Nothing is free.

[Bay Area Brian]

A lot of things are free as I have learned in 56 years of investing.