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    An Instructional Guide Short Sales And Foreclosed Properties For The Experienced The Novice And The Merely Lazy
    An Instructional Guide Short Sales And Foreclosed Properties For The Experienced The Novice And The Merely Lazy
    An Instructional Guide Short Sales And Foreclosed Properties For The Experienced The Novice And The Merely Lazy
    Ebook138 pages2 hours

    An Instructional Guide Short Sales And Foreclosed Properties For The Experienced The Novice And The Merely Lazy

    By John Crist

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    About this ebook

    A step by step primer on buying foreclosed properties for profit. Straight to the point and easy to understand, this book is full of valuable tips from a doctorate who spent nearly 40 years on both sides of the real estate market. Banker and builder/developer. J. Crist has written several books on this subject and gives pros and first timers alike helpful advice on how to make money today.

    LanguageEnglish
    PublisherJohn Crist
    Release dateNov 18, 2010
    ISBN9781458137531
    An Instructional Guide Short Sales And Foreclosed Properties For The Experienced The Novice And The Merely Lazy

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      Book preview

      An Instructional Guide Short Sales And Foreclosed Properties For The Experienced The Novice And The Merely Lazy - John Crist

      An Instructional Guide

      Short Sales And Foreclosed Properties

      For The Experienced, The Novice and the Merely Lazy

      by John Crist

      Smashwords Edition Copyright © 2010 by John Crist

      No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without the prior written permission of the Publisher.

      Published by Touchless Concepts LLC

      120 South Main St., Fallbrook CA 92028

      Limit of Liability/Disclaimer of Warranty

      The publisher and the author make no representations or warranties with respect to the accuracy or completeness of the contents of this work. This work may contain errors and publisher specifically disclaims all warranties, including without limitation warranties of fitness for a particular purpose. No warranty may be created or extended by sales or promotional materials by publisher or others. The advice and strategies contained herein may not be suitable for every situation. This book is sold with the understanding that the authors and publisher are not engaged in rendering legal, accounting, or other professional services. If professional assistance is required, the services of a competent professional person should be sought neither the publisher nor the author shall be liable for damages and arising here from the fact that an organization or website referred to in this work as a citation and/or a potential source of further information does not mean that the author or publisher endorses any information the organization or website may provide or recommendations it may make further, readers should be aware that internet websites listed in this work may have changed or disappeared between when this work was written and when it is used.

      Library of Congress Control Number:

      ISBN:

      Manufactured in the United States of America

      1098765432

      About the Author

      Investing in real estate and writing about real estate since the early 1960’s, John Crist wrote his first book on distressed properties in 1981

      Crist has experience on both sides of the investment equation, with years as a banker/lending officer. He can speak to investors with knowledge of how the bank thinks. With over 30 years as real estate developer, builder, investor, he can speak to the ‘non-bank’ side of real estate acquisition as well.

      Table of Contents

      Chapter 1—The Basics of Foreclosures and Short Sales

      What are foreclosures?

      What are pre-forelosures?

      What Are Short Sales?

      Why Short Sales And Foreclosures Are NOT Unethical

      Why Banks Love/Hate Short Sales or Why The Bank Needs You!

      Foreclosure Phases

      Chapter 2—Foreclosure Strategies

      Pre-Foreclosure Your Best Bet

      Why Reo’s (Lender Owned Properties) Are Not The Best Investment

      Reo Networking

      Chapter 3—A Bad Economy—The Perfect Time To Take Advantage…

      Why Foreclosures Are Greatly Increasing

      Why Down Markets Make For Better Investing

      Foreclosure Stats

      Chapter 4—Getting Started

      The Steps To Buying

      Finding Those Who Need You (Finding Foreclosures)

      Enabling Sellers to Find You

      Networking Your Way to Information

      Chapter 5—Foreclosures and Lenders

      Lenders

      The Missed Payment Stage

      The Notice Of Default Stage

      Trustee Sale Foreclosure

      Judicial Sale Foreclosure

      Deed In Lieu of Foreclosure

      Stopping The Foreclosure

      Chapter 6—Buying and Government Repos

      Where To Find Repos

      HUD Homes: A Good Investment?

      VA Homes

      Fanny and Freddie and Ginnie

      Chapter 7—Buying Bankruptcies

      Knowing The Bankruptcy Law

      Chapter 7 and 13 Bankruptcies

      Timing a Bankruptcy

      Where to Find Bankruptcy Properties

      Networking With Bankruptcy Authorities

      Chapter 8—Attending Foreclosure Sales and The Bidding Process

      Bidding At the Foreclosure Sale

      Why the Lender May Be In A Hurry

      How Not To Bid At Auction

      Buying After The Foreclosure

      A List Of Things To Be Careful Of

      Chapter 9—Approaching Homeowners

      Great News—The Homeowner Wants You

      Finding The Homeowners

      Negotiating Tips For Dealing With Homeowners

      Become Their Friend By Phone

      Become Their Friend By Mail

      Educating The Homeowner

      Deed In Lieu Of Foreclosure

      Making A Deal

      Chapter 10—Approaching The Lenders

      How Much Do I Offer the Bank?

      Getting The Loan Reinstated

      Refinancing The Property With The Current Lender

      What The Bank Wants From You

      Chapter 11—Preparing Your Offer

      Calculate Your Offer

      Presenting Your Offer /The Purchase Agreement

      Chapter 12—Renovations and Repairs To Your Investment

      Planning Renovation

      The Quick Face Lift

      The Slower Redo Or Two Walls To Remove For Increased Value

      Curb Appeal (How To Win Buyers And Influence Neighbors)

      The Two Most Important Rooms

      Clean It! And Keep It Clean!! (Visit Often—Make Your Rounds)

      Chapter 13—Marketing and Selling Your Property For Maximum Profits

      Selling Your Newly Acquired Position

      Refinancing To Pull Out Cash Quickly

      Reselling To Prior Homeowner (The Win-Win)

      Leasing To The Prior Homeowners

      Final Comments

      Foreclosure Guidelines By State

      Chapter 1

      The Basics of Foreclosures and Short Sales

      In This Chapter

      What are foreclosures?

      What are pre-forelosures?

      What Are Short Sales?

      Why Short Sales And Foreclosures Are NOT Unethical

      Why Banks Love/Hate Short Sales or Why The Bank Needs You!

      Foreclosure Phases

      What Are Foreclosures?

      Foreclosure is the legal process by which a mortgagee or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption or property rights. A lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property courts can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose on the equitable right of redemption. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.

      The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property after the owner has failed to comply with an agreement between the lender and borrower called a mortgage or deed of trust. Commonly, the violation of the mortgage is a default in payment of a promissory note or trust deed, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said the lender has foreclosed its mortgage or lien. If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principal and fees the mortgagee can file a claim for a deficiency judgment. Although as a practical matter this often does not happen. The bank us usually dealing with someone down on their luck and they often do not have assets to pursue.

      Not always are property owners in over their head and about to lose their property. Foreclosure is actually a process that does not run it’s course overnight.

      What Are Pre-foreclosures?

      Pre-foreclosure is merely that period of time that starts when a property owner misses the first payment and the date when the property is sold at public auction or trustee’s sale. It is anything but a one time event. It, depending upon the state, can be a long out legal procedure.

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