How to Buy Bank-Owned Properties for Pennies on the Dollar: A Guide To REO Investing In Today's Market

How to Buy Bank-Owned Properties for Pennies on the Dollar: A Guide To REO Investing In Today's Market

by Jeff Adams


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Buy bank-owned properties at fire-sale prices!

Banks and lending institutions today own more than one million foreclosed properties, more are in the foreclosure pipeline. Banks desperately want to get these properties off their balance sheets, but there aren't enough buyers. The result is a soft real estate market with prices investors and homeowners may not see again in their lifetime.

In recent years many bargain-hunting investors and homebuyers made the mistake of trying to get foreclosure prices via short sales and pre-foreclosure— before the bank reclaimed the property. They've been burned by endless delays and uncertainty of the messy foreclosure process. With bank-owned properties, that's over. You deal directly with a motivated seller—the bank—and get the foreclosure price without the hassles and complexity of a short sale or pre-foreclosure.

This book shows you how to negotiate the best possible terms with the real estate owned (or REO) department of a bank or lender, including step-by-step instructions and no-nonsense advice on finding great deals, estimating fair market value, and closing the deal. You don't need a ton of cash, because REO investing at fire-sale prices is affordable for almost any investor or homebuyer.

  • Provides detailed, step-based guidance on buying REO properties
  • Written by a super-successful REO investor with fifteen years of experience

Product Details

ISBN-13: 9781118018347
Publisher: Wiley
Publication date: 11/08/2011
Pages: 256
Sales rank: 201,080
Product dimensions: 6.00(w) x 9.10(h) x 1.00(d)

About the Author

JEFF ADAMS is the nation's leading expert in in foreclosure and REO investing. His automated internet-based systems for attracting buyers, sellers, and investors have enabled him to be involved in hundreds of transactions since 1995, and during many of those years he worked as a full-time firefighter!

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Table of Contents

Part I The Investing Opportunity That Won’t Come Again in Your Lifetime 1

Chapter 1 The Perfect Nightmare for Bankers—A Dream Come True for Investors 3

Chapter 2 Why REO Investing Saves Time, Hassle, and Money Compared with Traditional Preforeclosure and Short Sale Investing 15

Chapter 3 How to Overcome Your Fear, Set Goals, and Get Started 27

Chapter 4 Overview of the REO Deal 43

Part II REO Deals, Step by Step 51

Chapter 5 Where to Get the Money 53

Chapter 6 How to Research Your Market, Create an Investing Plan, and Develop an Exit Strategy 69

Chapter 7 How to Get Ready for Your First Deal and Build Credibility 81

Chapter 8 Where to Find the Best REOs in Your Market 99

Chapter 9 The Importance of REO Agents: Finding the Best and Getting Them on Your Side 119

Chapter 10 Buying REO Properties at Auction 129

Chapter 11 The Right Way to Evaluate Deals and Price a Property 141

Chapter 12 How to Make an Offer and Negotiate with Banks 159

Chapter 13 Getting the Paperwork Right 175

Chapter 14 How to Avoid the Most Common Mistakes Investors Make 189

Part III Exit Strategies 199

Chapter 15 Wholesale Your Property to Another Investor 201

Chapter 16 Fixing Up and Selling the Property at Retail 209

Chapter 17 Buying and Holding: Renting the Property for a Positive Monthly Cash Flow 217

Addendum: Understanding Buying Formulas 225

Glossary 233

About the Author 243

Bonus Offer Just for You! 244

Index 248

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