Foreclosure properties are plentiful in most markets around the country. Banks have large inventories of foreclosure properties and properties in the Pre-foreclosure process. Foreclosures occur when the owner cannot or does not pay their debt on the property. Each state has a process that it must lawfully go through to legally repossess the property for sale at auction in order to satisfy the debt on the property.
November 19th, 2009 the New York Times had an article stating; “The Mortgage Bankers Association said more than 14 percent of American homeowners with a mortgage were either behind on their payments or in foreclosure at the end of September.” You do the math….there are huge opportunities for you to make money in foreclosures but you need to learn how.
There are several strategies to buy foreclosure and pre-foreclosure properties but the main idea is to get a good deal on a property to either fix it up and sell or to keep it for your own rental income. In order to do that you have to make a compelling story of why the bank should sell you a property below what they are owed.
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