Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Sandy asks…

Is buying foreclosures a legitimate way to earn a living?

I want to know if I can make enough money to quit my job and whether it is wise to enter this profession given the current housing market.

Your Questions About Foreclosures

The Expert answers:

Flipping properties can be a good way to make a quick buck, but I would not suggest quitting your day job. I’ve done it once, and I made a handsome profit. I also held onto the property for two years, and had to deal with some terrible tenants.

Playing with real estate is not a full time job, and does not bring with it a guarantee of profit or a weekly paycheck. If your financial situation is such that you do not need to work anyway, then good for you. Otherwise, you’ll need to flip a property or two before you quit your job.

Have a look at http://www.buyforecIosure.com, they have a little info and a lot of listings.

Your Questions About Foreclosures

Robert asks…

How much money do we really need to buy foreclosures before or at auction?

We are would be first time investors in real estate and have been studying up the various stages of foreclosure and the ways to buy. We thought we had enough to buy one property for us, and another as an investment, but having learned more about this market generally, and wanting to keep away from the lower priced, lots of repairs options, we are starting to get concerned about our ability to fund this grand plan. We will be able to get a line of credit on the home we would buy as a residence though. What other options have we got when we haven’t time to raise a mortgage to close a deal?

Your Questions About Foreclosures

The Expert answers:

You raise money through a Home Equity Loan and then refinance later, that gives you all the cash you need to close at auction. Or you could use your line of credit or a Hard Money loan if you are pre qualified for a conventional mortgage and just need bridging finance. Some investors at auctions join partnerships with other passive investors. You could form your own pool with family and friends.
With pre foreclosure there are some other options you can work out with the seller, such as assuming their loan(s) with lender’s agreement and curing their default, or purchasing “subject to” when the loan stays in the seller’s name, even substituting a rent free stay in the house for the seller instead of a down payment. Wraparound loans aren’t legal in some states and are difficult to administer.
I think since you have enough equity to get a line of credit then as long as you ensure you don’t bid for more than the amount you have available in cash using this, minus repairs and costs you have a sound base. Some first time investors I know started off building their working capital by doing the donkey work, securing deals in preforeclosure and taking a finders fee from a pre-identified source of investors.

Your Questions About Foreclosures

Susan asks…

Where can I find a list of local foreclosures for free and without the scam?

I’ve looked at orangefuture and a few others but I’m becoming discouraged. I need to find a home and I’m tired of wasting money renting. My husband and I both have terrible credit from past relationships and are working to improve it.

Your Questions About Foreclosures

The Expert answers:

Excellent first answer. Also check with local banks and credit unions to see what they have as far as inventory about to sell.

Your Questions About Foreclosures

Jenny asks…

How can I find out which homes are foreclosures in the Cherry Hill, Marlton and south jersey area?

How do you go about checking the home out and putting a bid on it. Thank you.

Your Questions About Foreclosures

The Expert answers:

Forclosure Notices are posted at the County Courthouse.
The notices will have a lot of info, and a person to contact to find out more.

Your Questions About Foreclosures

Donald asks…

What happens to foreclosures if not sold at the county courthouse?

we have about 400 homes going up for auction next month…since i dont have cash i can’t buy one…so what happens to them if not sold there-can i ever buy one with a mortgage loan?

Your Questions About Foreclosures

The Expert answers:

If they aren’t sold, they go back to the bank and become REO. You can then buy them from the bank just like you would buy from any other seller.

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Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures