Can you really buy foreclosure property for no money down?
Posted by: admin / Category: no money downI have been watching late night infomercials claiming you can buy property for less on the dollar and more importantly for zero money down? How is this possible and does it violate any state laws for taking advantage of their situation?
Beware of the Late Night Infomercials! They are expensive, and most of them haven’t even used their own program. My course costs just $14.95, and it’s guaranteed – plus, I’ve done everything in my course, and have made hundreds of thousands doing it.
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Did you know that you can make $40,000 + on a house, and never even own it?
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Please realize that Flipping Houses is not a "Get Rich Quick" Scam!
Do as much research as possible before starting on your first flip -
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Kind Regards and Good Luck!
Adam Monforton
August 5th, 2010 at 11:08 am
VERY TOUGH … watch out with the infomercials..their business is SELLING YOU their packages…
References :
August 5th, 2010 at 11:29 am
It is possible, but difficult. You could approach a person at risk of foreclosure, and offer to take over his ownership of the property and let him walk away, and if there is no equity in the property, it might be sensible for him to do so. But that situation is rare, and at the very least the foreclosee will want some cash to move out and get established elsewhere — and if there is actually some equity left in the property, it would be sensible to give it to him. You cannot buy a property for no money at a foreclosure auction — you have to pay the entire price, on the spot, in cash.
References :
August 5th, 2010 at 11:39 am
I don’t think so. Most foreclosures are handled by the county sherrifs department.
State laws vary from state to state, but the biggest obsticle is the bank.
It is possible to buy a house in general with no money down. You will typically have to take out 2 or 3 mortgages to do so or have to purchase PMI (insurance in case you default on the loan). Mortgages also require an assesment of the property.
Forclosures typically require money down once you purchase the property to "hold" it (the county I lived in required 10%). The county will then usually give you a few days (some may give you up to a week…the county I used to live in gave you 24 hours) to come up with the rest of the cash. If you do not pay the bill, the property goes up for auction again and you lose your down payment.
Put the two concepts together… Changes are the county will require cash (or another secured form of payment) to purchase the property, and this will usually be due within days. The bank wants to evaluate a property before they issue a loan against it to make sure they can recover their money (and this takes time).
Regardless, you will probably have to provide a down payment to pay to the county. Even if they don’t, the biggest problem then is to find financing fast enough.
If this is something you are interested in, I would suggest finding a mortgage broker you trust and see what they can come up with for you.
References :
Looked into this once upon a time.
August 5th, 2010 at 11:53 am
It is possible and it’s legal. Some states have laws in place to help protect homeowners from losing their homes. For example, if I am buying the equity of a home in California, I have to give the owners a special contract which gives them 5 days to think about this contract. However this stupid law ends up hurting the home owners because the government thinks that we’re too stupid and dumb and by giving us 5 days, we’ll be able to make wise choices, when in fact, everyone is screwed until the 5 days is up.
Anyway, to learn all the tricks of the trade for free, just visit your local bookstore and visit this website:
http://www.reiclub.com
Pennies on the dollar is buying the equity in a home. Buying zero down is usually done by using other people’s money (such as a hard money lender) or selling your option to purchase the home to another person.
Good luck.
Regards
References :
Satar Naghshineh
satarnag@amirifinancial.com
California Licensed Real Estate Broker and Investor
August 5th, 2010 at 12:14 pm
you can also approach the homeowner while in PRE foreclosure, alowing you to purchase the house 100% financing, then flip it, you can usually get the house at 30 to 60% off.
References :
david powell, VP, Oakwood MOrtgage
August 5th, 2010 at 12:55 pm
Beware of the Late Night Infomercials! They are expensive, and most of them haven’t even used their own program. My course costs just $14.95, and it’s guaranteed – plus, I’ve done everything in my course, and have made hundreds of thousands doing it.
I won’t lie, I’m not a millionaire yet – but should be someday.
Flipping houses is a great profession to be in. I currently flip houses for a living, and have had a blast making hundred’s of thousands of dollars. The key is to do as much work as you can on your own.
Did you know that you can make $40,000 + on a house, and never even own it?
Take a look at my website – I just put it online last month -
Please realize that Flipping Houses is not a "Get Rich Quick" Scam!
Do as much research as possible before starting on your first flip -
http://www.learntofliphouses.com
Kind Regards and Good Luck!
Adam Monforton
References :
August 5th, 2010 at 1:22 pm
Is it possible? Sure. Is it likely? About as likely as making a million $$ on slots in Vegas. There are a thousand people selling schemes to make $$ on real estate (including someone who answered this question). In my opinion none of them are worth more than reading a book. As a general rule distressed properties in good condition sell for 10% or so less than comparable non distressed ones; properties in wrecked condition can sell for much less, but then you’ve got all the problems to fix up.
References :
August 5th, 2010 at 1:41 pm
nah dont believe that, most of these deals are cash only deals.
References :
http://ebooks.interkeys.com/howto/avoid_foreclosure.htm
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August 6th, 2010 at 5:45 pm
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