How To Buy Bank Owned Properties, Foreclosures & Short Sales

Описание: HOW TO BUY BANK OWNED PROPERTIES, FORECLOSURES & SHORT SALES
(3 DAY LIVE TRAINING EVENT)

https://www.lexlevinrad.com/foreclosu...

☑️Bank Owned Homes
☑️Pre-Foreclosures
☑️Foreclosures
☑️Short Sales
☑️Marketing To Motivated Sellers
☑️Bidding on Online Auction Sites
☑️Bank Owned Property Websites
☑️Buying HUD Homes
☑️Bidding on Fannie Mae Homes
☑️Buying Freddie Mac Homes

LIVE 3 DAY TRAINING EVENT WITH LEX IN DEERFIELD BEACH, FLORIDA

LEARN MORE AT THIS LINK:
https://www.lexlevinrad.com/foreclosu...

FORECLOSURES AND BANK OWNED HOMES ARE COMING ARE YOU READY?

Now that the foreclosure moratoriums have ended, and interest rates have increased dramatically, we are seeing a substantial increase in new foreclosure filings.

I will be working with a new group of real estate investors and teaching them how to invest in foreclosures, short sales and bank owned properties at the Foreclosures, Short Sales and Bank Owned Properties Boot Camp

CLICK ON THE LINK BELOW TO LEARN MORE ABOUT THE BOOT CAMP:

https://www.lexlevinrad.com/foreclosu...

PRE- FORECLOSURE

The first stage of foreclosure is pre-foreclosure. This occurs when a homeowner has missed their mortgage payment and is behind on their payments.

According to the Dodd-Frank Act, a homeowner must be more than 120 days late on their mortgage payments before the bank can start a foreclosure. This is the best time for the homeowner to talk to the loss mitigation department and submit an application to the bank that would allow them to work out an arrangement with the bank for them to keep their home.

In the event that the homeowner cannot come to an agreement with the loss mitigation department then the foreclosure lawsuit is filed. During the stage where the homeowner is late on their mortgage (pre-foreclosure) as an investor you can purchase lists of homeowners in pre-foreclosures on sites like https://www.lexlevinrad.com/propstream and you can take this list and market to these homeowners in pre-foreclosure.

To do this effectively you will need to understand how the foreclosure process works in your State. When you meet with a homeowner in foreclosure they will want to understand the process and what happens next. If you are a good investor, you will know and understand the foreclosure process so that you can intelligently answer their questions.

IN FORECLOSURE

After 120 days, the bank sues the homeowner and the homeowner is now in foreclosure and no longer in pre-foreclosure. At this stage, the bank is doing whatever they can do to get the property back as quickly as possible. As soon as they can they will schedule a hearing with a judge and get approval for a foreclosure auction. At the foreclosure auction, the property will be sold to the highest bidder. You DO NOT want to be buying at the auction since you do not get clear title.

BANK OWNED PROPERTY

On most foreclosure auctions at the court house (now online) , the bank is the highest bidder at the auction. This is because they need to protect their interest in the property. If investors bid up to an amount that is less than the amount owed, usually the bank will bid higher in order to take the property back. At this point, the property becomes a bank owned property also known as an REO.

ONLINE AUCTION SITES

Once the bank owns the property, the next step for them is to list the property on the MLS. They often also list the property on an online auction site like https://www.auction.com or https://www.hubzu.com It is important to note that the amount that it is listed for on the MLS is often the starting bid on the auction site.

In order to bid on the property you need to register on the online auction sites. They will often require a credit card and will also want to verify your identify prior to you being allowed to bid.

WHOLESALING & FLIPPING BANK OWNED PROPERTIES

Bank owned properties can be wholesaled and flipped to other investors. The key is to know how to do this with a double closing and an investor friendly title company. You cannot assign REO’s so you have to pay cash, close on them and then flip them to another investor. Both closings must be scheduled on the same day, and in order for the transaction to be legal you must fund the first closing with your own cash (or use transactional funding).

You can wholesale and flip HUD Homes, Fannie Mae Homes, Freddie Mac Homes, Foreclosures, Bank Owned Properties and Short Sales. I teach investors how to do this at the Foreclosures, Short Sales & Bank Owned Properties Boot Camp.

Lex Levinrad Real Estate training has helped over 6,500 new real estate investors by teaching them how to invest in foreclosures, short sales and bank owned properties.

CLICK THE LINK BELOW TO LEARN MORE ABOUT THE BOOT CAMP:

https://www.lexlevinrad.com/foreclosu...