foreclosure property There are

Is Foreclosure Investing for You? Online Catalog | Shopping Cart HOME | Foreclosure Investing | Short Sales | Articles | Financing | Commercial | Mobile Homes | Cash Flow | Legal | News Group CRE Online > Money-Making Ideas > Is Foreclosure Investing for You? Is Foreclosure Investing for You? by Ronald Starr If you are new to real estate investing and considering buying foreclosure properties, you need to be realistic about what you are facing. If you feel more sober about foreclosure investing after reading what I have written below, I will have accomplished my goal. Foreclosure investing is not a good investment approach for beginners. I recommend that you have at least a couple of years' experience with more traditional real estate investing first. The profits from foreclosure investing can be huge. That makes foreclosures attractive. There is an awful lot to know in order to avoid the problems that can occur. If you don't know what you are doing, one disastrous foreclosure investment can wipe out your capital and your enthusiasm for all real estate investing. Three ways to buy a foreclosure property There are three basic approaches to buying properties in foreclosure depending on the stage of the foreclosure process: buying pre-foreclosures, buying at the foreclosure auction, and buying from lender after the foreclosure sale. If you buy from the delinquent property owner before it goes to auction, you have bought a pre-foreclosure deal. Buying at the auction is self-explanatory. If nobody bids, the lender ends up with the property. Buying from the lender after the auction is called buying REOs (real estate owned) or Repos, (repossessions). Sometimes you will see them referred to as "corporation owned" or, my favored term, "lender owned." REOs are the least risky way to buy foreclosures You may have more risk than you would in a regular real estate transaction, but REOs are less risky than in buying at the auction. Since REOs are somewhat similar to a regular sale, they can be pretty safe. You might not get a seller's disclosure. In California, a lender who acquires a property through foreclosure does not have to offer a disclosure to you as a buyer. But, if there are problems after you buy the property, you might be able to sue the lender who sold you the property, or at least threaten to sue them, and they might make things right or pay part of the cost. There's a good chance they will still be around after the sale. The risks of buying pre-foreclosure real estate The next riskiest foreclosure purchase is the pre-foreclosure. If an owner of a pre-foreclosure disappears, you risk not getting anything from him after the sale. A pre-foreclosure seller might be desperate and lie to you about the condition of the property and the neighborhood. There might be liens on the property that the seller "forgot" to mention. The big utility bills become the buyer's responsibility if the pre-foreclosure investor failed to check them out. Ditto for unpaid property taxes. There may be another person on title who did not sign the deed, and so on. In California and, I believe, some other states, there are special laws related to dealing with and buying a property from a homeowner occupant who is in default on a loan. If the contracts and the sale are not done according to the law, the seller has the right to rescind the sale and could, long after the sale, sue to have the sale reversed. There are extreme penalties for violating the law. Remember, "Ignorance of the law is no excuse." You need to know the state law when you do pre-foreclosure investing. Can the seller can legally deed the property to you? What if the seller is already in bankruptcy? The deed is likely not valid unless it has gone through the bankruptcy court. You have to call the local bankruptcy court to check for a possible filing. And, of course, the seller could have filed bankruptcy in another bankruptcy court that you did not call. And, even if the seller does not file bankruptcy until after your purchase, you may have to deed the property back to the seller up to three years after you bought it. If selling the property made the seller destitute, and the seller sold for much below market value--which you hope he did so you could make a good profit--the bankruptcy trustee can require you to deed the property into the bankruptcy estate on the grounds that the sale was a "fraudulent transfer," wherein the seller deprived his creditors of an asset which could help pay the debts. At that point, you become a creditor of the bankruptcy estate. Is this really what you planned when you bought the "great pre-foreclosure deal"? A lot of pre-foreclosure buyers may forego some of the inspections because they are hurrying to buy before the foreclosure auction. Sometimes the buyers will give money to the owner, get a deed, and record the deed themselves in the land records office of the county. The pre-foreclosure buyer has to be very alert to a lot of possibilities and check them out. You must have superior knowledge of real estate investing before you start doing pre-foreclosure investing. But, if you sign a proper sales contract with the owner, get appropriate inspections, go through an escrow with a knowledgeable escrow agent, and look at the property yourself, you probably will not be at great risk. If you use the safeguards above, you are going to have less risk than in most foreclosure auction buys. The risk of buying at the foreclosure auction Buying at the auction is the riskiest foreclosure purchase. At the auction you have no real estate agent to lead you through the process. You have no escrow and no title report let alone title insurance. In most jurisdictions it is an all cash sale. In some states you may have a week to a month to come up with the full purchase price. If you do not raise the money, you lose your deposit. At the auction the people conducting the sale will announce that the successful bidder will receive NO WARRANTY OF ANY KIND. You have no assurance that there are not other liens or loans on the property. You do not have any inspections by contractors, roofers, pest inspectors, building inspections, water well, or septic system experts. You get no disclosure from the seller as to the condition of the building or what is happening in the neighborhood. Usually you cannot see the inside of the building; perhaps not even the back of the outside. You know nothing about the electrical system, the plumbing, the heating, or air conditioning. If you buy an occupied property, you have to do an eviction, which, in some states, can drag out for a while, preventing you from getting into the property quickly to prepare for resale. Sometimes the occupants, if they are former owners, will vandalize the properties before leaving or steal items, such as cabinets, doors, fixtures, lamps, etc. If you are buying to resell the property quickly for a profit, you had better know if your buyer can readily get title insurance when buying your foreclosed-upon property. When you get a very good deal at a foreclosure auction, you may find that the former owner files a lawsuit to attempt to overturn the sale. So be prepared to hire an attorney and fight for your profit. Experience and knowledge build your foundation Now do you begin to understand why I recommend that beginners not start investing in foreclosures? Start with simpler buying approaches and get some experience with properties, laws, ordinances, deeds, and loans, and so on to provide a foundation. Learn to do title searches as fast as the professionals. Get to know intimately the government offices that have property records and tax assessment rolls. Get to know the property values in an area where you invest. Learn about the problems with properties in different neighborhoods, such as bad soil, poor construction in certain subdivisions, problems with septic systems and wells, and soil contamination. When you have learned all that, start studying up on foreclosures. Study the foreclosure laws in your state. Study law books on the priority of liens, bidding at auctions, title insurance, and bankruptcy. When you fully understand foreclosures, start buying them. I am not trying to stop you from investing in foreclosures. They can be profitable for those who can practice it well. But, few beginners can do it well. I'm telling you to be realistic and get the background that will allow you to be successful in foreclosure investing. The field is rife with risk. You can easily lose your whole investment if you make a single mistake. Please believe me, even with all my years of real estate investing experience, it has happened to me. Good Investing, Ron Starr MORE INFORMATION More on this topic... Customers also bought...

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Asheville Real Estate, North Carolina Luxury Homes, Mountain Real Estate, NC Horse Farms Home | Featured Listings | MLS Search | About Us | Contact Us Horse Farms | Land | Luxury Homes | Condos & Lofts | Waterfront Property | Commercial | 1031 Exchange Phone Asheville Real Estate 828.694.1558 Asheville MLS Search Featured Listings Search Asheville MLS Search Tryon MLS North Carolina Horse Farms North Carolina Horse Farms Featured Horse Farm For Sale Featured Waterfront Horse Farm Featured Equestrian Center For Sale Equestrian Communities North Carolina Land North Carolina Land For Sale Featured Development Land For Sale Featured South Carolina Land For Sale Land Conservancy North Carolina Luxury Homes North Carolina Luxury Homes Asheville Condos and Lofts Asheville Waterfront Homes Featured Asheville Luxury Home Featured Asheville Contemporary Home Featured South Carolina Luxury Home North Carolina Commercial Real Estate 1031 Exchange Real Estate Commercial Real Estate Featured Event Facility For Sale Sheelah Clarkson Asheville Real Estate Agency About Us Asheville Real Estate Careers Sitemap Contact Us Member, Realtors Land Institute Sheelah Clarkson Asheville Real Estate Agency Uncommon Properties for the Uncommon Lifestyle December 29, 2005 S heelah Clarkson Asheville Real Estate Agency is privileged to offer signature services for investors and buyers seeking investment property and gracious living. We serve as national and international buyer's agents for North Carolina luxury homes, horse farms, land, commercial real estate and 1031 exchange property. Our service area spans western North Carolina mountain real estate and upstate South Carolina properties with a focus on real estate in Asheville NC and the nearby towns of Hendersonville, Brevard, and Tryon. If you are looking for exceptional mountain property, please contact us . Western North Carolina MLS Search Sheelah Clarkson Asheville Real Estate Agency offers the rare opportunity to search thousands of mountain real estate and luxury homes listings in two Asheville area MLS systems covering more than a dozen counties across western North Carolina and upstate South Carolina. Search Asheville MLS listings in the Western North Carolina Regional MLS , an MLS search covering Asheville real estate as well as properties across more than a dozen counties. 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Luxury Homes : As western North Carolina luxury homes specialists, we showcase the most distinctive private estates and luxury properties for national and international buyers. Our expertise spans the luxury real estate market throughout the greater Asheville area, allowing us to present buyers with a portfolio of the most notable estates our region has to offer. Horse Farms : We are pleased to present our equestrian clients with this region's state-of-the-art horse farms and fine equestrian estates. Some of the most exclusive horse farms for sale in North Carolina can be found in our area. We are equestrians serving equestrians and we know North Carolina's premiere horse country by heart. Our featured farm for sale is a meticulous 39-acre equestrian estate near Asheville . The property features a 2001 custom built home with matching barn and fenced pastures for your horses. This horse farm offers exceptional year mountain views and is located only minutes from some of western North Carolinas most beautiful public horse trails. Land : Serving as buyer's agents, we assist investors in locating western North Carolina land. Often, the larger tracts are not listed in the public MLS. We work through a network of regional specialists to identify large acreage tracts of mountain land for sale. Our featured landfor sale is a rare large acreage tract of development land. This 228 acres of land in Waynesville NC is ideal for urban village or mixed use development in keeping with smart growth concepts. 1031 Exchange : Our brokers specialize in western North Carolina 1031 exchange property for those seeking the benefits of a tax deferred exchange. We assist buyers in finding their replacement properties quickly. Commercial Real Estate : With more than twodecades of experience in industrial and commercial real estate sales and acquisitions, SheelahClarkson Asheville Real Estate Agency offersboth industry-wide expertise and regional insight into the western North Carolinacommercial real estate markets. Asheville Real Estate at Its Finest Whether we are working for local sellers, national buyers, or international investors, we maintain personal, client-focused service as the hallmark of our brokerage firm. With licensing in both Carolinas and a quarter century of experience in the commercial and luxury home markets, Sheelah Clarkson Asheville Real Estate Agency brings to the table regional know-how, sound business expertise, and world-class solutions. Please contact us to view a portfolio of fine properties that meet your specifications. Credits Programming and Database Development by S2L Design Photograph of Asheville courtesy of David Bonyun Hawaii Real Estate | International Luxury Homes To report problems with this site: administrator@sheelahclarkson.com Asheville Real Estate | Asheville North Carolina MLS | Tryon North Carolina MLS | Asheville Homes For Sale | Asheville Condos North Carolina Luxury Homes | North Carolina Land For Sale | North Carolina Acreage | North Carolina Mountain Real Estate North Carolina Horse Farms | Equestrian Communities | Horse Property | Equestrian Property | North Carolina Mountain Land North Carolina Commercial Real Estate | 1031 Exchange Real Estate | NC Waterfront Property | Sitemap | Links | About Us | Contact Info © 2005 Sheelah Clarkson Sheelah Clarkson Asheville Real Estate Agency • PO Box 8804 • Asheville,NC 28814-8804 Phone 828.694.1558 • Fax 828.694.1549 • Email sheelah@sheelahclarkson.com

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Colorado Springs Mortgage Services has the experience to handle your mortgage needs. CSMS provides state-of-the-art processing services, the most complete range of competitive programs and hassle-free funding. By assisting you in prequalifying, CSMS can help you determine the right price home and make you a cash buyer. CSMS provides financing options for all credit grades serving our customers, REALTORS® and homebuilders. 24/7 online loan approval! Now serving 48 states, not just Colorado Springs real estate. Colorado Springs Mortgage Services PAGE STATUS: 9.13 FIRST LISTED: 10/21/2003 TOP Found in Real Estate: Agents and Agencies in Colorado Springs CO Choice REALTORS® Featured link! Find the home you want! Rely on a proven REALTOR® who is qualified to guide you in buying or selling your next home. Use our experience in finance, contracts, negotiating, and marketing to your best Colorado Springs real estate advantage. Choice REALTORS® PAGE STATUS: 9.12 FIRST LISTED: 9/1/2002 TOP Found in Real Estate: Property Management in Colorado Springs CO Sunflower Management Featured link! Property management is all we do, from resident screening to move out cleaning. Sunflower Management dedicates itself to providing the highest quality services to all our clients. We provide full property management services, including comprehensive resident screening and leasing, advertising, property evaluation, lease enforcement, investment analysis, and capital project planning. Let us prepare a review and comparison of our Colorado Springs real estate management services for your property. We will show you how we can put your investment to work for you. PAGE STATUS: 9.01 FIRST LISTED: 9/7/2005 TOP Found in Real Estate: Relocation Services in Colorado Springs CO Colorado Springs Real Estate Featured link! Use this site to explore El Paso County communities and find the neighborhood that fits your likes and priorities. 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Homes For Sale By Owner - Real Estate - Free Listings - FSBO Houses Switch To International My Menu Buy or Rent | Sell or Lease Sign in Register Services Moving Financing Find An Agent News Realty Times News Market Conditions Latest Listings Buy or Rent Sell or Lease Home Services News Help About Site map Register Find houses for sale by owner or Realtors ®, apartments, homes for sale, rentals, FSBO, vacation properties, international real estate, mobile homes, vacant land, timeshares, condos, and more. List your property for FREE , search the best mortgage rates and the latest real estate news. Home selling made easy! Find A Home (US - Canada) Find International By State & City By Zip By MLS and ID Advanced Find Select Home Type --- Residential Styles --- Single Family Home Condominium Townhouse or Villa Duplex/Triplex Mobile Home Farm/Ranch Lot/Vacant Land Timeshare Co-op Apartment Vacation property --- Commercial --- Automobile Service Business/Office Chemical Church Contractors Yard Free Standing Heavy Machinery Hotel Light Manufacturing Motel Office Building Office Rental/Office Retail Shopping Center Store/Warehouse Land Warehouse Office Other To Buy or Rent Buy Rent Rent To Own In All States/Provinces --- United States ---- Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming American Samoa Guam Puerto Rico Virgin Islands --- Canada --- Alberta British Columbia Manitoba New Brunswick Newfoundland NWT Nova Scotia Nunavut Ontario PEI Quebec Saskatchewan Yukon City Price All $200 - $10,000 $10,000-$30,000 $30,000-$50,000 $50,000-$150,000 $150,000-$500,000 $500,000-$1,000,000 $1,000,000-$1,500,000 $2,000,000-$3,000,000 $3,000,000 + Sponsors & Partners Free Classifieds Simple and effective online advertising New York City Apartments - Mark David Real Estate can help simplify your search for an apartment or real estate in New York City. Featured Homes Hallandale Beach, Florida USA $465,000 Sponsored Links Homes For Sale | TOU | Privacy Link to Us

Texas Land Buyers Log

Recreation Motivates Texas Land Buyers Recreational Land Purchases - Wildlife - Ag News & Views Recreation Motivates Texas Land Buyers Log In | Register My Profile | Log Out Ag Home Page Agricultural Staff Consulting Teams   NF-1 Team (coming soon)   NF-2 Team (coming soon)   NF-3 Team   NF-4 Team (coming soon) Ag News & Views Jr. Beef Excellence Program Consultation Program Custom Hire Listings eCattleLog Feed Library Hunting & Recreational Leases Agricultural Tools Online Publications   Ag Info Index   Economics   Forages   Horticulture   Livestock   Soils   Wildlife Plant Image Gallery Internships Wildlife: July, 2003 July, 2003 Table of Contents Other Wildlife Articles by Grant Huggins It's a fact – today's rural land buyers are more likely to have hunting and fishing on their minds than cows or cotton. Recreation is the primary motive fueling the rural Texas land market." This statement by Judon Fambrough, Senior Lecturer in Real Estate Law of the Real Estate Center at Texas A&M University (REC), shouldn't be a surprise to observers of the Texas land market. In fact, there isn't anything close to recreation, particularly hunting and fishing, as a motive for buyers of Texas land. The following chart from Charles E. Gilliland, Research Economist of the REC, shows the buyer motives rated as "very important" in the REC fall 2002 survey of Texas real estate appraisers, brokers, lenders and government officials. The survey question recorded the groups' opinion of all factors that were "very important" in land purchase decisions; most buyers incorporate several factors in their decision, and thus the categories add to more than 100%. Figure 1 shows that those surveyed believe 80% of buyers rate hunting and fishing quality as very important in their land purchase decision, up from 67% in the fall 2001 survey. Gilliland says that according to their surveys, recreation has been the dominant motive of Texas land buyers since spring 1995. These observations may have relevance to south central Oklahoma land values, where many Metroplex buyers are seeking less expensive retreats than the going prices in Texas. These trends should be taken into consideration when making land management decisions. Game animals are a product of native vegetation. They are not generally abundant in landscapes dominated by introduced vegetation, whether it is forage or crops. Knowledgeable land buyers understand this. The REC produces a report which divides Texas into 33 Land Market Areas (LMA). The most recent data available is their Fall 2001 report. Their report on LMA 22, containing Montague, Cooke, Grayson and Fannin counties of the NF Agricultural Division's Texas service area, includes Table 1. Statewide values are listed for comparison. Gilliland points out that "…rangeland generally attracts the recreational buyers prevalent in today's market." Prudent land managers should consider conversion costs, management costs, opportunity costs of alternate enterprises and impacts on future land values before converting native vegetation to other land uses. © 1997-2005 by The Samuel Roberts Noble Foundation, Inc.