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Carey B.H., Carey C.H. Quick Cash in Foreclosures (2005)Carey B.H., Carey C.H.  CONTENTS Preface vii Introduction ix 1. Quick Cash in Foreclosures 1 Use a Quick Cash strategy to make money in foreclosures. 2. What Is a Foreclosure? 15 A foreclosure is a lender taking a property to recover their loan asset. 3. Why Buy Foreclosures? 27 Foreclosures are wholesale real estate buys. 4. How to Buy Foreclosures 39 Buy the foreclosure first,then get the financing. 5. When to Buy Foreclosures 51 Buy foreclosures before they are foreclosed. 6. How to Find Foreclosures 63 Subscribe to a foreclosure service. 7. Negotiating with the Owner 75 Present the eight foreclosure options to the owner. 8. Buying the Equity 87 Buy the owner's equity, not the owner's property. 9. Negotiating with the Lender Pre-Foreclosure 99 The bottom line is the bottom line when you negotiate with the lender. 10. FHA and VA Foreclosures 111 The government wants to sell you its foreclosures. 11. Fannie Mae, Freddie Mac, and FDIC Foreclosures 121 Make a profit in the secondary mortgage market. 12. IRS Foreclosures 133 Make the IRS an offer it can't refuse. 13. Buying on the Courthouse Steps 145 Bring cash when you are buying on the courthouse steps. 14. Flipping Foreclosures 155 Flip your foreclosures for Quick Cash. 15. Assigning Foreclosures 165 Assign your foreclosure contract to the highest bidder. 16. Optioning Foreclosures 181 Option your foreclosure contract for a big option fee. 17. Buying from the Lender 197 Lenders want to make loans, not own real estate. 18. Paperwork, Closing, and Title Insurance 211 Use the right paperwork to have your deal go through. Appendix A: Deeds Chart 223 Appendix B: Loans Chart 227 Appendix C: Contracts 231 Glossary 247 Index 267 Preface The national foreclosure rate has increased dramatically over the last four years. Today more than 2 out of every 100 mortgage loans are in the foreclosure process. The numbers according to the Mortgage Bankers Association say that 500,000 to 600,000 mortgages are either delinquent or in foreclosure. In the Dallas area foreclosures have increased 85 percent since 1999. With the recession of 2001 and the jobless recovery, 3 million people have lost their jobs. They continue to fall behind in their mortgage payments. We feel one of the best opportunities of the last 25 years to make money investing in foreclosures is about to occur. Over the next three years people who invest in real estate foreclosures are going to make tens of thousands of dollars. This book from our Win Going In! series, Quick Cash in Foreclosures, is designed to introduce both the new and the seasoned real estate investor to a new way to make money in the foreclosure market. Using the techniques we developed in our book The New Path to Real Estate Wealth: Earning Without Owning (2004), we show you how to flip your foreclosure deals for Quick Cash. Unlike any of the other foreclosure books on the market, this book presents a way to make money in foreclosures without having a lot of cash to invest. The most expensive way to invest in foreclosures is buying them at the foreclosure sale. In April 2004 we went to the foreclosure sale on the steps of the Tarrant County courthouse in Fort Worth,Texas. There were more than one thousand properties being auctioned to the highest bidder. There were almost five hundred people milling around trying to figure out how to bid. You had a 500 to 1 shot of getting one of the top deals. And because of the competition, your final cash price was going to be bid up past the point of making any profit on the deal. Needless to say, we didn't bid on any properties that day. The key to Quick Cash in Foreclosures is successfully negotiating with the seller in pre-foreclosure. We show you how to buy the seller's equity for pennies on the dollar. Once you have negotiated a wholesale contract with the seller, we teach you how to flip, assign, or option your contract to another investor for a fat fee before the property goes to the foreclosure sale. You make Quick Cash with no cash out of your pocket, no qualifying for a loan, no battling the hordes on the courthouse steps, no fix-up costs, no carrying costs, and no resale costs. Quick Cash in Foreclosures is the only foreclosure book that shows you how to start with little or no knowledge of the foreclosure process and little or no money, and make Quick Cash in the foreclosure game. When we developed and produced the foreclosure training for Robert Allen, author of the best seller Nothing Down, our students in Baltimore and Los Angeles were able to put into practice the insider knowledge we presented to make money investing in foreclosures immediately. With this book, you will be able to do what our students did from coast to coast! |
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Quick Cash in Foreclosures (2005)