Buying Property from Owners and Lenders in Distress
Would you like to know how to find foreclosures before the competition, and how to make offers that other potential buyers can’t match? Sellers in foreclosure and lenders who foreclose need you. Learn how you can make extraordinary profits while solving their problems. For 25 years, John Schaub has regularly bought properties from both homeowners and lenders in trouble. Now for the first time, John shows you how to find them, teaches you what to say to them, and helps you to structure offers that they will accept.
Not All Distress Is Opportunity
Specialization – The Secret of Consistent Buying
Knowing Your Market
Knowing Your Limits
Solving Financial, Not Physical, Problems
Understanding The System
Notes and Security Instruments
Some Liens Are Better Than Others
How and Why Foreclosures Occur
The Foreclosure Steps
Rights of Redemption
Foreclosure Time Line
Leverage
Mortgage Insurance
Buying From Sellers Before the Sale
Finding Sellers Who Need Help
Spreading the Word that You are a Buyer
Leads from Lenders
Buying Loans That Have Gone Bad
Solving Both A Lender’s and a Seller’s Problem
Talking Turkey to Owners
Getting Attorneys to Respond
Selling Quickly to Maximum Profits
Buying From Sellers Who Have No Equity
Refinance and Overburdened
Cash Poor, But Other Equity Available
Solving Serious Problems for Serious Profits
Structuring Agreements That Let The Owner Stay in the House
Purchase-Leasebacks
Prepaid Rent in Another Property for Equity
Selling the House Back to the Owner is Dangerous
Never, Never Make a Loan to an Owner in Distress
Dealing With Hostile Tenants in Residence
Buying From Builders in Distress
Making Offers to Lenders
Buying at Foreclosure Sales
How Foreclosure Sales Work
Knowing Your Local Rules
Preparation Offsets Risk
Borrowing the Money to Bid with from Private Sources
Buying from Lenders after a Foreclosure Sale
Financing REOs with the Lender/Seller