subject: How To Make Money In Today's Foreclosure Market [print this page] Banks are no longer penalized for holding on to properties like they used to be. Therefore, they are much keener to hang on to a property until they get the money that they deserve. However, the foreclosure market has changed and grown significantly, which means that banks have two or three times as much work to do as they used to. The balance between these two things means that some properties will still be hot deals that you can get for next to nothing, or at least profit from in some form. Do you know where to look? Do you know how to buy foreclosures? Here are some steps that you should be taking in the process:
-First, get a list. Foreclosure lists are FREE public record information. Go to your clerk of courts or sheriff's office and get the list. Or try your local public library. Learn the list, love the list. It will be your key to profits every time.
-Find anything that is less than 80% of its value. Go for the best deals first. You need to be learning about the different ways to buy foreclosures at this time, too. Take it seriously and you will be rewarded. Never settle for one buying method, because there are plenty to choose from.
-Home values are important. Learn them, and figure out how to deduce the lowest offer that you can put in that will be accepted by the bank or lender. If you utilize tools and online calculators, you should be able to do this with ease.
-Make your move. Now is the time to deal. The foreclosure market isn't one where you sit around and think about your options before you make a move. You just find a hot deal and go. If you don't take it, someone else will.
-Never give up. At least not until you have exhausted all of your options or the sale is completed. If you don't have cash in hand and you still have things you haven't tried, you're not ready to move on. The next deal will still be there when you get to it, so don't be in too much of a hurry.
These are things that you need to know. You need to know that there is more than one way to buy a foreclosure. You need to know everything you can about foreclosures before you get in over your head. Only then will you truly be successful in your investments.
by: Jason Loucks
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