Realtor

George Sims/Agent

Dre# 01848657

916-247-0438

Shawn Bates/Broker

          916-224-1688

          DRE# 1250983


Local landscape Contractor-Free bids

 

Put my 12 years of real estate experience to work.

 

Call me today so I can help you find the best deal around.  Whether you are looking for a REO, Bank owned , preforeclosure or short sale.  I have handled it all over my 12 years of real estate experience. T o buy real estate at the court house steps you need to have cash.  I will show you how to get just as good of a deal buying it as a short sale and get a loan against the property. So if you are looking to buy, sell, or invest in real estate make sure you call me today.

 

Also make sure you take advantage of our Buyers Cash back program.

The Buyers Advantage

 


 

 

Foreclosures Explained

Since the first time someone staked a claim on a plot of land, real estate has been an attractive option for investors. Whether used as a hedge against inflation through appreciation or a source of positive cash flow through rentals, real estate presents opportunities for investors in the full spectrum of risk tolerance.

Foreclosures offer an added advantage, the possibility of acquiring real estate at significant discounts, although not perhaps as deep as some late-night infomercials and Become a Millionaire With No Money Down seminars might suggest.

There are a lot of misconceptions about foreclosure investing. Interestingly, the conventional wisdom can be not only contradictory, but at opposite extremes.

You may hear that closing a foreclosure deal is almost impossible. The truth is that not only is it possible, it can be very profitable. Informed investors close deals every day.

Or you may hear that closing a foreclosure deal is easy and anyone can do it. The truth is that working the foreclosure market is not for everyone. Only those who are willing to learn the special world of foreclosures and invest a significant amount of work at every stage will be successful.

Along with the discounts you won�t find in the conventional market, there are considerations that aren�t an issue when buying a non-distressed property. To minimize risk and avoid unnecessary exposure, foreclosure investors must take the time to learn the foreclosure process, which varies by state. See below for information on the foreclosure process and state laws.

In addition, there are other issues unique to certain types of foreclosure investing, such as sometimes having to approach an unwilling seller or evict the former owner. A deal can go off the rails at the last minute for multiple reasons. There are no guarantees, no inspections, and no title insurance, which makes research into title and liens, always important issues with a real estate transaction, especially critical in a foreclosure deal. Lack of due diligence in those areas can turn a sweet deal sour in an instant.

The Foreclosure Process Explained

Buyers are seeing many more homes for sale today with terms like REO, foreclosure, short sale, and others.  All these terms have something to do with a bank, but here�s an explanation for each:

  • Bank Owned
    • The bank has aquired title (ownership) to the property.  The bank is the seller.
  • REO or �Real Estate Owned�
    • Can be read simply as �bank owned�
  • Corporate Owned
    • Many times this is just another way to say �bank owned�
  •  Foreclosure
    • This is the process by which a lien holder aquires the property through court procedures.  Each state operates a little differently, but this process can typically take several months once started and typically does not start until the owner is 60-90 days behind.
  • Pre-Foreclosure
    • This is commonly referred to as the time during the foreclosure process but before the sheriff�s sale.  In this time period you are still negotiating with the seller but the bank may have to be consulted in cases where a short sale is needed.
  • Short Sale
    • When a seller is in a distressed situation and the offer that is submitted does not cover the expenses to sell the home and pay off the lender, the seller may ask the bank to take a �short payoff� on the loan, meaning to accept less than what was owed.  Banks will sometimes do this because they do not want to own homes, they want to make loans.  Each circumstance is different and the bank is not required to accept any short payoff.

How to get the Best Deal!

 
The strategy for getting the best deal is to find a house that is pre-foreclosure using the Foreclosure Radar search engine above.  If you have cash you can go to the auction and buy it.  If you do not have cash call me and I will contact homeowner of the property you are interested. Then I will contact bank and arrange a short sale .  Why is this the best strategy?  Banks would prefer to do a short sale.  It saves them money.  You (the buyer) would prefer a short sale because you will not be competing with other buyers at time of purchase.  Seller would prefer a short sale because they have more control over the timeline and the sale in general.
Learn more on our Blog.