The Pre-Foreclosure Real Estate Handbook: Insider Secrets to Locating and Purchasing Pre-Foreclosed Properties in Any Market

by Frankie Orlando

Book Overview

The Pre-Foreclosure Real Estate Handbook explains everything you need to know to locate and purchase real estate bargains from banks, public auctions, and other sources. Whether you are a first-time... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0910627665
• ISBN13: 9780910627665
• Release Date: September 2006
• Publisher: Atlantic Publishing Company (FL)
• Length: 345 Pages
• Weight: 1.30 lbs.
• Dimensions: 0.8" x 6.1" x 9.0"

Customer Reviews

Good Background Information

This material is good basic information for anyone wanting to get started in buying potential foreclosure properties. Begins by explaining basic terms and processes - eg. mortgage foreclosures lead to Sheriff's Sales, while Deeds of Trust lead to "Trustee's Sales" and lack a redemption period (owners can buy back their property during this period, leaving you with nothing to show for your effort, though you do get your money back). On average, foreclosure buyers have 90 days + 20 days publication time to work a deal with the homeowners. Buying from onwers prior to foreclosure also eliminates the redemption period. FHA and VA loans are much more likely to be assumable. Buying at auction means having to contend with competitors, an inability to inspect the property prior to bidding, and all sales being final. After foreclosure one is less likely to get a good price, it is harder to inspect the property (utilities probably turned off). Finding foreclosure properties is eased by looking in public records for "Lis Pendens" (judicial process) or the "Notice of Default" (non-judicial process); there is also the later Foreclosure Auction notice. Other sources include looking in the newspaper of record and/or the County Recorder database. Still other sources include divorce proceedings (likely problems with the lawyers involved), probate filings, FSBO listings, Internet sites (eg. foreclosure(s).com, street signs, Internet ads. Author also recommends a full title search ($100-$350), and contracts written "Subject to" eg. inspections.

Very good for beginners

The book's strategy offers a simple method for identification for properties, including how to approach owners AND lenders. Sending attractive offers such as short sales and how to wait out lender approval. This is a very good read for beginners wanting to enter into the foreclosure market, especially in the current situation of higher interest rates and lower consumer demand for real estate. There will be a spike of foreclosures. -Matt Illustrator for The Ultimate Foreclosure Kit

The Pre-Foreclosure Real Estate Handbook: Insider Secrets to Locating and Purchasing Pre-Foreclosed

The Pre-Foreclosure Real Estate Handbook: Insider Secrets to Locating and Purchasing Pre-Foreclosed Properties in Any Market by Frankie Orlando is an excellent resource for people seeking information in a practical, hands-on approach to purchasing pre-foreclosure real estate. The text is organized in a logical manner with sufficient examples and clear explanations of the concepts presented. Although the text is very easy to follow, it also includes an extensive glossary to assist with the more difficult terminology used throughout. Step-by-step instructions and worksheets that are included are particularly useful. This text is recommended with a 5 star rating out of 5 stars.

The Pre-Foreclosure Real Estate Handbook: Insider Secrets to Locating and Purchasing Pre-Foreclosed

The Pre-Foreclosure Real Estate Handbook: Insider Secrets to Locating and Purchasing Pre-Foreclosed Properties in Any Market by Frankie Orlando, published by Atlantic Publishing Group, Inc. Rating: 5 stars out of five. This handbook, in 267 pages, explains, step by step, everything an investor would like to know about purchasing real estate from any source. The author, through personal experience, became wealthy by buying real estate before foreclosures took place (hence the term "pre-foreclosure"). The research used to write the handbook is very thorough and detailed. The author covers purchasing techniques, called "short sales," and also details how to locate likely pre-foreclosure properties. The handbook contains hundreds of tips, hints, secrets, and techniques from successful pre-foreclosure investors. The book's glossary alone runs 62 pages and it's very helpful! This handbook is aimed at novice real estate investors, but professional real estate investors will find a wealth of information, too. Case studies are included, such as one on how to avoid "analysis paralysis." This one gives advice on how to expedite the process of investing without getting bogged down in research on the property or owner. How to sell the property once you have purchased it is also included in the handbook. Unusual and useful information, such as how to find missing homeowners and how to address your contact envelopes, covers everything an investor needs to know and pitfalls to avoid. The author even explains credit scores and how they are determined, which is useful for everyone who has a credit rating and wants to improve it.

Complete, Concise and Clear.

I had never really thought that investing in foreclosure properties was something that I, a normal working middle-class person could do. Sure, I'd watch the infomercials and wish that I had the income and nest egg to allow me to invest in real estate, but I never gave it serious thought. I didn't think it was possible. After reading this book I know it's not a matter of "if only I could" but more a case of "when I find the right property." One thing that struck me as extremely useful was the detailed amount of background and information the book provides. The process of foreclosure can be intimidating to someone who is not familiar with the banking industry. It becomes even more difficult to understand when you consider that each state has the potential of having their own set of rules and laws. This book covers all the bases in accessible language, graphs and even screen shots of web pages. The financial jargon is explained clearly and easy to understand examples are provided. Each step including: identifying possible pre-foreclosure properties through advertising or public records searches, contacting homeowners, negotiating, and financing options are laid out and discussed. Networking and the processes surrounding reselling of a purchased house are also described. Finally, the book contains a great deal of additional information in the form of a comprehensive glossary and a bibliography of on-line sites where you can do additional research on the various topics of the book. Needless to say, this book was a great springboard of motivation and information for me to get started in the pre-foreclosure housing market.