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The below topic is discussed in our members' only Tips on Buying Foreclosures page.

Some real estate investors concentrate on buying real estate foreclosures from owners in default, banks and government agencies.  The up-side is that you can usually buy below market value. The down-side is that the property has often been neglected or abandoned and vacant for a substantial period. That leads to all kinds of problems, including: corroded old plumbing, cracked plaster or drywall, pervasive mildew, unwanted, unscreened tenants and a great many others.
       
However, if "bargains" are your passion we will provide some help with an overview and a few tips here. There is much more detail and step-by-step help for RHOL members at Cornerstone University in our Buying Foreclosures e-course; a comprehensive education on this lucrative investing opportunity.

Here is a brief overview on buying foreclosures.

  • Locate loans in default

  • Make friends with bankers

  • Make friends with appraisers.

  • Register for HUD foreclosure mailing list

  • Register for the VA foreclosure list

  • Watch out for get rich schemes

  • Buy before the sale

  • Never buy anything without an inspection

The above topics are discussed in detail on our members' only Tips on Buying Foreclosures page.

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