Читать книгу Foreclosure Investing For Dummies - Ralph R. Roberts - Страница 15

If working with homeowners before auction and bidding against other investors at an auction don’t appeal to you, you can profit from investing in foreclosures after the foreclosure sale.

If nobody at the auction offers the minimum acceptable bid, the lender buys back the mortgage. If the state has a mandatory redemption period, the lender waits until the period expires and then passes the property to its REO department (sometimes referred to as the OREO [Other Real Estate Owned] department, not to be confused with the cookie), which prepares the property for resale and typically hires a mortgage broker to place it back on the market. By dealing with a lender’s REO department or its mortgage broker, you may be able to purchase the property at a price that’s discounted far enough below market value to turn a profit of 20 percent or more.

The chapters in Part 4 explain how to find and buy REO properties and the following other properties that government institutions and law enforcement agencies take possession of and then often sell at deep discounts:

 Properties seized due to nonpayment of taxes

 Properties seized by customs and law enforcement agencies because they were paid for with profits from illicit activities

 Houses that were repossessed when homeowners defaulted on HUD (U.S. Department of Housing and Urban Development) or VA (U.S. Department of Veterans Affairs) loans

 Fannie Mae and Freddie Mac properties that were repossessed and then turned over to these government-sponsored loan programs

 Bankruptcy properties that are being liquidated to pay off loans

 Properties that the U.S. Department of Transportation purchased for road improvements and must dispose of after completing the improvements

When you buy a property from the government or a bank, don’t assume that you’re getting a good deal. Homes are typically sold in their “as is” condition. You must still research the title carefully and inspect the property with your own two eyes. If you see ads or late-night infomercials selling lists of bank-owned properties, don’t fall for the hype; these lists are usually outdated long before they arrive in your mailbox.