Jan

Peter Conti Releases a New Book on Foreclosure Investing

By Emily

After posting yesterday about asking for help with real estate investing, I found I have a little extra help to offer you!

One of my mentors, Peter Conti, has just released a new book on foreclosures!

As you know if you’ve been reading the news, the banks are in a downward spiral as many homeowners start losing their home due to adjustable rate mortgages that they can’t cover the payments for.

Did you know foreclosures are UP about 25% compared to the same period last year? That’s about 114,397 more foreclosures than in the same period last year.

Almost half a million homes went into foreclosure in the FIRST quarter of 2007 alone. And the situation doesn’t look like it’s getting better any time soon.

There’s no question that this is a good time to be buying foreclosures if they’re on the rise in your state. Since I work with students all over the country, I know that some areas are "better" than others for foreclosures right now. For example, we’re not seeing a huge increase here in Seattle, or Charlotte, NC where the market is still strong. But some placed like Florida, California, Ohio, Colorado and Michigan have blood in the water right now.

If you’re involved in real estate investing, and you want to get a good, affordable look at what is involved in bringing this niche in the market into your arsenal of tools and solutions that you can offer sellers, then definitely check out the new Insider Secrets for Buying Foreclosures.

There are a number of ways to buy homes in foreclosure:

1) Find the seller in the "preforeclosure" stage when they are behind on payments, but haven’t lost the house at the public auction, yet. There are a lot of good deals to be found here… you can take over payments on the seller’s house, buy it for cash, or negotiate a discount with the bank (called a "Short Sale") in order to reduce the payoff on the mortgage balance.

These techniques involve finding the sellers before they lose their home. The book will get into this information… the sellers are easy to find since they’re on a public list… you just have to know what to say to them to get them to work with you, and not the other investors who are knocking down their door!

2) Buy the house at public auction on the courthouse steps. I discussed this technique in a recent post on buying foreclosures at auction. The idea here is that you go to the courthouse with cash (or money order) in your pocket and get prepared to bid and buy that same day!

3) Wait for the bank to take the house back and buy it after the auction. If an investor doesn’t buy it at auction, it will go back into the bank’s REO (Real Estate Owned) Inventory, and the bank will list it and sell it through a real estate agent. This is how I’m buying my Charlotte REO house. Often banks start out wanting to sell the homes for "full price" but back down and take big discounts once the home has sat on the market for a while.

So, there are a lot of good ways to buy homes in foreclosure. This book focuses on the first method, and if you’ve been wondering what all the fuss is about, or how you can find homeowners in foreclosure (talk about "motivated sellers!") and negotiate deals with them, then you should definitely check out Peter’s new book!

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