Buying Foreclosures by George Sheldon and Lorraine K. Rufe

• The Life of a Mortgagor
• Types of Legal Commitments
• Foreclosure
• Foreclosure Processes and Terms
• Judicial Foreclosure Processes
• Nonjudicial Foreclosure Processes
• Investing in Foreclosures (the Good and the Bad)
• Risks in Dealing with the Prior Owner
• Investor Pitfalls
• Present Market Conditions
• Finding Foreclosures Through Companies
• Finding Foreclosures in Other Ways
• Evaluating Your Foreclosure Find
• Pre-foreclosures
• Foreclosure Auctions
• Purchasing REO Properties
• Financing Your Foreclosure
• What to Do with Your Buy
• Determining Your Actual Costs and Profits
• Making Money with Short Sales
• Your First and Next Steps
• State Foreclosure Summary
• Sample Purchase Offer Letter for an REO Property
• Sample Assignment Letter for Purchase Agreement
• Additional Resources

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So you want to make some money investing in foreclosure properties? You are certainly going to be busy over the coming months.

There's a lot to learn to become a successful foreclosure real-estate investor. You have to learn the local laws, develop contacts, and start searching for properties. There is a certain amount of paperwork involved, too. It takes time to get started, but it is something you can do slowly. You can move as quickly or slowly as you desire.

There is no regulation or licensing to become a real-estate investor. You don't need a college education, a business license, or a lot of money. You simply start and, like the rest of the investors, jump into the sometimes murky waters. Your first foreclosure investment could be just days or weeks away. You will be spending most of your time searching for properties. After you find prospective properties, you need to make a purchase offer. Most of your first offers will be rejected (if not, you may have offered too much!). There will be negotiation, a back-and-forth exchange of offers and counteroffers. You won't buy every property you find, and most of your offers will be rejected.

So why become a foreclosure investor? The answer is simple: profit. The plan is not difficult: You buy properties at a low price and sell them for a higher price. The difference between your buy and sell prices becomes your profit.

When you do put together a deal, you can make thousands of dollars when you sign your name to the documents. Imagine making $10,000 a deal — and completing just one deal a month. And many investors make more than $10,000 on a deal!

You also have a lot of options. You can acquire both pre-foreclosure and foreclosure properties. You can buy and hold properties, or buy and sell them immediately. You can even sell your rights to the property before you actually purchase the property.

In these pages you will learn what it takes to be a successful real-estate investor of foreclosure properties. You will learn the basics of how to acquire foreclosure properties. And with each acquisition you stand to make more money than you ever thought possible.