How to research the profit potential of a foreclosure

[gabbygary1]

Never expect the owners of pre-foreclosure properties to tell you everything you need to know about their properties. Keep in mind that these people are under severe pressure. Even though you are offering them a way to pay off their debts, they may be angry at their unfortunate situation. Some will, of course, come to view you as a savior, while some will deal with you only reluctantly because you are their best hope, but few will be entirely honest about any problems their home may have. After all, they want to sell it to you at a highest price they can, and it is unlikely they will reveal anything that might reduce the amount of money you are willing to pay. m The old saying "buyer beware" is one that you should make a tenet of your business sense.
Perhaps the best place to start your research of a potential property is the county records. Check the county records to determine if the property has any encumbrances or liens against it. Also look for mortgages on the property, judgements, and any other information that may help you decide whether or not the property is worth your investment. Note: Be especially vigilant in researching properties you may be considering under a sheriff's/trustee sale. In such sales, you buy the property as is, including any liens or encumbrances.
At first, you may find all the information available in the county records somewhat overwhelming. This is a common experience. With a little practice, however, the task will soon become simple. Don't be afraid to ask the personnel there for help in finding the information you need.
It is vital that you understand exactly what the purchase of the property entails. If you are not sure of some of the terminology...the recording systems used for county records vary...ask. It is also advisable to consult with your attorney before making any final decisions on the purchase of a property.
When you buy a property from the owner or from a sheriff's/trustee sale, you not only purchase the property but any liens or encumbrances that are on the property. Once you take possession, any liabilities the owner had on the property are now yours.
Hope you found this informative. Always Respectfully, Gary Putman,Founder, GLP Funding Group
http://www.glpfundinggroup.com email: glputman@hotmail.com fax 1-515-864-0069

[shortsaledude]

Everything Gabby said is ... the gospel truth! A part he left out, however, is how totally idiotic some of these lenders can appear to be about money. You would think a bank would be smarter, when you're negotiating to net them as much as the market will bare.

When it may be totally obvious to a short sale investor that what you're offering to pay off of a junior lien should be a no-brainer for them to accept, they most likely have some hidden agenda going on behind the scenes which makes their "nonsense" plausibly logical.

What else could explain their absurd behavior? Drugs?

[shortsaledude]

Whoops! I accidentally deleted a post from "DanL" on this topic. Sorry DanL!

Repost if you like. I had moved the topic here but accidentally left it shadowed over in the "News and Announcements" forum. This topic was inadvertently posted there and I thought that when I was deleting the "shadow" post, it wouldn't delete the real one. I was mistaken.

I've made a mental note of that procedure and hopefully won't repeat that booboo soon.

Please repost, if you remember what it was you were talking about...

[DanL]

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[stegner00]

Please be so kind as to discuss it further. I'd like to know more about it as I'm interested in acquiring a foreclosed Property in Vietnam.