Just because the housing market is horrible for some and great for others does not mean there are capital gains opportunities in high-yielding Real Estate Investment Trusts (REITs) for everyone. While the idea of making money is good, foreclosure investing might seem appealing but there is a downside. In many cases, foreclosure buyers are seen as the vultures of the real estate world, profiting from others’ misfortunes. “There is well a deserved stigma associated with this from the old school of thought, If done honestly and professionally, the process can be a win-win for both buyer and seller.
What is a pre-foreclosure property? It is a house whose owner has gone into default on his or her mortgage payments but one which the lender has yet to repossess. This, according to industry insiders, is the crux of all foreclosure investing. “You are able to leverage an exclusive deal with a motivated seller, before the competition knows about it.”
For those who like putting real estate deals together, without being a total financial specialist, the pre-foreclosure system maybe the launching for most. However training is still critical. Trying to figure out someone’s financial picture in a few minutes is not the goal. The more training is required to be able to focuses on how to explain why the homeowner selling their house is a good option for you and them.
An important critical step is how to figure out all the costs involved: repairs, selling, commission, insurance, taxes, title, and escrow fees. At that point, then you’re ready to approach the bank and test the waters to see if that price matches expectations.
Watch Video Regarding Colorado Foreclosure Process Learn more about Foreclosure Scams
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Jeffery McClintock, is a real estate broker in Denver and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.
Jeffery has been a licensed Realtor since 1995. During this time he has successfully closed over 135 million dollars of residential real estate, and 40 million dollars in un-improved land amounting to 660 individual real estate transactions. His professional experience includes the Denver Colorado front range and the Second Home market in Breckenridge, Colorado located in Summit County.
