Foreclosure Myths
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Foreclosure Myths: 77 Secrets to Saving Thousands on Distressed Properties!

Foreclosure Myths: 77 Secrets to Saving Thousands on Distressed Properties!


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About the Book

Learn the whole truth about foreclosures and discover some real bargains with the myth-busting information in Foreclosure Myths: 77 Secrets to Saving Thousands on Distressed Properties!. Find out the truth about seventy-seven persistent myths that prevent would-be homeowners and real estate investors from taking advantage of tremendous profit potential. Understand how to find, evaluate, and buy foreclosure properties at a discount, including how you can use other people's money to finance your investments through firsthand stories from top industry professionals and handy resources like government foreclosure guidelines.

Table of Contents:
Forword by (Dr. Gary Lacefield). Acknowledgments. About the Authors. Introduction. 1. Getting Started. Myth #1. I'm Taking Unfair Advantage of Someone Else's Misfortune. Myth #2. Foreclosures Only Happen in "Bad" Neighborhoods and During Economic Downturns. Myth #3. Foreclosures Are Always The Result of Financial Irresponsibility. Myth #4. The Average Person Can't Find Foreclosures-You Have To Be an Insider. Myth #5. I Need a Lot of Money to Get Started. Myth #6. If Foreclosure Rates Are Rising, Buying Doesn't Make Sense Because There Are Too Many Homes Already on the Market. Myth #7. The Process Is Incredibly Time-Consuming; There's No Way to Get Started If I Already Have a Full-Time Job. Myth #8. I Have To Be An Expert. Myth #9. Real Estate Agents Won't Help Me with Foreclosures-There's Nothing in It For Them. Myth #10. I Can Do This by Myself. 2. The Foreclosure Process. Myth #11. The Process Takes a Long Time. Myth #12. I Can't Get It-It's in Bankruptcy. Myth #13. I Can't Help Out The Homeowner. Myth #14. They'll Save the Property, and I'll Be Out My Time and Money. Myth #15. They Can Still Cancel the Sale. Myth #16. I Have to Wait Until It's Listed with a Real Estate Agent. Myth #17. It Was Published in the Paper, So I Can Buy It Now. Myth #18. I Have to Wait Until the Auction to Buy the Property. Myth #19. If I'm Not The High Bid At Auction, I Can Forget Buying The House. 3. Finding the "Right" Properties. Myth #20. Every Foreclosure Is a Good Deal. Myth #21. I'm Buying a Home at the Foreclosure Auction. Myth #22. Courthouse Auctions Are the Only Source of Foreclosure Properties. Myth #23. Real Estate Agents Always Have First Crack At The Good Deals. Myth #24. I Can Find Better Deals Outside My Own Area. Myth #25. Foreclosed Properties Are Always Trashed and Need Extensive and Costly Repairs. Myth #26. Something Else Is Wrong with the Property If It Was in Foreclosure. Myth #27. I Don't Need an Inspection. Myth #28. I Can't Get Inside, So There's No Way for Me to Estimate the Property Value. Myth #29. Never Bid on a Second Mortgage. 4. Analyzing the Deal. Myth #30. I Found the Opportunity Too Late-There's Not Enough Time. Myth #31. I Found the Opportunity Too Early-I'll Probably Waste My Time. Myth #32. I Can't Get a Good Deal Through a Real Estate Agent. Myth #33. I Can't Get a Good Deal from Bankruptcy. Myth #34. I Can't Get A Good Deal On a Government REO. Myth #35. I Can't Get a Good Deal from the Lender. Myth #36. The Purchase Price And My Fix-Up Costs Are The Only Costs I Need To Consider. Myth #37. I Should Adjust My Bidding Strategy Depending on How Many Bidders Show Up and How Eager. Myth #38. It Doesn't Matter Where Its Located; Since I'll Pay Well Below Market Value, the Location Isn't Important. Myth #39. I Shouldn't Bring in Experts to Help Me Analyze the Deal; the Fewer People Who Know It's Available, the Better. 5. Financing the Property. Myth #40. Interest on Loans from Private Investors Is Too High. Myth #41. Lenders Don't Want to Deal with Little Ole Me. Myth #42. Lenders Won't Be Willing to Talk to Me Until I Have a Deal on The Table. Myth #43. I Should Use as Much of My Own Money as Possible. Myth #44. I Can't Use FHA or VA Financing. Myth #45. I Can't Use a Home Equity Loan to Finance the Property, Since I Don't Own the Property Yet. Myth #46. Since The Property Is Already in Foreclosure, I Can't Assume the Owner's Loan. Myth #47. The Property Has to Be in Good Shape to Get Financing. Myth #48. Taking on a Partner Will Merely Cut into My Profits. 6. Securing the Property. Myth #49. Once I Purchase the Property at Auction, I Can Take Immediate Possession. Myth #50. Only Real Estate Pros Are Allowed to Attend Real Estate Auctions. Myth #51. There Will Be Lots of People Bidding against Me. Myth #52. The Higher The Bidding Goes, and the More People Bidding, the More Likely It's a Great Property. Myth #53. I Won't Be Able to Get Good Title to the Property. Myth #54. I'll Have to Pay the Back Taxes and Insurance. Myth #55. I Can't Force The Previous Owners to Vacate the Property. Myth #56. I Don't Need Insurance Until the Previous Owners Move Out and I Take Possession of the Property. 7. Cashing In! Myth #57. I Need to Finish Renovations Before I Sell. Myth #58. The More I Put into a Property, the More Return I'll Get. Myth #59. I'll Save Money and Make More Profit If I Make All Repairs and Upgrades Myself. Myth #60. I Can't Make A Profit. Myth #61. I Won't Be Able To Sell It - They Couldn't! Myth #62. I Already Have a Home; My Best Bet Is to Flip the Foreclosures I Purchase. Myth #63. The Property Will Be Easiest to Flip When It's Market Ready. Myth #64. It's a Foreclosure; I'll Still Make a $10,000 Profit! Myth #65. I Should Feel Guilty. 8. Avoiding Disaster. Myth #66. I'm an Experienced Real Estate Investor, So I Don't Need to Do My Homework. Myth #67. I Am Familiar with the House, So I Don't Need to Inspect It. Myth #68. The House Looks Great-It Won't Need Many Repairs! Myth #69. This House Is Amazing-It's Worth a Fortune! Myth #70. I Can Trust What the Homeowners Tell Me. Myth #71. If I Find Myself in Financial Difficulty, I'll Never Escape Foreclosure. Myth #72. I'll Be Able to Flip This House in a Couple of Weeks! Myth #73. If I Make Some Repairs Before I Take Possession of the Property, I'll Save Valuable Time. Myth #74. It's a Stretch, but I Think I Can Make an Extra $10,000 on This Property. Myth #75. I'm Making Good Money on Real Estate, but I Should Keep My Day Job. Myth #76. I've Put So Much Time into This Deal-I Refuse to Let Anyone Outbid Me! Myth #77. Foreclosure Investing Is Just Too Complicated-I Can't Do It. Appendix. Resources. Sample Forms & Checklists. State Foreclosure Guidelines. Index.

About the Author :
Ralph R. Roberts is a real estate investor and an award-winning speaker and author whose other books include Foreclosure Investing For Dummies, Foreclosure Self-Defense For Dummies, and Walk Like a Giant, Sell Like a Madman, all from Wiley. For more information, visit www.AboutRalph.com. Chip Cummings has spent twenty-five years in real estate finance, with more than $1 billion in loans as a broker, banker, and president of several mortgage companies. He has helped thousands of homeowners obtain their own homes and investment properties, is a certified trainer for the National Association of Mortgage Brokers, and is a former president of the Michigan Mortgage Brokers Association. His other books include Mortgage Myths, from Wiley. For more information, visit www.ChipCummings.com.


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Product Details
  • ISBN-13: 9780470289587
  • Publisher: John Wiley and Sons Ltd
  • Publisher Imprint: John Wiley & Sons Ltd
  • Height: 231 mm
  • No of Pages: 224
  • Spine Width: 15 mm
  • Weight: 259 gr
  • ISBN-10: 0470289589
  • Publisher Date: 02 Sep 2008
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Sub Title: 77 Secrets to Saving Thousands on Distressed Properties!
  • Width: 152 mm


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