How to Buy Bank-Owned Properties for Pennies on the Dollar: A Guide To REO Investing In Today's Market
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How to Buy Bank-Owned Properties for Pennies on the Dollar
A Guide to REO Investing in Today’s Market
In recent years, banks and lending institutions have foreclosed on several million properties, and now they have to unload them—at fire-sale prices. As banks desperately seek buyers for these properties, homeowners and investors have opportunities they may never see again in their lifetime.
In his new book, How to Buy Bank-Owned Properties for Pennies on the Dollar: A Guide To REO Investing In Today's Market (Wiley, Hardcover & e-book, November 2011, 978-1-1180-1834-7) Jeff Adams, a former financially stressed firefighter who is now the nation's leading expert in foreclosure and real estate owned (REO) investing, explains the easiest ways to find the best REO deals in any market, access private lenders and cash, find qualified buyers and quickly maximize profits.
“In the wake of the Great Recession, and the bursting of the real estate bubble, American banks have been repossessing homes at the rate of more than 1 million per year and a big chunk of those foreclosures didn't sell at auction and thus became bank owned properties,” says Adams. “It’s the perfect storm that creates high profit potential for investors who understand how and where to find the information to turn this tragedy into a viable business opportunity and help America’s real estate market get back on its feet.”
How to Buy Bank-Owned Properties for Pennies on the Dollar shows readers how to negotiate the best possible terms with the REO department of a bank or lender, including step-by-step instructions and no-nonsense advice on finding great deals, estimating fair market value, and closing the deal. It provides additional detailed guidance such as:
- How to utilize simple ready-made worksheets, checklists, forms, and agreements that make getting started easy.
- Insight about why REO investing saves time and money compared to traditional foreclosures and short-sales
- How to secure cash when you don't have any of your own to invest
- How to research your market, create an investment plan, and develop an exit strategy
- How to find the best REO agents and get them on your side
- How to buy from banks directly, including negotiation tactics, and how to present yourself as a strong buyer
- What to do next: wholesale the property to another investor, fix it up and sell it at retail, or rent the property for a positive monthly cash flow
“I know what it’s like to be fearful and struggling, and desperate to find a way to financial freedom. I was there and REO investing changed my life – but I became successful and learned the ropes by trial and error,” adds Adams. “REO deals can go wrong in many ways, but I am showing readers what they need to know to avoid those traps, get the best financing and turn those investments into a steady stream of income.”