Many investors don't want to deal directly with homeowners, and want to avoid the completion in the auction process. They'd rather buy properties from the new owners. The auction close doesn't signal the end of the opportunity to acquire foreclosure properties, but the beginning of the foreclosure investing. There are various opportunities and resources for tracking down post-auction properties. You can find foreclosure properties from REO, government properties and other investors. You can make a good profit by focusing on any one of the categories.
REO properties
In the foreclosure auction, if nobody in the auction offers more than a minimum bid, the bank has to offer a bid and take possession of the deed. Properties that owned by banks are known as REO or OREO. Because banks are not in the business of selling properties, to sell the properties requires a lot of extra effort in marking. To go through the process costs banks additional money, they're often willing to negotiate sales with investors rather than place the properties on the market and go through the complicated process. In order to recover the bad debt as soon as possible, the bank's REO manager may require investors to buy two or more properties in a package deal. The drawback of buying from banks is that you have to buy one not-so-promising property in order to purchase the one that has more potential.
Government properties
The United States government sponsors several programs to encourage home ownership, Often, when the economy gets bad, unemployment rate is high; many of the borrowers default on these loans, and the government ends up with the properties. Apart from that, state and local governments may seize properties for infrastructure improvements or as a result of unpaid taxes or criminal activities. Therefore, the government often ends up with properties that it doesn't need or want. The government then would sell these properties to the public; it provides foreclosure investors with opportunities to buy properties at deep discounts. Following is a list of common resources for government-owned properties: HUD and VA repos, State department of transportation, State or county ทาวน์เฮ้าส์มือสอง กรุงเทพ drug enforcement agency and County sheriff's office.
Buying properties from other investors
Some foreclosure investors are in business of discovering and acquiring foreclosure properties and reselling them. These investors are foreclosure wholesalers. They usually charge you a mark up or finder's fee in compensation of the effort they make in finding the property. If you are a beginner investor, and have difficulty of tracking down foreclosure properties, you can consider buying from wholesalers.
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