Posts Tagged 'real estate auctions'

4 Things You Must Prepare Before Diving Into Bulk REO Packages

Posted on: January 18, 2011

Categories: Buy, Investors

Author: lbuen

Foreclosures Drowns Banks With Unwanted Assets

The turbulent waves of foreclosures continue to wash out distressed home owners who are unable to keep their finances afloat. As these combers ebb, their backwash brings back to shore hordes of homeless families for the government to look after and piles of foreclosed properties for the banks and developers to deal with. Unlike a seashell collector who may not mind the extra weight of the pieces she gathers from the shore, these institutions do not enjoy collecting these foreclosed properties as loads of them cause an imbalance to their financial statements.

Bulk REO Packages – Banks’ Life Jacket, Nourishment to RE Investors’ Pocket

That is why they have come up with bulk REO packages or groups of “real estate owned” by the bank that are greatly discounted for bulk purchases so that banks… Read the rest

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6 Things To Do Before Participating in Foreclosure Auctions

Posted on: January 11, 2011

Categories: Buy, Investors

Author: lbuen

6 Things To Do Before Participating in Foreclosure Auctions

Foreclosure auctions are a treasure trove of lucrative deals to real estate investors for they are rich sources of handyman specials. However, before embarking on this treasure hunt of bargains, doing one’s homework is essential to come prepared, ensure that you make a killing and avoid walking into a trap of losses.

The first thing you have to do is secure a “bidder’s package” which contains useful information including the particulars on the auctioned properties such as property description, a report on the title, survey and financial data.
Decide on which property or properties you are going to bid on in advance and get to know it. Drive by the selected property to give you a picture of its condition so that you can estimate the needed repairs. Hiring professionals for assessing the property and estimating repair costs

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