kenvanliew.com » Short Sales http://kenvanliew.com/blog Life mastery and success systems... Fri, 05 Feb 2010 15:59:51 +0000 http://wordpress.org/?v=2.8.5 en hourly 1 Short Sale and Foreclosure Opportunities 2 http://kenvanliew.com/blog/2010/01/21/short-sale-and-foreclosure-opportunities-2/ http://kenvanliew.com/blog/2010/01/21/short-sale-and-foreclosure-opportunities-2/#comments Thu, 21 Jan 2010 20:54:22 +0000 Admin http://kenvanliew.com/blog/?p=159 How can this pose as an opportunity to you? If you find a foreclosed property that is for sale for the amount of the lien, the sale is pretty straight forward. Just pay what is owed and the property becomes yours, which can be resold for current property values. If the property is sold at auction, you must do your homework. At auction, the property is put up for sale at a minimum bid, and then bid upon until the person willing to pay the most for it wins the property. By doing your homework, you will understand what the property is worth and avoid over paying for a property that looks great, but is in a low value neighborhood.

A short sale property is when the bank has taken possession of the home and is willing to resell it for less than its value or the amount due on it, to keep its loss to a minimum. This opens up another opportunity for the investor to buy a property at a low price and resell it at current value. Contacting banks and asking them for short sale lists, is an option to buy property this way and another is to contact a real estate agent specializing in short sale properties.

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]]> http://kenvanliew.com/blog/2010/01/21/short-sale-and-foreclosure-opportunities-2/feed/ 3 Short Sale and Foreclosure Opportunities 1 http://kenvanliew.com/blog/2010/01/18/short-sale-and-foreclosure-opportunities-1/ http://kenvanliew.com/blog/2010/01/18/short-sale-and-foreclosure-opportunities-1/#comments Mon, 18 Jan 2010 20:51:46 +0000 Admin http://kenvanliew.com/blog/?p=156 It is no secret that many people have defaulted on their home loans. Personally this sad story is one of the major reasons that the economy is in so much trouble, but this story can have a happy ending for you. With all the foreclosed homes across the country, that means a ton of opportunity for you to get in there and buy low and sell high. The trick is to understand what is a short sale or foreclosure opportunity and how to take advantage of it.

A foreclosure is where a person or company with a lien on the house forces the ownership of the house from the listed owners to its possession for sale to cover the existing debt. Most commonly this is the bank holding the promissory note on the home, but can also be a government agency seeking taxes owed or private company seeking to be repaid for a debt.

When these properties are found they may be purchased at auction or for the amount owed on the lien, which is generally significantly less that the property is worth.

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