Word: auction
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Dates: during 2000-2009
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...Consider that courthouse auction. When a homeowner loses a house to foreclosure, the property is publicly auctioned on the county courthouse steps in an atmosphere that's often chaotic and crowded with lawyers, bank representatives and onlookers. A folio number is called and the bidding begins. Within a minute, the whole thing is over and the house has a new owner, who has to pay for his purchase with cash, sometimes...
...Investors who buy houses at public auction can see a 25% to 35% return on their money - but with that comes the reality that the house is sold as is. That might very well mean that a family is still living there (get ready to start eviction proceedings), that there's a second mortgage no one bothered to mention, or that the house is in major disrepair (forget about arranging an inspection before an auction). "This isn't for novices," says Todd Beitler, co-author of The Complete Idiot's Guide to Buying Foreclosures. "There's a lot of research...
...slightly less risky way to play foreclosures is to pounce before a house even makes it to auction. When foreclosure proceedings start, a notice of default is filed at the local courthouse and often runs in the newspaper, as well. Potential investors can also buy access to listings on web sites such as Foreclosure.com, RealtyTrac.com and ForeclosureNet.net...
...deal for the house. Just keep in mind that this is a person who is in financial distress and likely swamped by other opportunists like you, not to mention attorneys and real estate agents, knocking at the door. Due diligence is just as important as when buying at auction, since a homeowner can hide unsavory details like the condition of the house, liens or unpaid taxes...
...increasingly popular way to get at a house before it goes up for auction is to try for a short sale, a transaction in which the mortgage lender agrees to take less money that it is owed. A bank can easily spend tens of thousands of dollars to move a house through the entire foreclosure process, so as default rates soar, more are willing to negotiate with real estate agents representing a bid that's technically too low. (Short sales are becoming so commonplace that Beitler added a chapter about them in the upcoming second edition of his book...