Word: beitler
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...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 that needs to be done." It's little wonder that about 80% of the time, the company that holds the mortgage on a house buys it at auction...
...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.) The downside, from a buyer's perspective, is that even after a bank agrees to consider a short sale, it might taken months to respond to a specific offer...
...Still, if you're new to foreclosure investing, bank-owned properties are the way to start. "We highly recommend people flip a few REOs first to get their education," says Beitler. Yet even before that, experts say to attend a number of auctions having researched specific houses - dry runs without actual bidding. And keep in mind that you'll be going up against people who do this full-time. "This is a really a hard job," says Munn. "I tell my partner all the time, if it were easy, everyone would do it." That doesn't preclude everyone from wanting...
...WAYNE BEITLER...
...beds, and space for 25 to 30 cars, according to its website. However, residents of the area are not happy with the proposed plans, citing the “institutional creep” that they have experienced with other buildings in the area as a serious concern. Wayne E. Beitler, president of the Longfellow Area Neighborhood Association, said that some land to the west of the Weld Hill plot had already been developed into a home for the elderly by the city. “The city built a facility that was very modest, representing to the people that that...