Finding Foreclosures
An Insider's Guide to Cashing In on This Hidden Market
Overview
Discover Hard-to-Find Foreclosures at Rock Bottom Prices!
Foreclosures are the ultimate bargain, and there's never been a better time for you to cash in on the booming foreclosure market. Imagine the thrill of buying a house, vacation home or investment property for as little as half price-some are discounted even more!
Until now, foreclosures were difficult to find and even harder to buy. Most of the great deals were hidden, purchased early in the pre-foreclosure stage by in-the-know professional investors before they ever made it to a public foreclosure list.
Not any more. Real estate experts Danielle Babb and Bill Nazur have leveled the playing field by making this once-privileged information available to you. Armed with their significant knowledge of the foreclosure market and notable expertise in using revolutionary internet tools recently made available to the general public, you'll have everything you need to find and buy your dream property.
You'll learn how to:
- Spot foreclosures before other investors
- Find amazing deals in the pre-foreclosure stage
- Identify great properties using powerful but easy-to-use internet tools
- Negotiate with sellers and win auctions with exclusive strategies
- Estimate market value and secure funding
The insider information these foreclosure specialists divulge on how to find, value, negotiate and win is your key to the inner circle and will put you on the inside track to saving big money.
Please click the links above to view the table of contents, included tools and resources, user testimonials, author biography and company overview.
Finding Foreclosures
An Insider's Guide to Cashing In on This Hidden Market
Table of Contents
Introduction to Foreclosures
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| Why Foreclosures, and Why Now? |
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xi |
Chapter 1: What is a Foreclosure?
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| Common Reasons for Foreclosure |
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2 |
| What Happens When a Home is Foreclosed On? |
|
5 |
| State-Dependent Actions |
|
10 |
Chapter 2: The Creative Loan Era
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| The Fixed-Rate Mortgage |
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12 |
| The Adjustable Rate Mortgage (ARM) and Interest-Only Loans |
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16 |
| Conventional Mortgages |
|
17 |
| Federal Housing Authority (FHA) Loans |
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18 |
| Veterans Administration (VA) Loans |
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22 |
| No-Documentation and Low-Documentation Loans |
|
24 |
| Negative Amortization Mortgages (NegAm) |
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28 |
| Neg-Am Mortgages and Increasing Defaults |
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31 |
| Owner-Occupied and Non Owner-Occupied (NOO) Residencies |
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35 |
| Good Faith Estimate (GFE) |
|
36 |
| Prime and Sub Prime Lending |
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42 |
| Financing a Foreclosure With Less-Than-Stellar Credit |
|
45 |
| Finding the Right Lender for your Foreclosure |
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48 |
| The Future of Mortgage Banking |
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51 |
| Appraisals in the Loan Process |
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56 |
Chapter 3: Why Banks Do Not Want to Own Property
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| The Logic Behind Banks Not Wanting to Own Property |
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62 |
| Bank’s Liquidation – Your Gain! |
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65 |
| Bank Departments and Duties |
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66 |
Chapter 4: Ways to Find Foreclosures
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| Keep Your Home – Everyone Wins |
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75 |
| Avoid Scams – Keeping Yourself Out of Trouble |
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77 |
| Banks and Credit Unions |
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79 |
| Buying Homes Not Sold at Auction |
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84 |
| Networking and Other Professionals |
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85 |
Chapter 5: So You Want to Make Money in Foreclosures!
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| Online Foreclosure Searches |
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89 |
| Scouting Pre-Foreclosures Online |
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92 |
| Owner Goodwill Can Earn You Money |
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97 |
| Credit Scoring and Assets |
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98 |
| Improvements and Do-It-Yourself (DIY) Projects |
|
100 |
| Research and Preparation |
|
101 |
| More Tips and Tricks to Finding Great Foreclosures |
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107 |
| Special Issues In Financing Foreclosure Deals |
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110 |
| How Fast Can the Bank Close the Deal? |
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113 |
| The Deal Went Through – What Now? |
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114 |
Chapter 6: Gotcha’s in the Foreclosure Market
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| Common Mistakes the Foreclosure Investor Makes and How to Avoid Them |
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117 |
| Not Performing Due Diligence |
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119 |
| Avoiding a Home Inspection |
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120 |
| Issues With the Property Itself |
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129 |
| Beware of Existing Tenants |
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130 |
Chapter 7: The Role of the Internet
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| Foreclosures – A Business |
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133 |
| Web v2 – Changing the Hunt for Foreclosures |
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134 |
| The Internet's New Role in Foreclosure Deals |
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135 |
| The Internet and Lending |
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137 |
| Valuation and the Web |
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139 |
| Close the Deal Using the Internet? |
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141 |
Chapter 8: Partnering in the Foreclosure Market
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143 |
Glossary of Foreclosure Terms
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157 |
Important Contact Numbers and Websites
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160 |
Finding Foreclosures
An Insider's Guide to Cashing In on This Hidden Market
Testimonials
Finding Foreclosures is the first book in Marc Kramer’s list of “Top 10 Books to Boost Your Business Know-How.” (see http://www.thestreet.com/ for the full document).
Finding Foreclosures, by Danielle Babb and Bill Nazur. Although the Federal Reserve is lowering the interest rates, the number of people losing their homes is still growing quickly. There are tremendous opportunities for people who want to own real estate and have a long-term view of the real estate market.
The Street: by Marc Kramer
Finding Foreclosures, written by "insiders" Babb and Nazur, is a must if you're interested in making money in the current market of foreclosures. I knew very little about foreclosures before I picked up this book but now feel well informed about the foreclosure process, how to find properties while in the pre-foreclosure stage, negotiate the deal, and use the Internet to my advantage. The book is easy to read with helpful boxes, "Finding the Facts" and "Authors Notes," to provide examples and zero in on useful information. Get in the know and buy this book today!
Arlene Blix
If you want to find out how foreclosures REALLY work, then this is the book you should have. There are plenty of resources out there, but this is the most comprehensive and straight forward. If you are a novice, then I would certainly recommend that you don't take a single step prior to reading this book. If you are a seasoned investor, then this book can still show you what you may have been doing wrong.
Authors Babb and Nazur obviously have insider knowledge to the foreclosure market. If you're serious about investing and making real money, then spend the time to read this book.
Alex Laze “Behind the Orange Curtain”
More Informed on Finding Foreclosures
Book was very informative on current housing market in Southern California and all over the United States. Enjoyable to read, book was set up as reference guide, data was easy to refer to. Finding Foreclosures is a wealth of knowledge that will educate and enable you to take advantage of real estate investments. Before you start your search, I highly recommend reading Finding Foreclosures: An Insiders Guide to Cashing in on This Hidden Market.
J. Groseclose
A good reference material, this book is a must-have for new investors trying to learn about this hidden market or seasoned investors trying to keep up with the changing trends.
Concise and straight to the point, this book puts my other reference materials to shame.
Cheers!
Arnold Noche
A MUST HAVE FOR ANYONE INVOLVED IN REAL ESTATE!!!
I have to tell you how much I enjoyed reading Finding Foreclosures. Thank you very much for the opportunity of an advanced viewing, I will be encouraging everyone I know (whether in RE or not) to pick up a copy as soon as possible. It will easily serve as a regular reference by the seasoned veteran as well as must have foundation of knowledge for anyone just getting into Real Estate.
Like Commissions at Risk, Finding Foreclosures is chock-full of useful information and priceless tips and 'secrets'. I can't wait to put all of this insider knowledge into everyday practice.
Holding my breath in anticipation of Real Estate v2.0!!!
Kudos
Michael S. Hill
Finding Foreclosures
An Insider's Guide to Cashing In on This Hidden Market
About the Authors
Danielle Babb, PhD, MBA
Investor, Consultant, Professor, Real Estate Expert and Author
Danielle Babb is an accomplished technology professional with years of experience in the real estate industry. She has worked as an IT Leader in residential, commercial and multi-unit real estate. She has worked for seven years at several Fortune 500 real estate companies in the Technology field, and is currently a consultant working with real estate organizations looking to improve their potential. She is the author of three real estate books; Commissions at Risk: A Real Estate Professionals Guide to Beating Online Competition, Finding Foreclosures: An Insider’s Guide to Cashing In on This Hidden Market, and Real Estate v2.0.
Danielle has a PhD in Organization and Management with a Technology emphasis, as well as an MBA with a technology emphasis. Dr. Babb has written and presented numerous papers on technology and business and has become a specialist in the field of technology's impact on business. She has presented her own papers and research nationally and internationally at conferences in technology such as the International Symposium on Computer Science in China, and teaches Technology and Management courses at the masters and doctoral level.
Dr. Babb regularly presents for multiple days on hot topics in IT and counsels individuals and organizations on their need and use of technology. She is published in journals and trade magazines and has an incredibly large audience upon which to draw potential readers that already frequent her web site, listen to her presentations and review her research. She offers her clients the ability to learn how to use technology at its best and to understand the role technology plays in their business.
Dani is a California Licensed Real Estate Professional. She invests in all types of real estate nationwide and brings many years of investment and consulting experience to her audiences and readers. She’s been a featured guest on MSNBC, Your World with Neil Cavuto, Cashin' In, ABC and many other shows as an expert in technology and real estate.
Bill Nazur
Real Estate Mortgage Officer, Real Estate Expert, Author
Bill Nazur boasts a 95% ratio of return clients in the ever-competitive mortgage industry. A key to his success lies in his ability to review and understand each client’s specific needs, and customize a mortgage that will help each client satisfy their individual desires. Though he works on originating mortgage loans, Bill has a network of trusted advisors consisting of Certified Financial Planners, CPA’s, Realtors, Brokers, and even other bankers, from which his clients greatly benefit. With over 20 years of experience in Sales, Marketing, and Finance, Bill has worked with every client ranging from first time homebuyers, to the most discriminating investor, having financed over 200 clients each year for the last five consecutive years.
Bill has worked for major lending institutions, such as Bank of America, Washington Mutual, and the Cambridge Funding Group, as well as in the sales, marketing and finance with Marriott and Starwood Hotels since 1987. Bill has been a multiple year President’s Club recipient and Top Producer since 1989.
Bill has membership and serves in several professional organizations, such as the National Association of Hispanic Real Estate Professionals, the Pacific West Association of Realtors, and the Women’s Council of Realtors of Whittier, helping hone his skills and acquire new ones in a continually changing real estate environment throughout the United States. He is also a licensed California Real Estate Professional.