About once a month I have the pleasure of hosting a webinar for RealtyTrac users called Foreclosure Buying 101.
The webinar also includes a demo of the RealtyTrac website. It’s primarily designed to help new RealtyTrac free trial subscribers learn about how to buy foreclosure homes and how to use our website, but I thought much of the information here would be of interest to a broader audience.
In the webinar we cover the following:
- How the foreclosure process works: we cover the basics of what foreclosure is and how the foreclosure process works, from the time a homeowner stops making his or her monthly payments to when the property is repossessed by the foreclosing lender or purchased by a third party at the foreclosure auction.
- The 3 foreclosure-buying opportunities: during the foreclosure process there are three opportunities to purchase foreclosure homes, and each opportunity comes with its own set of rewards and challenges.
- Five steps to buying a foreclosure: there are five basic steps to buying a foreclosed home. We walk through these steps and then show how to put some of these into practice with the help of the RealtyTrac website during the demo.
- RealtyTrac search, sorting and filtering tips: during the live demo we go through some of the tips and tricks for using the RealtyTrac website to find the foreclosure listings in your area that match your criteria.
- Analyzing bargain & profit potential of foreclosure properties on RealtyTrac: we also show you how to use tools available on the RealtyTrac website to analyze the bargain potential and investment potential of home foreclosures once you find some that interest you.
One of my favorite parts of the webinar is the question and answer portion at the end. In my most recent webinar, some of the questions that came up were the following (I’ve paraphrased):
- What options do homeowners have to avoid foreclosure after they start the foreclosure process?
- Why does the property go to a public foreclosure auction?
- If you buy a home at the foreclosure auction, have the homeowners moved out?
- What is the best way to find the REO manager at the bank listed on the property details page on RealtyTrac?
- Why are some bank foreclosures and other foreclosures listed on RealtyTrac already sold?
- How can I find the foreclosed homes for sale available for making online offers on RealtyTrac?
In future articles I’ll plan to answer some of these questions in more depth.
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