Foreclosures - How to Get Started

What is the best way to get started in with foreclosures or other real estate. The best way to get involved with anything is the same jump right in.

How do you jump in and not make a costly mistake?

Glad you asked. Jump in as if you are going to buy your first foreclosure whether its from an owner, a bank or even from the court house steps right up to the actual purchase.

After or during the time of reading and taking classes before your eventual entrance into the foreclosure market jump into the actual work involved with research. Research 50 to 100 properties.

One of the best teachers is finding answers to many questions. As you proceed you will be faced with a multitude of questions from where to find each type of foreclosure, how to arrange financing plus much more. Questions will drive you to ask specific questions. Who to ask? Ask the people involved in the process. For example, nose around at the public trustees office. You may never buy at the court house steps but you will learn some invaluable information.

Sift through the trustees books. Take an in-depth look at one or two really messy foreclosures foreclosures with five or more liens. Look through each lien on the property and pay special attention to recorded dates and type of the liens. Pay attention to the date the lien was recorded and who holds the lien. Is it a first, second or third mortgage, an IRS lien or a mechanics lien?

There are different rules for different liens and different rules for redemption period of an IRS lien.

The benefits to all this work are apparent if you are going to deal in pre-foreclosure properties, dates and types of liens are important to closing the deal. If a property is two days from a public trustee sale you have little or no time left. If there is an IRS lien involved depending on the amount it could be a deal killer. Why waste time messing with a property that is impossible to work with. Also, you have learned an incredible amount about the foreclosure process which brings you one step closer to your first big deal.

One tool to have is a current copy of your States real estate laws. Its a good start but not absolutely complete. Ask the people in the Trustees office, especially the ones that have work in the office for a long time. Many times they have invaluable information of how the process works. If you can make contact with a title company representative and see if they will teach you about liens or take a course on liens. If you want to, spend a couple of dollars go see a real estate or foreclosure attorney not just any attorney but some one that specializes in foreclosures ask them about your States laws.

Finally, go see two or three commercial bankers or lenders and ask what the banks requirements are for loaning on a pre-foreclosure etc. This will open your eyes wide and further teach you an invaluable lesson on foreclosures.

Jump in and if you find a lucrative property then you can proceed. If you are not sure or need more information then get more information or back off. In researching properties you will learn more and faster than you ever expected.

Good luck and go get em.

John has been a licensed real estate agent for over 34 years. He has worked almost every facet of foreclosures and fixer uppers. He has been involved buying properties directly from the owners to buying properties on the Court House steps to redeeming on junior liens. In the buying and selling process John developed a tool that makes the process easier, quicker with fewer mistakes and eliminates emotions. Fixup can be seen at http://www.thewebsbest.org/fixup

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