When I first started investing, most of my transactional paperwork was purchased from various national authors from Webinars and boot camps. It was pretty much true that these authors said “make sure you have your local attorney adjust these forms or make your own.” However, like most folks, I was directly using the forms included in my generic paperwork set from my various workshops.

Two events happened that dramatically changed my mind (and my paperwork!) about using these “generic” forms: First, I started closing many deals with a local real estate attorney who basically “shredded” my generic contracts. Second, the legislature in my State passed new foreclosure laws that specified how these deals were to be conducted and even what font type and wording was to be used in the contracts. Of course, the new rules carried with them the threats to do these deals correctly or we can fine you and/or “toss you in jail.”

So what did I learn from all of this?

First, I make sure that my agents use the correct State Commission-based forms that contain all of the required foreclosure disclosures–on buying and selling.

Second, If I am using my own forms (Purchase and Sale contracts or Option contracts), I make sure these forms have all of the necessary foreclosure verbiage plus the required disclosures.

Third, I have a contract with my agents with the appropriate disclosures and the working relationship specified between the agents and myself.

Fourth, I have a separate document between the homeowner and myself with the appropriate disclosures and the details of the transaction. It is hard to have too much disclosure in foreclosure (short sale) transactions.

I must admit, after my attorney OKs my process and forms, I do sleep better.

One of the biggest mistakes that a real estate investor can
make is to have nonexistent, ill-prepared, or insufficient
paperwork that is used to close deals. With all of the legal
oversight popping up in most State’s foreclosure statutes,
using the proper paperwork for the short sale investor is
crucial. When I first started investing, most of my
transactional paperwork was purchased from various national
authors from Webinars and boot camps.

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The general rule of thumb for the length of copy is this: your sales letter should be just long enough to get the job done. If you think about this carefully, the majority of the objections to long copy evaporate. Just think about what we are asking the sales letter to accomplish for us.

We need to explain as much as we can about the product, and most importantly the benefits of our product, with the goal of every benefit appealing the prospect is made plain. Especially in the case of information products, these explanations can be quite lengthy!

Additionally, we need to cover every likely objection the prospect might have. If we were talking with the prospect in person or over the phone, we could simply ask them if they had questions… or respond to any reasons they gave for not buying the product. In our sales letter, we don’t have that luxury. Therefore, we must give the entire laundry list of all possible objections, and demolish them one by one.

Although we have not explained every reason for the superiority of long copy, we are back to where we started: your copy must be just long enough to do its job, and no longer. Factors that will come into play are the target market, the complexity associated with the product or service, and the cost of that product or service.

Have you ever asked yourself why some sales letters are so
long? Business owners with some experience will be open
about this: that is completely the wrong question.

With the massive influx of bank owned properties, REO’s and foreclosures there is tremendous opportunity for contractors who are organized, patient and willing to do some legwork.

That said there are two routes to obtaining this type of business.

First route is to go it alone, and this can be hard. What one would do is search out various banks, REO asset managers and REO agents and solicit them directly. This can be a Tough sell and you have to be very persistent and probably spend more time behind a computer than you would like.

Route two is go to as many REO property preservation companies as possible. These are companies that take care of large volumes of foreclosed homes and REO Agent properties for the REO asset managers. This may be your best bet. They are always looking for reliable talented and professional vendors and contractors.

How you might obtain information on these services is Google REO property preservation or REO maintenance services or anything that you can think of along these lines. There are some large companies that do A LOT of this type of business they should be easy to find. There are places that sell lists of these companies as they are very hard to find in bulk as they tend to be cryptically named large buracracies.

If you live and work in an area with a lot of this type of activity you could have a lot of business in short order.

One source that I have found that has a vendor sign up and appears to be doing volume is http://REOcontractorSource.com

Many contractors around the nation are scratching their
heads as to how to get more business given the economy. For
contractors looking for work a great solution can be working
for Field service aggregators or asset managers for
foreclosed properties. With the massive influx of bank
owned properties, REO’s and foreclosures there is tremendous
opportunity.

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As of February 2007, in fact, Connecticut was experienced a foreclosure for every 118 households making the Connecticut foreclosures rate the nations’ seventeenth highest.

Connecticut’s legal procedure concerning foreclosures offers two options: foreclosure by sale, or strict foreclosure. The appropriate option is determined by the amount of home equity owner has accumulated in the property.

In those cases in which the home owner has accumulated little or no equity, the strict foreclosure rule applies. The bank or lender is entitled to the full amount of proceeds from the property. If the homeowner has accumulated some equity, however, the foreclosure by sale method applies. The judge assigned to each foreclosure case will determine which option is the correct one.

The First Step: The Complaint to Foreclose

The Connecticut foreclosures laws require that, when a foreclosure is in order, a set of procedural steps be followed. The first step is the Complaint to Foreclose, in which the bank determines the correct names of all those who hold liens against the property in question. Those parties will be included in the Complaint as defendants.

The Connecticut foreclosures statute requires that the Complaint to Foreclose be filed in the Superior Court of the County in which the property is located, indicating that the mortgage is in default and that the bank is within its rights to ask for repossession of the property, or strict foreclosure.

If the bank suffers a loss from selling a Connecticut foreclosure at auction for an amount less than what it was still owed, the bank is required to send a notification of breach and to follow the mortgage and promissory note provisions.

If you intend to file a Connecticut foreclosure, both the summons and Complaint must be served on all defendants within twelve days. If this is done, and the defendant fails to appear at the Court hearing, the court may award the plaintiff a default judgment; default judgments are also possible if the defendant neither makes no plea nor offers a defense.

A Matter For The Court

Connecticut foreclosures are initiated as soon as a lender files the necessary legal documents against the property owner. From that point the Court makes all the decisions regarding the amount of debt, the property’s actual value, and the costs involved in the foreclosure proceeding. And most importantly, the Court determines whether there will be a foreclosure by sale or a strict foreclosure.

In cases of strict foreclosure, the borrowers are given a specific day by which they must either pay off the amount owed or lose their interest in the property. All the other defendants to the foreclosure actins are given similar deadlines, and if nor payment is made, the title to the property vests in the foreclosing lender, usually after one hundred and fifty days. But the time between the judgment of strict foreclosures and the vesting date dictated by Connecticut foreclosure law is discretionary, and if the Court determines that the
debtor under financial hardship, it may extend the time for repayment.

If the Connecticut foreclosure is to be a foreclosure by sale, the court will set a sale date which is usually sixty to ninety days in the future. The Court will also, within fourteen days of the actual sale, decide whether or not the terms of the sale are acceptable.

Over the past year, a sluggish real estate market and the
consequences of questionable lending practices have led to
an increase in the rate of Connecticut foreclosures.

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When it comes to the saying “you get what you pay for.” A bank foreclosure listing turns that saying into, “you get more then what you pay for.”

Why is a bank foreclosure list website more beneficial then purchasing a new home at a retail price?When you look at foreclosures the first thing many people assume, is all the homes have been taken away from families who needed them. With bank foreclosures this is not always the case, and if you do not want to purchase foreclosed homes just because you don’t want to take someone’s loved home. You should consider buying a bank foreclosure.

Bank foreclosures have the highest rate of foreclosed brand new homes that have never had any human inhibitors, not because there is anything wrong with the house, but because the house and property were constructed and built by a company who failed to sell the property therefore unable to pay back the loan they took out to construct it.

Why do banks are having more brand new homes on foreclosure then private lender companies?

Most private lender companies only provide service to families in debt, and do not offer loans to potential business investors to try out a new idea.

While banks offer personal business opportunities to large well established businesses with excellent credit and good success history. But when a home construction business takes on too many properties too quickly and fails to sell enough in the planned amount of time, the business can be forced to give some of these properties back to the bank to pay back the accumulating debt from the period of bad success.

This then ends in long lists of brand new high value luxury homes, at an extremely low beginning auction bid, or buyer price. These brand new homes are like candy for new home owners or investors because they can be worth 500,000$ and up, and can be found at prices starting at only 150,000 to 250,000$.

So if you want a brand new home, for half the price, or maybe even two for the price of one. You should try a bank foreclosure listing; it’s a fortune of investment just around the corner.

When you look to buy a home, you always look for the best
home you can get for the most reasonable price. It is
important to save as much money as possible on purchasing
your future property because the more you save, the more you
will have to turn your empty home, into your comfortable
furnished home which looks and feels just how you had always
wanted. When it comes to your dreams why settle for the
first thing you can find at an expensive price? When if you
did a little digging you can find bank foreclosure listings
with homes just as good if not better then what you wanted,
for an even lower price.

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The smart answer is to invest in tax foreclosure property, and here’s why.

While mortgage foreclosure investing used to be a lucrative venture, recent times are finding more and more homeowners upside-down in their mortgages. When home values dropped, so did the equity these people had in their homes. So today, finding a mortgage foreclosure with equity to go after is a rare thing- not to mention the field has become crowded with other investors as of late.

Homes with back taxes owed, on the other hand, almost never have a mortgage and almost always have a ton of equity. Why? Because at tax foreclosure sale, mortgages are wiped out- so mortgage companies make sure to pay the delinquent taxes on a property before it ever makes it to tax sale, leaving you with properties that have no mortgage by the time the sale rolls around. Also, frequently the back taxes owed are the only encumbrance on these properties; houses without mortgages are also often houses without any other liens.

So what now? How to get this property?

You will probably have little success investing at the actual tax deed/lien sale. Other full-time tax property investment companies will have researched the best properties and will be willing to make a smaller return on their investment that you are, so you’ll be outbid almost every time. This doesn’t mean you can’t invest in tax property– you just have to be a little smarter about it.

Why not attempt to buy the properties directly from the distressed owner, instead? These owners are often ready to get out from under the tax burden and would rather sell to you than see their home lost to the government. Many times you will find that these owners have already resigned themselves to losing the property and getting nothing from it, or just no longer care what happens to the property (we often see this in the case of an absentee owner or failed landlord). These owners are motivated to sell, and to sell for cheap.

If you’ve decided to get into the foreclosure investing
business, good for you. Foreclosures are at an all-time high
due to the recent economic downturn, and the opportunity for
investing has never before been quite what it is right now.
The question is, what route will you take- buying homes for
back taxes, or investing in mortgage foreclosures.

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The best way to prevent foreclosure is to head the problem off at the pass. Instead of waiting for things to get to the point where the bank is setting a date for the sale of the property at auction, homeowners can act to get foreclosure help through a loss mitigation company.

A home foreclosure loss mitigation company can work with a homeowner to help them get a lower interest rate on their loan as well as an extended term. This can amount to hundreds of dollars every month that is shaved off of the amount that is due for the mortgage payment and allow someone to save their home from foreclosure.

Foreclosure consultants can give homeowners who think that they may be facing foreclosure the options than they need when it comes to what to do about their home mortgage. What many people do not realize is that there are ways to avoid foreclosure simply by entering into a loan modification agreement. A loan modification agreement can be used if the foreclosure consultant feels that the situation can be rectified by modifying the loan to lower the monthly payments. This is also called a loan mod.

Those who are seeking a foreclosure mitigation program should seek one that will enable them to work with a company with experience in foreclosure law in all 50 states as well as the District of Columbia. As foreclosure laws differ from state to state, it is important that the loss mitigation company be well versed in the different foreclosure laws so that they can offer the borrower the most current information and foreclosure help.

Loan modification is possible if you are behind on your mortgage, in the process of foreclosure, owe more than the property is worth or if you feel that you may be entering into a foreclosure situation in the near future. While it is best to head this off from the start by getting a free foreclosure evaluation, it is still possible to prevent foreclosure with a loan modification even if the home is already in the process of foreclosure.

Foreclosure mitigation consultants can help homeowners
determine how to avoid home foreclosures before they even
get started. Many homeowners today are faced with the
possibility of a home foreclosure due to the economic
situation in the country as well as the plummeting values of
homes.

Did you know that if you don’t pay your property taxes in the US, the county will put a lien on your property? If you do not clear these back taxes, the county will sell your property at auction for the value of these taxes. This is obviously very distressing for the property owner but it is a incredible investment opportunity for YOU! You can pick up a fantastic home for pennies rather than the true value.

You could find your dream family home buying a property that you previously thought you would never be able to afford. Or you could buy a series of properties for investment purposes, building a real estate portfolio to help supplement your 410K, which has probably been decimated due to the stock market downturn.

This is the secret method that some people are quietly using to make a fortune. Well…guess what? You can make a fortune from this economic downturn as well. Now, don’t get me wrong, I would never suggest that anyone take advantage of another person. But if someone else hasn’t paid their taxes, their home will be auctioned and somebody is going to make a fortune. That might as well be you. You have a responsibility to yourself and your family to secure your financial future.

Now, I know what you are thinking! How am I going to become a millionaire when I know nothing about investing in real estate never mind foreclosure properties? How do I know where to find these auctions? Or perhaps you have always thought that the real bargains are snapped up long before the auction happens. Maybe you are worried that you will have to pay someone the equivalent of a mortgage payment to teach you the secret tips and tricks to making a lot of money? Well…… I have good news for you.

Buying Foreclosed Homes can make you a fortune but only if
you know what you are doing. Sadly,in the current economic
climate, most people are finding they have to count the
pennies rather than pounds. This means that some people are
struggling to repay their debts and are getting into serious
financial difficulties and losing their homes.

Homeowners who have lost their jobs in this current recession have found themselves between a rock and a hard place. Knowing full well how important having credit in the type of world we live in plays a big role in the decisions they have to make. With that said, it is important to each homeowner to know all his/her options before making a decision.

An educated decision means fully understanding the impact each situation will have regarding credit score. For example, many people just don’t know which way to turn, and allow for closure on their home. Others will try to do everything in their power to avoid destroying their credit, completely and opt for a deed-in-lieu of foreclosure. Unfortunately, either of these choices will have the same impact on your credit score, dropping the homeowners’ credit score by up to 300 points in any typical situation!

Other homeowners who were aware of this will try to find another solution, in the form of a short sale. While some specialists claim that a similar drop of between 200 and 300 points will occur even with the short sale, others maintain that some homeowners will benefit with only a 100 point loss.

Therefore it’s probably safe to say that each situation is different and unique. Regardless of what your situation may be, it is highly recommended that you do the research to find out what the best option would be for you.

Of course, there are qualifications and prerequisites that must be met in order to perform a short sale. The first and foremost point that must be met. Is that the homeowner must be behind in their mortgage payments for at least 59 days. A short sale package from the banker must be requested. These forms must be filled out completely and must be accompanied by a couple of bank statements, pay stubs in the previous two years income tax returns.

After all this information has been amassed, it must be sent off to the banker, either by mail, courier or by fax. An appraisal of the property will then be in order. This is the bank’s responsibility. In the meantime, the homeowner should find a realtor, who is willing to do a short sale on the home. There is a difference when it comes to short sales, as the realtor should have some kind of experience with a situation such as this and has to accept a lower commission.

If an approval of the short sale has been issued by your bank, it must be sent off to a closing attorney. Should you find yourself in this situation, it is important that you keep a cool head in order to grasp all of the information, educate yourself to the fullest, and make the right educated decisions necessary. Do whatever you can in order to resolve the situation before it worsens.

There are many things that can destroy your credit. Your
home foreclosure and declaring bankruptcy will wipe out your
credit completely bringing you to the poorest level of
credit rating available. Therefore, if you are a homeowner,
who is suffering financially, a short sale home will save
your credit score.

Investing in Foreclosures is believed by other investors as the fastest way for new marketers to make money. Taking very little to get started and can acquire you wealth very quickly. Foreclosure Investing is an excellent opportunity to purchase real estate below market value, or depending upon market conditions, well below fair market value.

This type of investing is the best way to find great deals in today’s real estate market. When you have the right system to help you, find listings, and save money on a home purchase. Investing in foreclosures is not always a pretty picture, but it’s worth the effort. If you are investing in a property, it may be a good idea to improve the property, thus making it easier to sell and also increase your profit margin.

Real estate investing has been taken to a new level as more and more investment opportunities pop up everywhere. Therefore, it’s important to have the right knowledge when these real estate investment opportunities present themselves.

The real estate market has suffered to a remarkable extent due to the current economic recession. Moreover the prices of commercial properties and homes have gone down as well.

Most foreclosed properties do require some repairs since, if someone is not able to keep up the mortgage for several months, it is obviously not expected from such person to keep the house in good condition. Real estate will and should make money for many years to come.

Bank foreclosure and REO properties are plentiful right now but you need to be aware of the risks before you go getting loans on REO properties. Buying Foreclosures is an easy, risk free business once you understand how to do it the right way. Banks do not like to hold on to properties very long. Investing in REO properties is great for the first time buyer. Banks are not in the business of owning real estate. They don’t want to own the house.

Foreclosure homes are wonderful investment options, so spare a thought at the finer details like liens and debts on the house. Foreclosures are a prime target for investors as the seller usually is in a position to sell their house quickly or desperately. If you are talking to an unmotivated seller on the telephone, it will soon be very clear that you are not going to get a discounted price on this property, which would not make it a very good real estate investment . Foreclosure is a very draining emotional experience and can leave homeowners
vulnerable to making hasty decisions. As a result, many states have imposed laws to protect homeowners who are in foreclosure from losing their home to anyone who takes advantage of them.

The most important point to remember is, that more millionaires have been created through real estate than by any other means, so do not be afraid to get involved, do your homework, find the deals and follow a proven system.

Investing in foreclosures can make you very easy money.
While there are many pitfalls into which the novice buyer
could stumble if not properly prepared-even if the buyer has
bought other types of properties before. Investing in
foreclosures is no doubt one of the best opportunities to
make money in today’s economy.

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