by Robert Moskowitz

Real estate is one of the best ways to make serious money. And real estate foreclosures by banks and other lenders present one of the best ways to buy real estate.

Basically, a "foreclosure" happens when a real estate owner stops making payments on his or her mortgage. After a few months, the lender institutes "foreclosure" proceedings to take back the mortgaged property. But this doesn't get the lender its money. To get back the balance of money lent on the property, the lender must put the property on the market and sell it.

Generally, banks and other lenders want their money quickly, with little or no trouble. And since the balance they are owed is probably much less than the market value of the property (and sometimes even if it isn't), they're usually willing to sell the property at a significant discount just to speed up the sale.

You can get in on this bonanza by making yourself known to the "real estate owned" or "foreclosure" departments of banks and other lenders, and letting them know you're interested in buying some of their real estate.

Interestingly, major banks and large lenders operate differently from smaller banks and lenders. Because they make more loans and take back more foreclosed property, they tend to have more properties that will interest you, and they're often motivated to sell. While a small bank may have one foreclosed property a month to offer, a large bank can have dozens, even hundreds of foreclosed properties that you'll want to consider.

You can obtain listings of foreclosed properties in the neighborhoods that interest you in many different ways. One good way is to work with a reliable online listing service. These companies work very hard to bring you the latest listings, and that's important because you're not the only one willing to buy foreclosed properties. The best deals go quickly, and the sooner you find out about a good listing, the more time you will have to act on it.


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