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
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
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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