In an effort to turn a negative situation to a positive here's some positive things about the foreclosure market and investing in bank owned properties or more commonly call REO’s. Information is everything so here's a list of websites and information to help you get started. We are lucky here on Oahu the foreclosure numbers are lower then other parts of the country. Hawaii values have not declined as much as other states, keeping most investing looking in other more effected areas. But that doesn't mean you can't find good deal in Hawaii too.The states that are most effected are CA. AZ. FL, NV .. look for really great deals on REO in those states to start but any state will have a list of foreclosure.
You need to know what properties, how much the loan amounts are and what time frame you have to work within. The county in which the property is located is the best source of this information. Check with the county recorder’s office for Default Date, Sale Dates and you can get a copy of the deed or mortgage there as well. To make it easier you can subscribe to a service that obtains these records and sells the information through monthly membership. Here are two recommend sites; http://www.foreclosuredatabank.com/foreclosure_investment.htm http://www.realtytrac.com/ and http://publicrecords.netronline.com this will save you time from looking them up. Once you know what properties are in default you can meet with owners directly and offer to buy, you can arrange financing to save the property and possible rent back to current owners or whatever you think is appropriate for all involved.
Here is a list of websites to help you gain the knowledge you need. It’s important you go into real estate investing with eyes wide open. Researching and planning is critical to a new investor. Remember staying within the laws of the state the property is located is crucial, do your research, find out the states uses for Mortgage or Trust Deeds, legal time frames are important too.
Simply Foreclosures A free beginner’s guide to foreclosures.
SmartHOMEBUY Complete property reports covering; Comparable sales, property valuation, crime, schools, natural hazards, environmental information and more….
Yahoo! HOME Values How much is your property worth?
Domania provides the easiest access to home values and real estate tools to help you with your property search
ZILLOW Look up home values, talk to real estate agent, loan consultants, ask questions, maps and lots more.
Legal WIZ Great site to obtain forms.
Money is important too; having some is helpful you will need some to back your purchases. If you don’t have money you can still do deals, find properties etc. but finding someone who is willing to invest in your deals would be a helpful source. So if you’re not in the money now find someone to help you with your first couple of deals until you can invest on your own. But even if no one and no money is your situation, deals are out there, don’t let the lack of money stop you from doing a deal.
Click Here for Mortgage Calculator are available just about anywhere you look on the web.
There is much to learn, you can attend Seminars, you can purchase a array of books and courses. You can search the internet. Whatever you do don’t take any short cuts. But don’t let anyone tell you, you can’t do it. Knowledge is power just waiting to be used.