Cashing in on Pre-foreclosures and Short Sales: A Real Estate Investor's Guide to Making a Fortune Even in a Down Market [Paperback]

Chip Cummings (Author)

Book Description

Publication Date: February 9, 2009

Cashing in on Pre-foreclosures and Short Sales shows investors exactly how to take advantage of what many are calling the best upcoming investment real estate market we have experienced in decades! Chip distinguishes the difference between good deals and bad deals, reveals just how easy it is to find, evaluate, and obtain foreclosure properties, tells how to negotiate a profitable transaction, and unveils the power of using short sales and other strategies to create a win-win situation for the investor, the seller, and the bank. Even first-time buyers looking to score a bargain on purchasing their own home will be armed with all the tools they need to confidently evaluate and pursue a profitable deal - and save thousands in the process. Cashing In on Pre-foreclosures and Short Sales incorporates quotes and advice from top industry professionals, as well as a healthy appendix packed with state and national foreclosure guidelines, including valuable contacts and websites, sample forms, checklists, and all the necessary tools you need to find, evaluate, secure and profit from foreclosure properties.

Editorial Reviews

From the Back Cover

Boost your profits in any market!

Foreclosures are soaring, and that's a sad fact of our current economy. But it's also a great opportunity for real estate investors who want to get into the market while the getting is good. In fact, all these foreclosures may signal the coming of the best buyer's market in decades. Cashing In on Pre-Foreclosures and Short Sales shows you exactly how to take advantage of the current market to earn great money right now.

But it's not just about making money after someone loses their home. Through short sales, you can actually help owners in distress get out of unaffordable mortgages and into new homes more in line with their finances. Pre-foreclosures and short sales are great ways to make money and help struggling homeowners.

Inside, real estate specialist Chip Cummings gives you all the tools you need to get started, including tips from insiders, sample forms and letters, handy checklists, and a wealth of other resources. With step-by-step guidance and practical, real-world tools, this is the only guide you need to learn how to:

• Understand all the steps in the foreclosure process

• Develop an effective foreclosure investing strategy

• Navigate state foreclosure laws and regulations

• Use creative financing solutions

• Build your investing "dream team"

• Locate and evaluate great properties

• Conduct thorough property inspections

• Negotiate to win with owners and lenders

• Avoid frauds and investment schemes

• Fix up and rent out a new property

• Stage, market, and sell properties for maximum profit

• Avoid the amateur mistakes that could cost you thousands

• And much more!

About the Author

CHIP CUMMINGS is a real estate investor, licensed mortgage lender, certified trainer for the National Association of Mortgage Brokers, and past president of the Michigan Mortgage Brokers Association. He is also the co-author, with Ralph Roberts, of the Wiley titles Mortgage Myths and Foreclosure Myths.

Product Details

• Paperback: 320 pages
• Publisher: Wiley; 1 edition (February 9, 2009)
• Language: English
• ISBN-10: 0470419814
• ISBN-13: 978-0470419816
• Product Dimensions: 9 x 7.5 x 0.8 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (21 customer reviews)
• Amazon Best Sellers Rank: #28,214 in Books (See Top 100 in Books)
  • #1 in Books > Business & Investing > Real Estate > Sales
  • #4 in Books > Business & Investing > Real Estate > Mortgages
  • #17 in Books > Business & Investing > Real Estate > Buying & Selling Homes

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Customer Reviews

Most Helpful Customer Reviews

29 of 29 people found the following review helpful:

5.0 out of 5 stars Excellent practical resource guide!, February 10, 2009

By 

Lisa Williamson (Atlanta, GA) - See all my reviews

This review is from: Cashing in on Pre-foreclosures and Short Sales: A Real Estate Investor's Guide to Making a Fortune Even in a Down Market (Paperback)

With so many foreclosures in the marketplace, I was looking for a true hands-on book that would show me how to get into my first home. This book fits the bill perfectly!

The book has actual letters to sellers, letters to the banks, forms, checklists and even comprehensive inspection checklists that I was able to use in selecting and evaluating properties. I had a hard time copying some of the forms, but there's a link which allowed me to download a printable version which made it a lot easier.

This was the most up-to-date information I could find on foreclosures and short sales, and I look forward to giving it to my brother who is a real estate investor, as parts of our market have started to come back a little.

It's well laid out, easy to follow and filled with real practical stuff - instead of fluff.

46 of 50 people found the following review helpful:

3.0 out of 5 stars No gimmicks, but no pizzazz either, April 1, 2009

By 

Angelo DePalma (Newton, NJ USA) - See all my reviews
(REAL NAME)   

This review is from: Cashing in on Pre-foreclosures and Short Sales: A Real Estate Investor's Guide to Making a Fortune Even in a Down Market (Paperback)

This is a very thorough book on real estate investing, with an emphasis on buying, specifically on buying distressed houses at a discount of their actual value. When I began reading I was expecting an outline of the author's "secret" for making money on these homes in these very bad times. I got to page 145 before I realized there was no secret. After your due diligence and calculations you make an offer, and if the seller signs on the dotted line you own the home. It's yours. No arbitrage, no behind-the-scenes bank deals, no magic wand. You can then either rent it or sell it, just as you would any other piece of real estate.

This book is worth the money because the author gives excellent advice on valuing a "near-foreclosure," and in fact any home. All of which is quite useful in any market. The only problem is that to follow all his recommendations you pretty much have to quit your job (if you still have one) and have enough $$ to survive until your resell your first property. And that could be a very long time indeed. People aren't buying, banks supposedly aren't lending, and due to the job situation fewer people are moving.

As the author points out the average home is on the market for 11 months. How many investors, at this juncture, can pay taxes and maintenance on an empty investment property for 11 months? And what does this investor do when, 11 months (or 24 months) down the road, the home's price has fallen by 25, 40, or 50%?

If you think that can't happen, you haven't been watching this economy very closely.

This book would get five stars during a "normal" recession, where you expect things to pick up in six to twelve months. During a meltdown it's sheer madness to commit your time and capital to assets that probably, sadly, still have a long way down to go.

15 of 15 people found the following review helpful:

5.0 out of 5 stars Author delivers on promises, April 10, 2009

By 

S. Arieff - See all my reviews

This review is from: Cashing in on Pre-foreclosures and Short Sales: A Real Estate Investor's Guide to Making a Fortune Even in a Down Market (Paperback)

I bought this book after browsing it and realizing it wasn't promising the universe. It's a straightforward, practical guide for buying foreclosures and shorts. It doesn't try to fool you into thinking it's easy, but it gives you all the necessary steps (and helpful supplemental materials) to do it.

I really liked the theme that Mr. Cummings weaves throughout the chapters: that in getting your hands a little dirty, you still need to do it with honesty and "forthrightedness". There's an underlying message that there's a right way and a wrong way to doing business, and he teaches the high-road approach. Even the password you need to enter to access the supplemental material emphasizes this theme.

The most impressive aspect of this book was the author's standing by his word. He offers his email address and encourages the reader to contact him with questions. I took him up on that and was a bit surprised to receive a timely, personalized reply, and not a pitch for more products. In fact, he followed up with me to ensure I got what I needed. For my $20, I'd say he more than delivered.