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How to Buy Bank-Owned Properties for Pennies on the Dollar: A Guide To REO Investing In Today's Market
 
 
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How to Buy Bank-Owned Properties for Pennies on the Dollar: A Guide To REO Investing In Today's Market [Hardcover]

Jeff Adams (Author)
3.0 out of 5 stars  See all reviews (9 customer reviews)

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Book Description

November 8, 2011
Buy bank-owned properties at fire-sale prices!

Banks and lending institutions today own more than one million foreclosed properties, more are in the foreclosure pipeline. Banks desperately want to get these properties off their balance sheets, but there aren't enough buyers. The result is a soft real estate market with prices investors and homeowners may not see again in their lifetime.

In recent years many bargain-hunting investors and homebuyers made the mistake of trying to get foreclosure prices via short sales and pre-foreclosure-- before the bank reclaimed the property. They've been burned by endless delays and uncertainty of the messy foreclosure process. With bank-owned properties, that's over. You deal directly with a motivated seller—the bank—and get the foreclosure price without the hassles and complexity of a short sale or pre-foreclosure.

This book shows you how to negotiate the best possible terms with the real estate owned (or REO) department of a bank or lender, including step-by-step instructions and no-nonsense advice on finding great deals, estimating fair market value, and closing the deal. You don't need a ton of cash, because REO investing at fire-sale prices is affordable for almost any investor or homebuyer.

  • Provides detailed, step-based guidance on buying REO properties
  • Written by a super-successful REO investor with fifteen years of experience

Frequently Bought Together

Customers buy this book with Finding the Uncommon Deal: A Top New York Lawyer Explains How to Buy a Home For the Lowest Possible Price $11.50

How to Buy Bank-Owned Properties for Pennies on the Dollar: A Guide To REO Investing In Today's Market + Finding the Uncommon Deal: A Top New York Lawyer Explains How to Buy a Home For the Lowest Possible Price


Editorial Reviews

From the Inside Flap

In recent years, banks and lending institutions have foreclosed on several million properties, and now they have to unload them—at fire-sale prices. As banks desperately seek buyers for these properties, homeowners and investors have opportunities they may never see again in their lifetime.

With bank-owned "REO," or "real estate owned" properties, you deal directly with a motivated seller—the bank—and get the foreclosure price without the endless time-consuming hassles of a short sale or pre-foreclosure purchase. And you won't need a ton of cash; almost any investor or homebuyer can afford REO investing at fire-sale prices. How to Buy Bank-Owned Properties for Pennies on the Dollar explains the easiest way to find the best REO deals in your market, access private lenders and cash, find qualified buyers, and quickly maximize your profits. Get step-by-step advice on:

  • Why REO investing saves time and money compared to traditional foreclosures and short-sales

  • How to secure cash when you don't have any of your own to invest

  • How to research your market, create an investment plan, and develop an exit strategy

  • How to find the best REO agents and get them on your side

  • What to do next: wholesale the property to another investor, fix it up and sell it at retail, or rent the property for a positive monthly cash flow

How to Buy Bank-Owned Properties for Pennies on the Dollar will help you get the best possible terms on the greatest bargains—and achieve the financial freedom you desire.

From the Back Cover

Secure the Best Deals on Bank-Owned Properties in Today's Market!

"This is the most powerful, persuasive, and practical book on buying bank-owned properties you will ever read. It is loaded with strategies for anybody who wants to get started buying foreclosures."—David Lindahl, author, Multi-Family Millions and The Six-Figure Second Income

"Over the past eighteen months, I've purchased over sixty foreclosures using the methods and techniques that Jeff Adams reveals in this book. If you're wanting to get in on the ground floor of the biggest wealth-building opportunity in your lifetime, get this book, read it cover to cover, and take action."—Chris McLaughlin, Keller Williams Realty

"Jeff Adams is truly a master investor and his strategies work in today's real estate market. He is changing the lives of investors all across America."—Dave Seymour, star of A&E's Flipped and founder of City Light Homes

"Jeff Adams is a master at buying bank-owned, REO properties. In this book, he has laid out step-by-step how he makes tens of thousands of dollars per property. With more REO properties on the market than there have ever been, now is the time to learn the insider secrets Jeff reveals in his new book." —Larry Goins, author of Getting Started in Real Estate Day Trading

SPECIAL BONUS

Jeff Adams Foreclosure Academy Scholarship worth up to $3,000 DETAILS INSIDE


Product Details

  • Hardcover: 252 pages
  • Publisher: Wiley; 1 edition (November 8, 2011)
  • Language: English
  • ISBN-10: 1118018346
  • ISBN-13: 978-1118018347
  • Product Dimensions: 9.3 x 6.4 x 0.9 inches
  • Shipping Weight: 7.2 ounces (View shipping rates and policies)
  • Average Customer Review: 3.0 out of 5 stars  See all reviews (9 customer reviews)
  • Amazon Best Sellers Rank: #99,234 in Books (See Top 100 in Books)

More About the Author

JEFF ADAMS is the nation's leading expert in in foreclosure and REO investing. His automated internet-based systems for attracting buyers, sellers, and investors have enabled him to be involved in hundreds of transactions since 1995, and during many of those years he worked as a full-time firefighter!

 

Customer Reviews

9 Reviews
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4 star:
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Average Customer Review
3.0 out of 5 stars (9 customer reviews)
 
 
 
 
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Most Helpful Customer Reviews

5 of 5 people found the following review helpful:
4.0 out of 5 stars Good book by Jeff Adams!, November 15, 2011
By 
Matt (Tampa, FL USA) - See all my reviews
This review is from: How to Buy Bank-Owned Properties for Pennies on the Dollar: A Guide To REO Investing In Today's Market (Hardcover)
This is a great book whether you are just starting out or a seasoned vet. It's laid out well, has great insights and explanations, and is very practical. I feel like i can implement the techniques right away to increase the profit of my real estate deals. I highly recomend picking this book up!
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1 of 1 people found the following review helpful:
3.0 out of 5 stars Good, but Basic -, January 14, 2012
This review is from: How to Buy Bank-Owned Properties for Pennies on the Dollar: A Guide To REO Investing In Today's Market (Hardcover)
More than 918,000 homes were repossessed in 2009, and another 1 million are expected to follow that path in 2010. A big chunk didn't sell at auction, becoming bank-owned properties. 'Hard-money' lenders put up cash at higher rates (eg. a 5% fee, plus interest rates up to 8 - 9% over market) than conventional lenders, for 60-70% of a properties' after repair value.

Author Adams is leery of short sales and preforeclosures because it can be hard to track down owners and the titles can be clouded with multiple liens. Short sales represent about 17% of the total, damaged bank-owned another 14%, move-in-ready bank-owned about 16%, while 54% are 'normal' sales. Adams suggests setting goals to get beyond fears and inertia - eg. buy/sell 2 - 3 properties/month, review the MLS daily (look for new listings, price changes), try to attend at least one investor association meeting/week to seek out deals and develop contacts. Set aside regular blocks of time to work on these activities. Start with a niche - specific area and type of property.

The first step is to find funding - get credibility with sellers via a formal proof-of-funds letter. Form a team around yourself that includes MLS access, and a handyman. Beware of properties with missing electric meters (may have been removed because of a code violation), inconsistencies between the title and MLS descriptions (again, may be due to an addition w/o a permit), major repairs. Adding contingencies to one's offers will likely get your offer put into the trash can.
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2 of 3 people found the following review helpful:
5.0 out of 5 stars Great information- must buy if serious about investing in real estate, December 3, 2011
This review is from: How to Buy Bank-Owned Properties for Pennies on the Dollar: A Guide To REO Investing In Today's Market (Hardcover)
Really impressed with the information and how to approach. I couldn't put it down. Awesome. The real estate market is in such disarray. This book really takes you step by step in finding, funding and flipping.
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