Customer Reviews

How to Buy Foreclosed Real Estate: For a Fraction of Its Value

5 star:		(7)
4 star:		(3)
3 star:		(7)
2 star:		(1)
1 star:		(2)

 

 

I was very happy with this book. I had little knowledge of foreclosures and Mr. Dallow covered the numerous aspects very well, without using technical terms. However, when he did include them, he explained their usage and how you would encounter them in the real world so you wouldn't appear uninformed (novice). I have a much better grasp of the process now, and feel more confident when I discuss foreclosures with experienced people. Although there is more you need to know to handle foreclosures, this book is a good starting point.

The author seems to make an effort at being honest. He makes it abundantly clear that buying foreclosures is very risky, something ignored or downplayed by many other books on real estate speculation (specifically I have Tyler Hicks in mind; shame on Prentice Hall!). The book starts with why there are foreclosures, how you can contact banks for safer deals, and, if you do want to go to an auction, what to do before, during and after. There's also a chapter on the dangers of zero-down deals.

While I liked the content, I found the material somewhat difficult to follow. For example, in the very first chapter the author tries to explain to you what "mortgage" really is; but after re-reading the two pages three times, I still couldn't fully grasp what he meant. Maybe it's because I'm dumb. But there are many, many other sections which are not easy to comprehend, and they are not helped by fragmented sentences and illogical since-hence conclusions.

In short, I think this book is worth reading if you are thinking of doing foreclosures like I was. There are some valuable tips that can help you avoid costly pitfalls; I know first-hand what a nightmare dealing with destructive tenants and former landlords can be, and so should you.

This book explores most of the issues involved in buying real estate. It also covers areas most people don't think of, like debt management, how to get loans, is no-down such a good idea, and how to compete against people who do this for a living, etc.
On the negative side, he's had extremely bad luck with tenants, is pretty negative about amateurs trying this, and has a pretty low opinion of people for a real estate guy. I wouldn't let this be your first book on the subject. The author thinks only "pro's" should be investors and the "nesters" (amateurs) should stay away.

Some of the reviewers didn't like the author's occasional negative views of potential situations. First off, there is no negative theme/undertone throughout the book--just an occasional "here's the worst case scenario of doing it this way". Unfortunately nothing he said was untrue--and to leave these things out would be negligent and might leave the unannointed to believe that there is no risk. There is CONSIDERABLE risk. You play the odds; but he does not leave you playing the odds uneducated about what the bad side is. The book is written so that any person off the street can understand it (although there are one or two instances that someone unfamiliar with real estate will have to re-read a paragraph to get the idea). This being the case, it would be outright irresponsible to NOT give examples of the worst case scenario. I found this book an EXCELLENT primer on what's involved in the process. My family has been in real estate (brokers, construction, mortgages, appraiser, assessors--you name it) for as long as I've been alive and have dealt in foreclosures. Now I've caught the bug and read this book to "fill in the gaps" potentially left when you learn by example. And if you happen to never have problems with a tenant, then you don't live in the northeast! (which is where the author did his business)

I don't doubt the author's experience but couldn't help but sense that he spends a lot of time on presenting the negative aspects or real estate investing. I don't recommend this book as the only one nor the first one that prospective investors should read. I sense a high degree of conservatism that might squash the entrepreneurial spirit in some and believe his presentation is unbalanced. Read some other books on real estate investing before settling in your mind what's right for you. I am a CPA, an investor and a student of real estate for nearly thirty years and could have spent my money more wisely than purchasing this book.

The author explains classic reasons for foreclosures.
i.e. marital discord He indicates that deeding a property
to the new owner can be simpler than going through the many
details of the foreclosure process. Tax sales provide a
perspective owner with the right to acquire a property when the
1-2 year statutory period for redemption has tolled. HUD homes
can be purchased for the title cost and recording the deed.
The author cautions us to inspect the property thoroughly and
do a title search. In addition, it is critical to isolate
critical repairs which can add significant value to a property.
The book is worth the price charged if you are patient and
willing to implement the techniques explained by the author.

I don't know what the negative reviewers have read to call this book vague or undetailed. It is the MOST step-by-step, complete guide to understanding the foreclosure process and buying foreclosures available. And it doesn't rely on shady, unethical methods that attempt to hoodwink distressed homeowners and fool banks in "subject to" agreements which can put the unsuspecting investing novice into very hot water. The methods in this book are straightforward, legal, and even ethical. If you are looking at buying foreclosures to buy a home to own, to get a great deal and move up in the world, or to invest, BUY THIS BOOK!!

I found this book to be extremely vague in every chapter. I felt that it was written by someone who is now very out of touch with today's economy and technologies. There was not one single reference to a Web site that may be of assistance to the reader. I tried to find something positive about this book but I couldn't. This book was useless.

this book like a lot of other books on foreclosure guides you through a step by step proccess from start to finish, however in this book the author does not get to full of himself he just gives you the steps in easy to understand language without embellishing on all their personal deals. thisbook is about you.

The review stating this book is confusing in places is right on the money. I'm a second year medical student and still had to draw out diagrams and read some pages several times. The author is in Real Estate, not writing. That being said, there is a good deal to be learned here. I've read several "High Energy" Real Estate books that gloss over the potential difficulties to investing, but this book HIGHLIGHTS them and steers you clear. The recommendations about "Deed In Lieu of Foreclosure" and REOs are terrific. I would recommend this book simply on the merit of a realistic outlook to Real Estate investing.
One caveat, I own no Real Estate myself and still am in the education phase of investing, so I cannot comment on real world applicability. If you are interested in other books that have more conservative view of Real Estate, try Investing In Real Estate, 4th Edition and How to Succeed and Make Money with Your First Rental House by Douglas A. Keipper. These are very good and provide many details.