Customer Reviews

The Pre-Foreclosure Real Estate Handbook: Insider Secrets to Locating And Purchasing Pre-Foreclosed Properties in Any Market

5 star:		(13)
4 star:		(0)
3 star:		(1)
2 star:		(0)
1 star:		(1)

 

 

The book's strategy offers a simple method for identification for properties, including how to approach owners AND lenders. Sending attractive offers such as short sales and how to wait out lender approval. This is a very good read for beginners wanting to enter into the foreclosure market, especially in the current situation of higher interest rates and lower consumer demand for real estate. There will be a spike of foreclosures.

-Matt
Illustrator for The Ultimate Foreclosure Kit

This material is good basic information for anyone wanting to get started in buying potential foreclosure properties. Begins by explaining basic terms and processes - eg. mortgage foreclosures lead to Sheriff's Sales, while Deeds of Trust lead to "Trustee's Sales" and lack a redemption period (owners can buy back their property during this period, leaving you with nothing to show for your effort, though you do get your money back).

On average, foreclosure buyers have 90 days + 20 days publication time to work a deal with the homeowners. Buying from onwers prior to foreclosure also eliminates the redemption period. FHA and VA loans are much more likely to be assumable.

Buying at auction means having to contend with competitors, an inability to inspect the property prior to bidding, and all sales being final. After foreclosure one is less likely to get a good price, it is harder to inspect the property (utilities probably turned off).

Finding foreclosure properties is eased by looking in public records for "Lis Pendens" (judicial process) or the "Notice of Default" (non-judicial process); there is also the later Foreclosure Auction notice. Other sources include looking in the newspaper of record and/or the County Recorder database. Still other sources include divorce proceedings (likely problems with the lawyers involved), probate filings, FSBO listings, Internet sites (eg. foreclosure(s).com, street signs, Internet ads.

Author also recommends a full title search ($100-$350), and contracts written "Subject to" eg. inspections.

I had never really thought that investing in foreclosure properties was something that I, a normal working middle-class person could do. Sure, I'd watch the infomercials and wish that I had the income and nest egg to allow me to invest in real estate, but I never gave it serious thought. I didn't think it was possible. After reading this book I know it's not a matter of "if only I could" but more a case of "when I find the right property."

One thing that struck me as extremely useful was the detailed amount of background and information the book provides. The process of foreclosure can be intimidating to someone who is not familiar with the banking industry. It becomes even more difficult to understand when you consider that each state has the potential of having their own set of rules and laws. This book covers all the bases in accessible language, graphs and even screen shots of web pages. The financial jargon is explained clearly and easy to understand examples are provided. Each step including: identifying possible pre-foreclosure properties through advertising or public records searches, contacting homeowners, negotiating, and financing options are laid out and discussed. Networking and the processes surrounding reselling of a purchased house are also described.

Finally, the book contains a great deal of additional information in the form of a comprehensive glossary and a bibliography of on-line sites where you can do additional research on the various topics of the book. Needless to say, this book was a great springboard of motivation and information for me to get started in the pre-foreclosure housing market.

The Pre-Foreclosure Real Estate Handbook: Insider Secrets to Locating and Purchasing Pre-Foreclosed Properties in Any Market by Frankie Orlando, published by Atlantic Publishing Group, Inc.

Rating: 5 stars out of five.

This handbook, in 267 pages, explains, step by step, everything an investor would like to know about purchasing real estate from any source. The author, through personal experience, became wealthy by buying real estate before foreclosures took place (hence the term "pre-foreclosure"). The research used to write the handbook is very thorough and detailed. The author covers purchasing techniques, called "short sales," and also details how to locate likely pre-foreclosure properties. The handbook contains hundreds of tips, hints, secrets, and techniques from successful pre-foreclosure investors. The book's glossary alone runs 62 pages and it's very helpful!

This handbook is aimed at novice real estate investors, but professional real estate investors will find a wealth of information, too. Case studies are included, such as one on how to avoid "analysis paralysis." This one gives advice on how to expedite the process of investing without getting bogged down in research on the property or owner. How to sell the property once you have purchased it is also included in the handbook. Unusual and useful information, such as how to find missing homeowners and how to address your contact envelopes, covers everything an investor needs to know and pitfalls to avoid. The author even explains credit scores and how they are determined, which is useful for everyone who has a credit rating and wants to improve it.

The Pre-Foreclosure Real Estate Handbook: Insider Secrets to Locating and Purchasing Pre-Foreclosed Properties in Any Market by Frankie Orlando is an excellent resource for people seeking information in a practical, hands-on approach to purchasing pre-foreclosure real estate. The text is organized in a logical manner with sufficient examples and clear explanations of the concepts presented. Although the text is very easy to follow, it also includes an extensive glossary to assist with the more difficult terminology used throughout. Step-by-step instructions and worksheets that are included are particularly useful. This text is recommended with a 5 star rating out of 5 stars.

This book focuses how new investors can obtain property at bargain rates from banks, public auctions, and other means. More than 4% of all mortgage loans are delinquent and heading towards foreclosure. This creates a market where properties can be purchased at a fraction of their original cost by investors.

This book differs from others in the genre because it explores in detail more modern approaches as well as the tried and true. Suggestions include using mail merge, online search sites, and Google AdWords. I found this section helpful because it gave me very specific ideas of how I could use technology better within the industry.

Budgeting is very important when buying properties. Also featured in the book is an extensive section on how to evaluate and select pre-foreclosure properties, including costly repairs to avoid and suggested websites for general repair estimates. A six page worksheet will help you determine necessary repairs and formulate a budget. This is the most comprehensive budgeting tool I have seen in a real estate book, making this book an invaluable resource.

This book provides a very general overview of the foreclosure process, but it provides very little specific information that you would actually need. This book might be a good resource to the novice (like myself), but it does not get you all the way there. Try checking out a real estate investors blog.

It's probably not a stretch to say that most people have heard about the great deals to be had from real estate foreclosure sales, but The Pre-Foreclosure Real Estate Handbook shows investors - both aspiring and experienced - how to purchase properties during the pre-foreclosure, rather than waiting for the foreclosure when banks generally try to get as close to market value for the foreclosed home as possible.

Author Frankie Orlando takes readers step-by-step through the process of buying a home during pre-foreclosure, hitting on such topics as how to find foreclosed homes, how to find investment money, and how to negotiate. One of the most valuable aspects of the book is the chapter on advertising one's services as a Foreclosure Specialist, one who buys homes in pre-foreclosure. The chapter is chock full of creative ways to advertise online and offline, including a discussion on what forms of advertising are illegal in certain states. Perhaps best of all, the advertising ideas are a great alternative to cold-calling, something many of us dread!

The Pre-Foreclosure Handbook also offers more than 100 useful links, an extensive glossary, and case studies from investors who have been there and done that. All in all, The Pre-Foreclosure Handbook is an excellent, informative read for those interested in real estate investing. Definitely a must-read if you've ever thought about investing in real estate.

Excellent book, writer F. Orlando give's Great insight to
the whole foreclosure process and the way to approach
this business investment. Book written in Easy to read
style, with good legal issues to consider in this business.
Great Read!

I was looking for a way to expand my real estate investments, and to do so without assuming additional major obligations. Frankie Orlando's handbook opens up a real estate avenue that is entirely new to me. I had never thought that the foreclosure market was available to non-professionals but the "secrets" revealed in this book show that, not only is it possible, but non-professionals, like me, have as good an opportunity to succeed as the pros . . . and in some cases, I think, even better.

In my small rural community the marketing approach outlined by Mrs. Orlando will be effective, I'm sure. I've followed the process laid out in the handbook and found four pre-foreclosure prospects, two of which are suitable for my intended use. I'm preparing to contact the homeowners following Chapter 6 guidelines and the we'll see how good I am in closing a deal. Whether or not I succeed this time, Frankie Orlando's handbook has already gotten me deep into the pre-foreclosure market and, thanks to her, I'm sure that I'll eventually achieve success.