Como Comprar Propiedades en Foreclosure y Dónde Encontrarlas - Bibiana Pelaez

Phone: +1 (786) 326-6807 Website: https://www.bibianapelaez.com Subscribe to the channel: https://bit.ly/3mD91gL Contact me on my social media: Facebook: @PelaezRealEstate Instagram: @PelaezRealEstate LinkedIn: Bibiana Pelaez Email: [email protected] Buying properties in foreclosure can be a great way to acquire good deals, but it can be a bit complicated due to legal issues, problems, or deterioration of the property, etc. Foreclosure is the process where the lienholder takes possession of the property. There are three phases within the foreclosure process where it is possible to purchase a property. The first is Pre-Foreclosure. The second is the actual foreclosure process in the court. The third is the post-foreclosure process (after the property has been foreclosed on in court). So, let's define each of these stages. Pre-foreclosures. This is the phase where many investors take advantage, as the property owner is already aware that they are going to be foreclosed on, but they are still physically present on the property. Few things can motivate a homeowner more than knowing they are about to be evicted from their home. So, this can be a good time to buy at a competitive price. The second phase is directly in the courthouse, where the property is auctioned off. This is the riskiest phase, and although it can be quite lucrative, I would recommend it for more experienced investors because in most cases, they don't allow access to the property, meaning they don't allow you to see its actual condition inside. There's also no time to pay for a search for liens, violations, and open permits the property may have. This means you may be buying a property with other expenses included that you're not aware of. As with any auction, the property is sold to the highest bidder, and here in the US, it's known as a Trustee Sale. The auction typically starts with the amount owed on the property, and depending on the demand, the purchase price increases by more or less. For example, if the owner owed $100,000, the auction starts with that amount. This type of court purchase typically requires payment for the property in cash on the same day. If you win the auction, you'll most likely have to evict the former owners. The third phase is after-foreclosures. This is the most common way to buy this type of property. After the court foreclosure, the owner—most likely the bank holding the note, unless someone else bought it at auction—will sell the property. In this case, the bank will handle the clearance, organize everything to offer a clear title to the new buyer, and list the property with a real estate agent. This type of property is called REO (Real Estate Owned), and the most common way to find it is on the MLS (Multiple Listing Service). The MLS is like the database that all realtors work with and have access to. In other words, to access the MLS, you would only need to find an agent, which... good news for you: buyers don't pay to work with real estate agents; agents are paid by sellers, so it's completely free for you. You would have a professional working for you and your interests without having to pay a cent extra. You could also check out properties yourself through commercial sites that feed into the MLS itself, such as Zillow, Redfin, Realtor.com, etc. These portals now have a slight delay in updating information, so you could be missing out on time and opportunities. -- DISCLAIMER -- ** THIS VIDEO IS FOR INFORMATIONAL AND ILLUSTRATIVE PURPOSES BASED ON THE INDIVIDUAL EXPERIENCES OF THE PRESENTER AND THEIR CLIENTS. EVERY SITUATION IS DIFFERENT, AND YOUR RESULTS MAY DIFFER. YOU SHOULD ANALYZE THE RISKS BEFORE TAKING ACTION ** #realstate #forclosure #investing #realestateUSA