Pre-Foreclosure Property Investor's Kit
by: P. Lucier
Topics include: customize this document, subordinate lienholders, public foreclosure auction, unpaid principal loan balance, auction sale date, loan loss mitigation, foreclosure auction sale, comparison sales method, marketable resale condition, title company processing, payoff sale, foreclosure process works, loss mitigation department, popular word processing application, sale web page, property investment business, foreclosing lender, reinstate the loan, foreclosure lawsuit, mitigation departments, foreclosure investors, existing loan balance, title transfer documents, estoppel letter, trust loan
Reviews:
...lacks details and conatins too much cursory, trivial and antecdotal information. E.g., public records are listed in alphabetical, and good examples of which are included: mobile office equipment to buy and describes over and over how great the internet is but skims over important details like actual examples of what exactly you find in the public records and examples of how to determine if a deal is worthwhile or not. He talks about due diligence and that one should research the public records to get information from 50 different places. The author even goes on to tell a story about a women who didn't do enough research and ended up with a $19,000 tax lien attached to her pre-foreclosure property. But the author never shows any examples or those records or HOW to use those records to determine if a deal is worthy or not. The step-by-step process is not detailed enough to put into practice without doing tons more research. The book seems unfocused and often times wanders away from the point. Not a very practical book but may be okay if you know nothing about foreclosures, pre-forclosures or home buying in general.
This kit is full of good "how to advice" on purchasing pre-foreclosures as a current investment or "to flip". A decent list of steps is included to make the process do-able. Part of the process includes one: -pay a finder; inspect the property; negotiate with the seller or foreclosing lender; purchase the property for personal use or "flip it" for a profit. Web sites to help in the process of acquiring pre-foreclosures are here: www.iaf. net to research people; www.switchboard.com; melissadata.com for street addresses; abstractoronline.com for title searches; abandoned property searches; bop.com; brbpub.com for public records; factfind.com; realestatepublicrecords.com; publicrecordsfindeer.com. Investors are encouraged to develop worksheets highlighting details of: each property together with the analytic data and information; sources to verify the seller's representations. This text is superbly organized and easy to understand. Basic definitions are explained and set forth in simple English.
