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Buying Distressed Properties From Auction - Rules of Thumb

#ForeclosedHomes #ForeclosedProperty #ForeclosureAuctions #RealEstateInvestment 
They can get a suitable property for little money.

Distressed properties are homes that are for sale not because the owner wants to sell but because of pre-foreclosure, foreclosure, or repossession.

These homes are usually offered up through an auction in which the highest bidder gets the property. These are expensive homes that are much more affordable than the typical foreclosure home.

Lenders most commonly offer these distressed properties after having foreclosed on their borrowers. They do this if they continue taking repossession from the borrowers, the home will eventually enter foreclosure. If the foreclosure auction doesn't bring enough funds to pay for the outstanding debt, the lender will try to get the property through auction.

With the current number of distressed properties for sale, there is no need for the lender to go through the trouble. They can get a suitable property for little money.

But of course, they will need the distressed homeowner to take possession of the property. To achieve this, the lender will require the owner to pay back the overdue amount plus fees. The borrower will either have to pay this, which is impossible, or be in foreclosure when the lender gives the go-ahead.

If the borrower is in foreclosure, then they can offer the lender a deed in lieu of foreclosure, which is an agreement that the lender can accept. In this way, they will not take possession of the property, but they will get nothing. The lender will just be removing the property from the borrower's property market.

If the borrower is not in foreclosure, they can negotiate a short sale, which is a way of selling the property at a lower price than the outstanding debt. In this way, the borrower will still get money for the property, but the lender will not take possession of the property.




The process of buying distressed properties through an auction is quite exciting. But be careful of the tricks of the trade, and you will be fine.

I hope you found this article helpful? As you continue your quest for wealth and financial security, the investment strategies laid out in Think Like a Tycoon by Dr. W.G. Hill is the resource you should seriously consider. 

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Make your fortune from “distressed property” using other people’s money and this property tycoon’s no-brainer strategy

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