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Foreclosures Coventry RI

nvesting in foreclosures can be a big money maker when it comes to real estate investing niches. While investing in foreclosures results in large profits when you choose the right house, there are a lot of other factors to consider.

Clear vision Window Cleaning
(401) 826-3324
71 West Warwick Ave
West Warwick, RI
 
Janis Cappello Coldwell Banker
(401) 578-6656
527 Main St
East Greenwich, RI
 
2k Property Development LLC
(401) 225-1121
15 Darrow Drive
Warwick, RI
 
Kelly & Picerne Inc
(401) 732-3701
75 Lambert Lind Hwy
Warwick, RI

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Balletto Realty
(401) 432-7444
1700 Cranston Street
Cranston, RI
 
Crest Management
(401) 619-1999
3399 South County Trail
East Greenwich, RI

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DeFelice Realtors
(401) 826-1246
3960 Post Road
Warwick, RI

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Stonehurst Realty
(401) 921-4036
1845 Post Road
Warwick, RI
 
Dias Team Realty
(401) 490-3317
1170 Pontiac Ave
Cranston, RI

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Property Improvement Co
(401) 943-5931
28 Freedom Drive
Cranston, RI

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Investing in Foreclosures the Right Way!

Investing In Foreclosures The Right Way!
Fri 10/09/09 09:40:26 am
by Dan O'Connor

Investing in foreclosures can be a big money maker when it comes to real estate investing niches. While investing in foreclosures results in large profits when you choose the right house, there are a lot of other factors to consider. For example, there are laws that vary from state to state and county to county that govern foreclosures and if you violate those laws, accidentally or purposefully, serious consequences will follow.

Don't Believe The Hype -

A lot of the home study courses and infomercial gurus advise buying a foreclosure and then renting the property back to the homeowner with the hope that they'll repurchase it at a higher price in the near future. One of the highest risks an investor can take is letting the previous owner come back and reclaim their property because they misunderstood what you had agreed upon.

Besides, would you really want a tenant in your property that has a history as a credit criminal who doesn't pay their bills? Of course you wouldn't. However, beginner as well as many experienced foreclosure investors do that very same thing each day and pay a high price for doing so, oftentimes losing their investment completely when a judge declares that the transaction was indeed a usurious loan instead of an option to repurchase.

Something Else To Consider -

During various stages of foreclosure, you can make a deal happen between you and the homeowner in default, wait and purchase at the auction, buy after the auction or many other more sophisticated strategies. If you intend to buy a property at the public auction, know that in some states, the law sets a certain time frame for foreclosures to become finalized commonly referred to as a redemption period.

If you're considering investing in foreclosures, it is highly advisable for you to find out if and how this law potentially affects the ownership and possession of the property in your local area. You may think you own the property, when in fact you are a temporary caretaker for a set period of time.

Meanwhile, the homeowner could be working out a deal with another investor or attempting to sell the property in some other manner without you even being aware what is happening. This can obviously have a big impact on what you do to the property during the redemption period, even if the property is vacant at the time of the auction.

You could find yourself investing in foreclosures, putting money into them, only to lose all of the profit you thought you had coming to you.

Let's Back Up For A Minute -

A foreclosure occurs when the owner defaults on the mortgage. The bank has to start the process of taking the property that was pledged as security for the homeowner's loan. If the homeowner can't remedy the situation by paying the bank any money that is then owed, the property will likely make its way to public auction where it will be sold to the highest...

Click here to read the rest of the article from mobilehome.com


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