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Foreclosures Rochester NH

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.

Full House Real Estate
(603) 755-3993
10 S Main St Ste 2
Farmington, NH

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Mariner Realty
(603) 397-0005
54 Main St
Durham, NH

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Town Square Realty Group
(207) 324-2860
4 Washington St
Sanford, ME

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Masiello Commercial Div
(603) 319-0082
40 Pleasant St
Portsmouth, NH

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Sue Ricker Real Estate
(603) 430-9643
75 Court St
Portsmouth, NH

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Atrio Properties
(603) 749-9860
468 Central Ave
Dover, NH

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Century 21
(207) 384-4008
96 Portland St
South Berwick, ME

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Ann Cummings - New Hampshire Real Estate
888-349-5678 x 3839
RE/MAX Coast to Coast
Portsmouth, NH
 
Lamprey River Real Estate
(603) 679-5700
237 Calef Hwy
Epping, NH

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Lets Own Com Realty Group
(603) 679-9658
629 Calef Hwy
Epping, NH

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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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