If the American dream is owning your own home, then the American nightmare must be facing foreclosure. With many risky mortgage loans (interest only mortgages, adjustable-rate .. etc) easily available, buyers are able to purchase a more expensive house than they can afford. Unfortunately, it will be devastating to many home buyers when these crazy mortgage loans are converted into higher interest loans or fixed rate loans eventually. As a result, we are seeing a rising trend of foreclosure in the US.
Besides losing a major investment, the person facing foreclosure is also faced with a blot on their credit record that could take years to repair. Being faced with losing one's home is one of the most stressful situations that anyone can encounter. It's an unfortunate fact that another's misfortune often presents opportunity for profit to the canny investor.
A survey released in early 2005 by 'The National Association of Realtors' in Washington, DC showed that over 20 percent of all residential real estate transaction in the US went to real estate investor rather than home buyers. Buying a house under notice of foreclosure is one of the best ways for investor to acquire property for below market value and turn it around into a profitable asset. If that feels a little ghoulish, it may help to know that by buying a house from the owner at certain stages during the foreclosure, you can help them prevent the foreclosure and minimize the impact on their credit rating.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125