Bank Foreclosures
(Joy Marie)
If you are pursuing a lot of bank foreclosures listed with real estate agents, you will need a qualification letter to submit along with your offers for those bank foreclosures (particularly those that are owned by institutions). You can obtain a qualification letter from a hard money lender for this purpose. In fact, your offers will carry more weight when submitted with a qualification letter from a lender that is active in your area.With terms so favorable to the lender these days, most hard money providers are concerned primarily with the value of the property, placing less emphasis (if any) on the credit of the buyer. They just want to know that in the event the buyer defaults, they will possess an asset from which they can extract their original investment and possibly more.Finding Bank Foreclosures
This is not to say that lenders desire to go through the hassle and expense of taking back and reselling a property--on the contrary, no one wants to do so much extra work. This is merely to point out that due to the terms of the loan, private lenders are secured, and feel secure, whether a borrower pays or not. As you become familiar with an area, you may notice homes that appear to be vacant without any "for sale" sign out front. You can obtain the phone number for the address from a reverse directory. Many times when people leave a home, they forward their calls to a cell phone or other number. You may reach an owner ready to sell quickly.Your local newspaper can be another source of information about bank foreclosures. Check for sale by owner listings and homes for rent ads. Sometimes these represent the last efforts of homeowners who are so strapped that they can't afford to lose money.
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