where can i buy repossessed propertys and can i just buy it then sell how does it work?

Answer 1

I think you are speaking of distress and foreclosed property. There are several ways you can get into the business of buying and selling disstressed properties.

First of all go buy a few books on buying and selling forceclosed and distressed properties. There are several on the book shelves at your favorite book stores.

You might also purchase one of the programs offered by you midnight TV gurus. This will give you some very valuable forms and even some scripts that you can use for your clients.

Once you have decided if you want to venture into this as a way of earning a living then go at it. I think you will find it fairly rewarding and you can help a lot of people.

There are a few ways you can do this.

#1 Foreclosure Sale Go to the sale. You have to have all cash to purchase at this method. You are bidding against others that are there to bid for one or two properties.

#2 Real Estate On Hand (REO) This method you have to go to the new owners of the property which is now the bank or lender. You have to make an offer to the bank. Normally you have to send some cash at least 10% of your bid price. Your offer should include any cost to repair the house, as well as the cost it takes to hold the property for about 1-2 months while you are trying to repair any necessary repairs.

#3 Pre-Foreclosure This method you would contact the present owner that lives in the house. You have to make them a written offer. Your written offer should take into consideration any and all late payments and fees due the lender, The cost to repair any and all necessary repairs, holding cost while it is being prepared for sale and the sale time. You will normally have to give the seller some money to move so take that into consideration when you make your offer to purchase. Once all the cost and money to the seller has been done, find out the selling price of properties in the neighborhood. If the deal make sense then make an offer, if it doesn't do as much as you can for the seller and move on. Some of the properties you look at will be very good for you and some will not. Do not dwell on the ones that you are not able t help. The difference between your offer and the sales price is your profit after taking all the above into consideration.

Find out the legal requirements in your state for contacting people that are in forclosre. In my state of Califronia your contract must be in10 point and after you have made the offer to the client you may not contact them again for 5 business days.

Do rely on a real estate agent or anyone else to assist you in your knowledge of the laws of your state concerning foreclosures. Find the booklet that govern foreclosures in your state, buy one and keep your business legal.

Now as far as finding them.

#1 There are services that you can subscribe to that will sell you a list of foreclosed homes in your city. You have to look them up

#2 Your local newspaper will have a small list of them listed daily.

#3. You can go to the county court house in which you live and make your own list, this is public records, anyone can get them.

#4. You can advertise in your local paper that you purchase foreclosed and distressed properties.

I hope this has been of some help to you, good luck.

"FIGHT ON"

Answer 2

I think probably at Auctions that sell only Property's or watch out in Local Papers and Estate Agents .

My Son bought a 3B/R House that had been Repossessed some Years ago, it was in a terrible state and everything had been Smashed up and didn't even have a Staircase left,they had also taken all the Electric Wiring out, Sink,wash basin,Bath and left just a Hole where the Toilet stood. Kitchen Units and all Cupboards smashed up leaving long Nails hanging from Beams,they had even taken the Radiators off of Walls and broken them up and smashed C/H Control box on Wall in Hall.

I couldn't see how it was ever going to get sorted out.

The Garden is 70 foot long and looked like a Jungle,it's Beautiful now.

But my Son being very Handy soon put it altogether again and has done a Super Job. it did cost a fair bit to do it though.

He bought it for £50.000 about 13 years ago,and must now be worth quite a bit, probably in the £370.000 region now, if not more.
I believe he got it from an Estate Agents. it is a lovely House and is on a new Build Development.

Answer 3

So you want to gain out of other peoples misery.Go to auction houses.