( 1 reviews )
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Posted: Jul 21 2009
The book itself is pretty good and gives some good general knowledge of buying a home that's destined for demolition BUT after reading the title I couldn't believe that the wave everyone is talking about - foreclosures and short sales - wasn't covered in depth. In fact...if someone is looking to buy a home for "cheap"...an amazing method is to find someone who has 2 mortgages...usually an 80/20 loan and are behind or in foreclosure. Contact that seller and tell them in the letter you can buy the home regardless of how much they owe by doing...wait for it...what everyone and their mother is talking about..."short sales". Why 80/20 loans? Well...you can pretty much get the 20% loan for nothing. If you're buying a $100,000 home and the 20% loan is in foreclosure ($20,000)...you can pretty much assume you can pay that loan off for about 10% of what is owed. I do it all the time. I own my own mortgage company and invest in real estate so know this works day in day out. So...how do you find these people in foreclosure. Easy...go to your local courthouse and just ask someone..."which section do I go to about homes that are going into foreclosure". In my court house it's called the prothonotary office. Yours could be different so just ask. Once there, you'll have a print out...and bang...you're ready to send them a letter. That's how I do it and buy home's for pennies on the dollar. In fact...I can't handle all of them and sell them to other investors/homebuyers looking for information on "How to buy a good home cheap".
