Keys to Buying Foreclosed and Bargain Homes

by Jack P. Friedman and Jack C. Harris

Book Overview

Over the years, the titles in this popular series have helped ordinary consumers understand principles of prudent money management as a key to personal financial security. Written by experienced... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 0764112945
• ISBN13: 9780764112942
• Release Date: April 2000
• Publisher: Barrons Educational Series
• Length: 167 Pages
• Weight: 0.40 lbs.
• Dimensions: 0.4" x 5.3" x 8.4"

Customer Reviews

A good read for those searching for discounted real estate.

I got this book because I became disenchanted with attempting to purchase real estate through tax liens and was searching for a better way. What I have found by reading this book is that it is possible to purchase real estate at a discount if one is willing to do the leg work. The authors do a good job defining bargain homes, dicussing strategies on getting the best price and locating repossessed homes. Also the book has a useful glossary, helpful checklist and locations of Hud and VA offices around the country.

Concise and easy to read

This book is wonderful for the novice trying to learn about the business of investing in real estate. There is not a wasted word in this book and each chapter is only 2-3 pages long so it can be read inbetween commericals during a movie. I read over half the book during one movie.There are helpful checklists and nuggets of suggestions that should help anyone wanting to buy a house or an investment such as Exhibit 1 showing how prices tend to change according to the season and the General Checklist to apply to any property you are considering buying. There are addresses for all the Hud offices in the US. There are tables to calculate mortgage payments based on the interest rate and there is an excellent explaination of the foreclosure process.This a nugget of a book written in an extrememly readable and digestable manner. It may be a little too basic for experienced real estate investors but it is perfect for those just starting to learn the subject. I wish I had this book when I bought my first house and anyone facing foreclosure could benefit from reading it as well to understand the process.

Exploring Seldom-Used Paths to Home Ownership

'This book serves as a guide to finding and taking advantage of distress sale situations as well as other situations where there are opportunities to buy at below market price or with favorable financing.'My banker told me a story recently that could serve as the set piece for this book. Because a loan had not been paid, the bank had foreclosed on a forty acre piece of property with a lovely home on it. No one bid at the auction, and the bank took the property for the amount outstanding to it, $95,000. In a private sale, the bank later sold the property for much more than that. You could have bought this property for $95,001 at the foreclosure auction because the bank would not have bid against you. The property was worth hundreds of thousands of dollars. Such opportunities arise almost every day. Yet few explore these avenues for purchasing because they do not know how to do so. This book is an excellent resource for giving you the knowledge to locate such bargains and pursue them. On the other hand, although the book is written so as to be understandable by the first-time home buyer, it will be of most value to the experienced home purchaser who knows what she or he wants. If you want to pursue this direction as a first-time buyer, I suggest that you locate someone with experience in home-buying and pay them a fee to advise you. A local realtor may be willing to do this. Check out the realtor's reputation carefully first, and be sure to buy a property that the realtor gets no commission on nor has any other interest in. There is also advice in here on how to buy homes for rental, as investments. I suggest that you read other books on that subject first. Although this book covers the basics in that area, you may want to work first with someone who does this for a living for a while to develop more expertise before trying it yourself. If you are good at this, there's no reason why you shouldn't be able to become a real estate millionaire. This is a good time for this activity because interest rates have risen and you will probably be able to refinance your property at lower interest rates in the future. Dropping interest rates will also increase the value of your property.The book is divided into sections on determining whether or not you have found a bargain home, how to get the best price on a bargain home, where to find repossessed homes (like the one I described above), how and whether to buy a handyman's special (one that needs a lot of work that you would do yourself), how to buy at auction, and helpful negotiation and buying skills.For a short book, it covers a remarkable number of subjects (49 chapters in 130 pages). The glossary will also be very helpful in adding to your understanding of the terms used in home buying. The appendices are also full of useful information.This would be an excellent book for any homeowner thinking about purchasing another home to read. It would also make an excellent gift to one's grown c