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Dominate Preforeclosures.
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Last updated: 9/2008
How to Buy Real Estate Foreclosures and Preforeclosures
Dominate Preforeclosures
The Tried and True Approach to Building a Fortune With Foreclosures
Discover The Fortune Hidden In Houses in Preforeclosure and Learn...
"How I Made
$51,515.69 In 5 Weeks On Just One
'Preforeclosure' Deal Without Investing
A Cent Of My Own Money"
If you act fast you can cash in on this "hidden" real estate market - acquire properties under foreclosure for a fraction of their current value and keep them or turn them into fast cash. Here's how I did it...
It all started when the owners of a house called me because they were facing foreclosure.
Like so many home owners today they'd fallen behind in their payments, the house needed repairs and they had no way to make up the arrears in payments or fix up the home for sale.
There are homes just like this in your neighborhood...
This pre-foreclosure house made me $51,515.69!
I did some research and discovered this unfortunate couple had no equity. They owed the bank more than the house was worth once you figured in the repair costs.
They were facing a situation where they'd lose their home and continue paying the bank for months or even years to come.
They told me they'd be happy to get out of the deal owing nothing and keeping their credit rating. They wanted to be able to get a loan for another home in the future and they knew that having a lender foreclose on them would completely screw up their chances.
I went in to bat for this couple with their bank. I negotiated a deal where the bank would sell me the house for less than the outstanding loan.
The bank was happy to get out of the deal. They'd already made their profits on the interest payments and they knew the owners couldn't continue making payments.
It's a little known secret that banks generally don't like to own real estate themselves. For every property they own they are supposed to carry a certain amount over that in cash. If they don't have that cash when they get audited they face huge fines.
So the bank agreed to sell me the house for $145,000.
Even without repairs the house was worth $200,000
I had a private lender who was happy to loan me $175,000 based on the house's real market value. (Later, I'll give you a chance to find out how to build a long list of people happy to invest or loan you money for your pre-foreclosure deals. You don't have to risk a cent of your own money.)
So I bought the house substantially below market value, helped the homeowners avoid foreclosure and protect their credit rating and I pocketed $30,000 at closing.
I never used a cent of my own money!
I spent $29,000 of that $30,000 to subcontract out the house repairs and this is where the story gets exciting...
Just TWO days after the repairs were finished a buyer offered me $230,000 for the house. ...
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