Homes For Sale in Tulsa Ok
John Cantero (918) 313-0408
918-578-2467918-578-2467

How To Buy Foreclosure Properties

How To Buy Foreclosed Properties

How To Buy Foreclosed Properties

This guide introduces you to concepts for understanding the foreclosure landscape, and some interesting facts and figures to help you on your way to be successful foreclosure investor.
Why invest in foreclosures or distressed real estate? We go over some of the major benefits and points that make a strong argument towards getting started with real estate foreclosures.
We cover some of the standard and often misunderstood definitions related to distressed real estate and the foreclosure process. Like what is a ‘judicial foreclosure’, ‘lis pendens’, or ‘trustee sale’? You’ll find out here. Learn how to best take advantage of the fantastic opportunities you have to purchase truly affordable housing at bargain-basement prices and how to avoid cheap homes that may not perform as well others for return on investment. Also covered are tips for approaching and negotiation with the distressed homeowner about purchasing his/her property before a formal real estate auction is announced, and advice on ‘closing the deal.’

Buying a foreclosure can be a great way to save money on a new home, but you need to exercise a certain amount of caution. Although foreclosure discounts can significantly lower the cost of a home, you can also end up in over your head financially if you’re not careful.

Avoid making these common mistakes when buying a foreclosure:
•Not hiring a realtor: Foreclosure transactions are much more complicated than the traditional home buying process. You’ll need the help of a professional agent who specializes in foreclosed homes.
•Not checking on state and local laws: To avoid legal issues, it’s important to know the laws on buying foreclosures. The contract has to adhere to these laws or it could be invalid.
•Not thinking long-term: Make sure the foreclosed home you buy will be a good investment ten years down the road. If you don’t think that far ahead, you could be investing in property that will decline in value.
•Not saving for repairs: Set aside at least 10 percent of the home’s cost for repairs. Don’t just look at the cost of the home when determining your budget. Repairs are commonly needed in foreclosed homes, especially ones that have been vacant for awhile.
•Not narrowing down your search: It’s easy to find foreclosed properties in any part of the country, but it’s best to focus on a specific area to avoid being overwhelmed. Work with a real estate agent in that area to find a home that suits your needs.
•Expecting significant foreclosure discounts: Don’t assume that the bank will take a big chunk off the price of a foreclosed home. You’ll still need to negotiate for that.

Need help buying a foreclosed home? Contact me and I will show you the way home. John Cantero (918) 313-0408

Here are a list of links below to my “Guide to buying foreclosures”

Ch. 1 – Introduction

Ch. 2 – Why Invest in Real Estate?

Ch. 3 – Foreclosures Overview

Ch. 4 – Pre foreclosures

Ch. 5 – Home Auctions

Ch. 6 – Bank Foreclosures

Ch. 7 – HUD Homes and Government Property

Ch. 8 – Tax Sales

Ch. 9 – Short Sales

Ch. 10 – For Sale By Owner

Ch. 11 – Mortgages and Financing

Ch. 12 – Alternative Financing

  • Contact Me

    Would you like to visit a home you have seen? Just let me know and I would be happy to arrange it.

  • Reviews

    5OKChahtaWmn

    We really enjoyed and appreciated having John as our Broker he was very honest, professional and prompt in answering any questions, and took care of a lot of the details for us prior to and at closing. We especially appreciated him putting up with us for... (more)

    5user541473

    John Cantero is the real estate agent I chose when I decided to buy a HUD foreclosure. It was not an easy process and John was always there to answer my call's and questions. If you are looking for a great real estate agent, John Cantero is who I would... (more)

    5lkeith82

    We contacted John because he had such a good rating on Zillow. He lived up to the ratings in every way. John is very professional and patient with customers. He listened to our needs and used his multi-list software to send us an updated list each... (more)

    Review John Cantero (918) 313-0408 on Zillow.com

  • Tulsa Real Estate Specialist

  • Work with one of the best Realtors in Tulsa – John Cantero

  • I Will Show You The Way Home

  • Homeownership Matters

  • Mortgage Calculator

    $
    $