Dell we were discussing the foreclosure process, not the profitability of them.
You wrote"One thing about foreclosures. The majority of times you get someone to sign a contract, you will not close on that property." This is not the case with me. When I write an offer that is accepted by the seller, we close the transaction 100% of the time.
Now this is not the case with a short sale, but that is a different animal altogether. I agree that there are guru’s selling courses on this that make it seem common and easy which it is not. Very few properties are good short sale canidates.
The best way to learn the foreclosure process is don’t make your house payments and you will learn the process first hand. Second to that foreclosure is state specfic. So the process varies as to where you are. You can search archives and I’ll bet it has been discussed about every state. There are several good foreclosure courses out there.
I would start by spending lots of time at the county recorders office in the courthouse. Ask lots of questions and look for NOD’s or Lis Pendens
Posted by Dell Webb on March 11, 2006 at 17:03:06:
One thing about foreclosures. The majority of times you get someone to sign a contract, you will not close on that property. The guru’s want to make it seem like you can make a million $$$s doing it. The reality is that the banks have mortgages that are insured, so they won’t budget much on those, and other times they simply don’t understand their offer is way to low for an investor to stand a good chance of making a profit. Use foreclosures as a tool with other ways of making $$s.
Realize this…many of the gurus out shilling courses on foreclosures (no names here) are on the road a lot selling their courses because they can’t make a lot of money doing foreclosures. Thank about it. If you earned a mid-six figure income, would you want to live out a suitcase a lot of the time when you could be sitting in the sun sucking down a cold one? Nuff said.