How to buy foreclosure property
I am new at investing,I here about people buying foreclosure property all the time.How do you do this with none of your money...IS THAT POSSIBLE?? 
I am new at investing,I here about people buying foreclosure property all the time.How do you do this with none of your money...IS THAT POSSIBLE??
Yes it is possible using the methods which I have outlined below:
Also,
I Can assist you in closing your TARGET DEALS \\\"Subject to\\\" the first mortgage or any junior liens.
And direct your deal's financing structure to accomodate your present Credit/Savings situation (Negative/Positive)--whatever your status is.
If the sellers (or their Brokers) are not familiar with Equity Holding Trust(tm),--my exclusive method of purchasing real estate now, I can educate them on the specifics needed to insure your Deal's success AND the seller's protection for the deal's profitability.
If you study the following information and definitions in this Email you will become VERY KNOWLEDGEABLE on HOW TO BUY REAL ESTATE WITHOUT RISKING YOUR CREDIT GETTING A NEW LOAN!
Much Success,
DERRICK ALI
[ Edited by DaliOne on Date 04/27/2002 ]
Depends upon the seller. If you are really talking about "foreclosures", then the lender or a government entity (HUD and VA are most common) is the likely seller. In this instance, your offer must cash out the seller, but you do not always need your own cash to do the deal.
If the sale price is sufficiently below FMV, a hard money lender may fund 100% of your purchase price. If a small down payment is needed, a home equity loan or credit cards may provide the cash you need. Remember, borrowed money is other people's money and it does NOT come out of your pocket. If all of your purchase funds are borrowed, then this is still called a "no money down" deal since none of the money in the deal is out of your pocket.
You can borrow purchase money from family members, or team up with a partner who can fund the purchase. Still "no money down" because other people's money is used to fund the deal.
Sometimes, VA foreclosures are offered with VA financing (anywhere from 90% to 100%). HUD properties that are eligible for financing can often be purchased by owner-occupants with up to 104% financing -- "again no money down".
If instead, you are really referring to properties that are scheduled for the auction block (preforeclosures), then "Subject to" or the Equity Holding Trust technique may work for you. For a preforeclosure property, the loan is in default and the default must be cured to stop the foreclosure process. It takes money to do this, but it does not have to be out of your pocket. Partners, equity line of credit, family loans, credit cards, etc. are all sources of cash that could make this a "no money down" deal too.
Now for a word of caution. Even though you may be able to accomplish a no money down" deal, you still need cash on hand to implement your exit strategy. In addition to carrying costs, your will have to maintain the property you purchased "no money down" until you either get the property sold or rented. Bottom line is that you still need your own cash to maintain and dispose of your "no money down" acquisition.
Anonymous:
Did you Every get registered here?
Ayway just wanted you to know that I just developed a course for Newbie Foreclosure Investors entitled:
"The Equity Hold Quick Start Investing Success Guide!"
It will soon be available exclusively HERE on TCI so look for it to appear soon on the Shop TCI page!
Much Success!
Derrick Ali
[addsig]