| |
| |
|
Real Estate Information |
|
|
Forclosure And The Durrett Rule
It's probably happened to you... Folks learn that you know something about real estate investing and they eagerly ask you about buying foreclosure property. The general assumption is that they can buy a beautiful home at a deep discount at a foreclosure auction. Their smiles fade when you explain that they will have to pay cash on the spot and they must be able to research title to be sure they aren't buying trouble. But wait... there's more... There is also a little something called the "Durrett Rule". Oh boy... can that be a like a knife in the back. For example: You spend the time and effort scouting out a nice home scheduled for foreclosure auction. You search title and scare up the cash to have in your pocket when you go to the sale. Hurray... You have the winning bid at the foreclosure sale and buy the home at about a 40% discount to market value. After doing your happy dance you spend the next few weeks doing needed fix up. Then you find a renter and settle back to collect rents for the next few years. But wait! Who's that knocking on the door. Why it's a nice man who says he is taking the home away from you. Who is this pretentious devil? He is the dreaded... BANKRUPTCY TRUSTEE! Shortly after the original homeowner lost his house he filed for bankruptcy. The wheels of the bankruptcy court grind slowly and the trustee just recently learned that the house had been sold at the auction. And... The foreclosed upon owner had a nice hunk of equity in the home when he lost it. Uh oh.. get ready for this. It is trustee's job to capture that equity so it can be distributed among the bankrupt home owner's creditors. Can he do that? Yes! Under the power granted by The Durrett Rule the trustee can show you the door and claim the home in the name of the bankruptcy court. You, see the bankruptcy court has more power than Edison Electric. It can do about anything it wants when it comes to assets and creditors. Oh sure, months later, after a battle in the bankruptcy court, you should be able to recover the money you paid for the home. Of course... no interest is paid on the money for the time it is tied up in court and you will not be able to recover the attorney fees needed to get your money back. Buying at foreclosure sales is not for sissies! Stick to an easy money tactic... buy in the preforeclosure period with this system. About The Author - Mark Walters is an investors and author. His published works can be found at http://www.CashFlowInstitute.com
MORE RESOURCES: This RSS feed URL is deprecated, please update. New URLs can be found in the footers at https://news.google.com/news
Google News |
|
|
|
RELATED ARTICLES
Maximizing Curb Appeal and First Impressions to Sell your Home We all know that a home or property of any kind, in order to sell faster and at a higher price, should have what is known as curb appeal. Frequently, it is not the expensive things that make a difference. 6 REASONS for Investing in Florida Real Estate Investment Property NOW I invite you to take the next few minutes to learn the truth about the real estate market, how it compares to other methods of building assets and why it is such a lucrative form of investing. Many potential investors will say, 'I need to get into the Florida Investment Property market', especially taking into account current stock market fluctuations and the HOT market for investment properties, but simply don't know the facts about Orlando property investing and how to use sale and leaseback method of property management. Residential Income Property Financing: Part 2 of 3 Welcome to the second segment of a three-part series about income property. In this second segment we will be discussing financing options for residential income properties as well as the upside (and downside) of owning this type of property. Realtors - Self Promote Your Way To Success Okay, so we all can agree - listings are the lifeblood of the real estate industry. And if the keys to selling them arelocation, location and location, then the challenge in getting them is self-promotion. How To Buy Property in Spain Safely Buying property abroad is not an undertaking one should embark upon lightly! It is not wise to assume that the entire purchase process will follow the rules we're used to 'back home' and generally speaking there are usually a whole new set of rules and regulations, traditions and traps to learn, understand and watch out for.Spain is absolutely no exception and has a tangled web of laws and legislation seemingly designed to trip up an unwary real estate buyer. Selling Houses: Design Psychology Works! I've taught the concepts of Design Psychology for many years, and I know how much it can empower a person, and allow them to create a fabulous home that sustains their emotions. Since it's based on science, I know that Design Psychology is effective at turning plain spaces into happy places. Appraisal vs. Market Value: How to Avoid Pitfalls in the Sale of Your Home When you sell your home, appraisers use comps (comparable market sales) of local properties sold within the last six months to value your home. With today's rapidly rising seller's market, six-month-old information is ancient history. Buying Property in Bulgaria : How to Avoid Making A Bad Investment Where is it possible to buy a property on your credit card? Bulgaria, of course! With thousands of potential property buyers seduced by Bulgaria's bargain property prices, the temptation is to think that making a solid return is a no-brainer! Searching the Internet, dozens of articles and property websites boast about the 100% capital growth that can be achieved on Bulgarian property investments in the space of 12 months.For first time investors with small budgets looking for a step onto the property ladder, this seems like an opportunity almost too good to be true! The result is that thousands of novice speculators and second homebuyers are flocking to Bulgaria to cash in on the investment opportunities it offers. Real Estate Investing - The First House Purchase Real estate investing usually begins with the purchase of a house, rather than raw land or commercial property. The purchase of a relatively inexpensive house for rental or fix-up purpose is usually lower risk than any other type of real estate investment. Land Subdivision - $1.2 Billion Dollar Developer Tells You How To Do It Land subdivision is a bit like helping Mom slice up her beautiful Apple Pie; it's all so easy, when, like Mom, you've done it a few times. So let's see if we can get the ingredients for a land subdivision correct so you can do it right first time, OK?Every city or town in the free world has a Town Plan and it comprises, not surprisingly, of plans or maps, usually with lots of different colors all over them, but also lots of words explaining what the colors mean as well as lots of Rules that tell you what you can do with land. The Professional Investors Plan The art of using high-leveraged activities.Here I would like to make just a few suggestions that will hopefully save you from wasting years of hard effort only to learn in the end that had you invested using a better strategy, you would have realized more profit, happiness, satisfaction, control and free time as a result. Should You Buy Real Estate Now I have been seeing the market on fire for a long time and have started telling my friends, "don't buy now". No one can accurately determine exactly when it will happen, but it is definately on the way. Homebuyer Heaven Can't Possibly Last With interest rates at record lows over the past year, there's really only one way for them to go, the only question is when. Most experts agree that rates will remain fairly stable in the short term, at least until the end of the year, and some believe they will even decrease slightly. Selling Your Home - What Can Go Wrong With Pricing and Loans So, you're selling your home (house, townhouse, condo, apartment, land, lot, farm, ranch, etc.), what can go wrong? The sad fact is that a lot of things can go wrong. Home Staging: How to Make Your Tract Home Stand Out in the Crowd Home sellers who wish to market their property in development neighborhoods face tough challenges. All the houses look similar. How to Make Money from the California Real Estate Gold Rush What do the Californians know that we don't?What is so special about California? Why is the average price of a house there five times higher than nationwide? Why on a salary of $100,000 per year, you can hardly afford to rent a decent apartment in the large cities there?It is true, Californians have a nice looking Pacific coastline. They also have a pleasant climate. How To Sell A Home That Didnt Sell If your home has just come off the market and hasn't sold, don't be discouraged. The reason it didn't sell may have nothing to do with your home. Back To The Future - Big Changes Are Coming, Get Ready Now The comments below are quoted from a recent speech by Ben Bernanke, a member of the Federal Reserve Board of Governors.. Kings Bay Georgia Real Estate - An Amusing Tale About a Real Estate Agent This story is true and not meant to hurt anyone, but the more that I think about what happened, the more it makes me laugh. I hope that you not only get a chuckle from it as I did, but take your time and look for a professional real estate agent. Buying and Selling Distressed Houses for Maximum Profit (Update) If you want to become a real estate investor, find a "fixer-upper" owned by an anxious seller. Finding distressed houses at bargain prices, fixing them up, and then selling them on a consistent basis can make you a multi-millionaire.
|
| home | site map |
| © 2006 TIGER MEDIA |