The Complete Guide to Investing in Foreclosures

The Complete Guide to Investing in Foreclosures
Steve Berges
Paperback - AMACOM
240 pages
November 2005

List Price $17.95; Our Price $13.46; You Save $4.49 (25%)




Reap great profits on foreclosure investments -- with a lot less risk.

"As demand for real estate has skyrocketed, so have prices. But finding affordable properties to buy and sell for profit has actually never been easier!  Why? Because foreclosures are at an all-time high, meaning banks and other lenders have unprecedented numbers of properties they are all too eager to unload. That?s your opportunity to acquire prime properties -- both residential and commercial -- at incredible value, and build a substantial real estate portfolio that should give you great returns for years to come.

But as easy as it might seem to be to profit in the foreclosure market, the route to success is rife with hazards that can quickly turn your journey into a disaster. A few precautions and some careful preparation can prevent a lot of headaches -- and bad investments -- down the road. The Complete Guide to Investing in Foreclosures is written to help you identify and take advantage of opportunities while avoiding the pitfalls.

Best-selling author Steve Berges gives you:

* Secrets for finding great properties before they?re public knowledge

* Foolproof strategies for buying properties at all stages of foreclosure

* Important information you need to know before investing in any foreclosure

* Powerful ways to take advantage of little-known alternatives like HUD, SBA, VA, and IRS properties, Fannie Mae and Freddie Mac foreclosures, pre- and post-foreclosure opportunities, and a lot more

* A full selection of value assessment tools, lead-generation strategies, and practical step-by-step processes

* The 7 Caveats of Investing in Foreclosures

Foreclosures may be the quickest and most reliable way to profit in real estate?but you?ve got to know what you?re doing. Whether you?re new to the game or are already experienced in buying and selling foreclosed properties, The Complete Guide to Investing in Foreclosures gives you everything you need to make smart moves at every stage of the process."

Robert Bruss: Book reveals little-known foreclosure facts

By ROBERT J. BRUSS, Inman News Features
January 1, 2006

"...the book's superb content triumphs and, on my scale of one to 10, earns a solid 10!"

Copyright © 2005, Naples Daily News, Naples, FL

"The Complete Guide to Investing in Foreclosures" by Steve Berges is not just another book about how to buy and profit from foreclosure properties. This one is different because it reveals important but little known foreclosure facts, such as how to locate and buy FHA-HUD foreclosures in virtually any county, how to invest in and finance VA foreclosures, and how to estimate the profit potential for each foreclosure purchase.

Author Steve Berges is owner of a home building firm which both builds new houses and renovates foreclosure properties. He strives to earn at least a 20 percent profit on each foreclosure house his firm acquires, so he emphasizes both buying at the right price and then reselling with an adequate profit. His goal is to buy, renovate and resell 35 to 40 foreclosures per year.

The book begins by explaining the opportunities and the possible pitfalls of acquiring houses in the foreclosure process. According to the Mortgage Bankers Association, approximately 4 percent of all home loans are delinquent and about 1.1 percent of mortgages are in the foreclosure legal process. Another way of looking at the situation, the author explains, is one out of every 22 home loans is delinquent.

Berges says this creates plenty of opportunities for those willing to learn foreclosure procedures and, depending on each defaulting homeowner's situation, the best time to buy houses. The book is unique because the author explains the best way to acquire foreclosure and distress property profitably is often by taking title "subject to" its existing mortgage, renovating the house, and then either refinancing or selling.

Heavy emphasis is placed on understanding both the judicial and non-judicial foreclosure procedures, depending on which is used in the reader's state. A chart shows whether mortgages or deeds of trust are predominantly used in each state.

The author explains the pros and cons of purchasing foreclosures at each step during the procedure. He recommends never leasing the house back to the seller. "Instead, give sellers the boot," Berges advises.

After explaining the four foreclosure procedure opportunities, the book shifts to very specific details of acquiring FHA-HUD foreclosures, VA repos, Fannie Mae and Freddie Mac defaults, and conventional foreclosures.

Berges explains acquiring title subject to an existing mortgage is not illegal (as some uninformed real estate writers say) but it can be a breach of contract with the seller if the buyer defaults. A unique technique I have not seen elsewhere is the "double lease option" to conserve the investor's cash.

However, the book is not perfect. The publisher should have edited more carefully to break up the extremely long paragraphs which make very difficult reading. Shorter paragraphs would have made for much easier understanding of the author's excellent but sometimes detailed explanations.

The book has another fault. It is too short. The author obviously must have many personal examples he could have inserted throughout the book to illustrate his topics, such as acquiring "subject to" an existing mortgage and how both he and the seller benefited by curing the foreclosure and repairing the seller's credit. At the end of the book, there are a few examples, but not nearly enough to break up the sometimes boring explanations in those huge long paragraphs.

If you are serious about acquiring profitable foreclosure properties, this book is required reading because it offers details not found in most other foreclosure books. Although it can be difficult reading, due to the bad editing and long paragraphs, the book's superb content triumphs and, on my scale of one to 10, earns a solid 10!

Copyright © 2005, Naples Daily News, Naples, FL

The Complete Guide to Investing in Foreclosures
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