Keys to Buying Forclosed and Bargain Homes » (Revised)

Titles in Barron's Business Keys series present easy-to-understand advice to non-professionals on prudent financial planning, saving, investing, getting loans and mortgages, buying and selling real estate, and generally maintaining personal financial security. Updated to reflect the current real estate market, this book combines reliable information with expert opinion to guide you through the complexities of residential real estate investment and advice for investors looking to buy properties at distressed sale prices.

What Is a Bargain?
Getting a Home for a Bargain     1
The Home-buying Process     3
What Is Market Value?     6
Can You Get a Bargain Home?     8
Buying for Resale or Investment Versus Homeownership     10
Profiting from Foreclosures and Bargain Homes     12
A Word About Risk     16
How to Get the Best Price on a Home
Recognizing a Buyers' Market     18
Buying Out of Season     21
For Sale by Owner     24
Why the Low Price? Seller, House, or Neighborhood     26
Why Some Homes Are Undervalued     28
Researching Targeted Properties     30
Inspecting the Property     36
Acquisitions Before and After Foreclosure
Winning with Repossessed Homes     39
Snatching a Home from the Jaws of Foreclosure     42
Banks Don't Want to Own Real Estate     44
Identifying Pre-foreclosure Properties     46
Buying Pre-foreclosures Before Auction     49
Why Homes Are Repossessed     55
Judicial Foreclosure     57
Nonjudicial Foreclosure     59
Deed in Lieu of Foreclosure     61
Foreclosure Sales     63
Foreclosure Process by State     65
Budgeting for Your Auction Bid     69
What to Expect on Auction Day     76
What to Expect After the Auction     81
Quality of the Title Received at Foreclosure Sales     85
Foreclosure Sales Acquired by Lenders     87
Bidding and Financing Overview for a Repossessed Home     90
Finding Foreclosed Homes     93
Working Up a Bid     96
Buying from Lending Institutions     99
Buying a HUD Home     101
Buying from the Department of Veterans Affairs     103
Buying from Fannie or Freddie     105
Other Sources of Foreclosed Property     107
Buying a Handyman's Special
Seller Disclosure and "As Is" Sales     111
The Inspection     113
Contract or Sweat Equity?     116
Financing Purchase and Rehabilitation     119
Local Government Restrictions     122
Special Programs for Qualified Homebuyers     126
Buying at a Non-foreclosure Auction
Non-foreclosure Auctions     129
Finding Non-foreclosure Auction Opportunities     131
How a Non-foreclosure Auction Works     132
Tips for Bidding at a Non-foreclosure Auction     134
Paying for Your Non-foreclosure Auction Buy     136
Negotiation and Buying Skills
Should You Work with an Agent?     137
Brokers, Salespeople, Realtors, Multiple Listings     139
Sales Contracts     141
Negotiation     144
Seller Financing and Price     146
Condominium Considerations     148
Investment Analysis     151
Marketing Your Property for Resale     154
Appraisals     161
Glossary     163
Checklist     177
Payment Tables     181
Agency Field Offices
HUD     191
VA     196
Index     201