(BQ) Part 2 book "Foreclosure investing for dummies" has contents: Bidding for properties at a foreclosure sale, finding and buying government repos, banking on bankruptcies, sampling some other foreclosure strategies, assisting the previous homeowners out the door, assisting the previous homeowners out the door,.and other contents. | 17_122181 4/25/07 7:57 PM Page 175 Part IV Finding and Buying Foreclosure and Bankruptcy Properties 17_122181 4/25/07 7:57 PM A Page 176 In this part . . . lthough stepping into the foreclosure process at the pre-foreclosure stage is usually the optimum strategy, you may be a little uncomfortable dealing with the emotions of distressed homeowners. If the pre-foreclosure stage doesn’t interest you, you can find plenty of profitable opportunities during and even after the foreclosure sale. In this part, I show you how to find and buy properties at auction, from lenders and other institutions that repossess properties or seize them, and from trustees during bankruptcy. I also reveal some additional ways to profit from the foreclosure process without necessarily taking possession of the property. 18_122181 4/25/07 7:58 PM Page 177 Chapter 11 Bidding for Properties at a Foreclosure Sale In This Chapter ᮣ Finding foreclosure auctions ᮣ Calculating your maximum bid amount ᮣ Bidding at open- and sealed-bid auctions ᮣ Tying up the loose ends after the auction W hen most people think “foreclosure investing,” they think “auction” — a bidding free-for-all where you can purchase properties at bargainbasement prices simply by showing up with a wad of cash. Unfortunately, this is the kind of thinking that gets novice investors into trouble. Without the proper know-how, a knowledge of what you’re bidding on, and some selfrestraint, you can really get burned at an auction. In this chapter, I steer you clear of the most common pitfalls and toward the most promising prospects. Here I show you how to properly prepare for a foreclosure sale, so you don’t get sucked into a bidding war you’re destined to lose. I show you how to calculate and stick to your maximum bid, assist you in packing for auction day, reveal some bidding strategies from a seasoned veteran, and lead you through the process of paying for and holding a property through .
