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Cashing in on Pre-foreclosures and Short Sales: A Real Estate Investor's Guide to Making a Fortune Even in a Down Market Paperback – Feb 9 2009

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Product Details

  • Paperback: 324 pages
  • Publisher: Wiley (Feb. 9 2009)
  • Language: English
  • ISBN-10: 0470419814
  • ISBN-13: 978-0470419816
  • Product Dimensions: 19 x 1.7 x 23.6 cm
  • Shipping Weight: 567 g
  • Average Customer Review: Be the first to review this item
  • Amazon Bestsellers Rank: #1,417,961 in Books (See Top 100 in Books)
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  • See Complete Table of Contents

Product Description

From the Back Cover

Boost your profits in any market!

Foreclosures are soaring, and that's a sad fact of our current economy. But it's also a great opportunity for real estate investors who want to get into the market while the getting is good. In fact, all these foreclosures may signal the coming of the best buyer's market in decades. Cashing In on Pre-Foreclosures and Short Sales shows you exactly how to take advantage of the current market to earn great money right now.

But it's not just about making money after someone loses their home. Through short sales, you can actually help owners in distress get out of unaffordable mortgages and into new homes more in line with their finances. Pre-foreclosures and short sales are great ways to make money and help struggling homeowners.

Inside, real estate specialist Chip Cummings gives you all the tools you need to get started, including tips from insiders, sample forms and letters, handy checklists, and a wealth of other resources. With step-by-step guidance and practical, real-world tools, this is the only guide you need to learn how to:

  • Understand all the steps in the foreclosure process
  • Develop an effective foreclosure investing strategy

  • Navigate state foreclosure laws and regulations

  • Use creative financing solutions

  • Build your investing "dream team"

  • Locate and evaluate great properties

  • Conduct thorough property inspections

  • Negotiate to win with owners and lenders

  • Avoid frauds and investment schemes

  • Fix up and rent out a new property

  • Stage, market, and sell properties for maximum profit

  • Avoid the amateur mistakes that could cost you thousands

  • And much more!

About the Author

CHIP CUMMINGS is a real estate investor, licensed mortgage lender, certified trainer for the National Association of Mortgage Brokers, and past president of the Michigan Mortgage Brokers Association. He is also the co-author, with Ralph Roberts, of the Wiley titles Mortgage Myths and Foreclosure Myths.

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Most Helpful Customer Reviews on (beta) HASH(0xa3dd1e64) out of 5 stars 19 reviews
50 of 55 people found the following review helpful
HASH(0xa48054a4) out of 5 stars No gimmicks, but no pizzazz either April 1 2009
By Angelo DePalma - Published on
Format: Paperback
This is a very thorough book on real estate investing, with an emphasis on buying, specifically on buying distressed houses at a discount of their actual value. When I began reading I was expecting an outline of the author's "secret" for making money on these homes in these very bad times. I got to page 145 before I realized there was no secret. After your due diligence and calculations you make an offer, and if the seller signs on the dotted line you own the home. It's yours. No arbitrage, no behind-the-scenes bank deals, no magic wand. You can then either rent it or sell it, just as you would any other piece of real estate.

This book is worth the money because the author gives excellent advice on valuing a "near-foreclosure," and in fact any home. All of which is quite useful in any market. The only problem is that to follow all his recommendations you pretty much have to quit your job (if you still have one) and have enough $$ to survive until your resell your first property. And that could be a very long time indeed. People aren't buying, banks supposedly aren't lending, and due to the job situation fewer people are moving.

As the author points out the average home is on the market for 11 months. How many investors, at this juncture, can pay taxes and maintenance on an empty investment property for 11 months? And what does this investor do when, 11 months (or 24 months) down the road, the home's price has fallen by 25, 40, or 50%?

If you think that can't happen, you haven't been watching this economy very closely.

This book would get five stars during a "normal" recession, where you expect things to pick up in six to twelve months. During a meltdown it's sheer madness to commit your time and capital to assets that probably, sadly, still have a long way down to go.
20 of 20 people found the following review helpful
HASH(0xa3dcd594) out of 5 stars Author delivers on promises April 10 2009
By S. Arieff - Published on
Format: Paperback
I bought this book after browsing it and realizing it wasn't promising the universe. It's a straightforward, practical guide for buying foreclosures and shorts. It doesn't try to fool you into thinking it's easy, but it gives you all the necessary steps (and helpful supplemental materials) to do it.

I really liked the theme that Mr. Cummings weaves throughout the chapters: that in getting your hands a little dirty, you still need to do it with honesty and "forthrightedness". There's an underlying message that there's a right way and a wrong way to doing business, and he teaches the high-road approach. Even the password you need to enter to access the supplemental material emphasizes this theme.

The most impressive aspect of this book was the author's standing by his word. He offers his email address and encourages the reader to contact him with questions. I took him up on that and was a bit surprised to receive a timely, personalized reply, and not a pitch for more products. In fact, he followed up with me to ensure I got what I needed. For my $20, I'd say he more than delivered.
7 of 7 people found the following review helpful
HASH(0xa48af558) out of 5 stars Solid advice Aug. 17 2009
By Mariusz Skonieczny - Published on
Format: Paperback
I think that with the economy in crisis, there are more opportunities to profit than ever before. The number of foreclosures in the market is higher than ever before. The author educates readers on the differences between foreclosures, pre-foreclosures, and short sales, and how to use them to profit from them. I really appreciate that the author tells readers the techniques shown in this book take work because other books or infomercials promise riches with little or no work. It's not going to happen. Get realistic. There are risks involved in real estate investing. The best thing a person can do to minimize them is by getting educated on the subject.

In addition the forms, letters, and worksheets alone are worth more than this book. They can be downloaded from the author's website in Microsoft Word format. Some of them include marketing letters to real estate agents, letters to homeowners, foreclosure tracking worksheets, and borrower authorization forms.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
6 of 6 people found the following review helpful
HASH(0xa5063d20) out of 5 stars Quite a resource guide Feb. 11 2009
By Ken Charles - Published on
Format: Paperback
I have purchased many properties over the years, but found this book refreshingly new and in-depth on its approach to foreclosures and acquiring distressed properties.

The author uses a direct approach without a lot of extra "theory". His experience comes through clearly, and the actual letters and checklists add greatly to the value of the text.

Easy book to recommend, and great addition to my library.
8 of 9 people found the following review helpful
HASH(0xa412f5d0) out of 5 stars Hands-on approach April 6 2009
By Lukas S. - Published on
Format: Paperback
A bundle of very useful information linked with the proper forms/letters that can be downloaded. I recommend this book to any serious investor interested in this market. It gives you all the necessary insights to succeed.