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If you are one of the many Americans who realized they can still buy a house after foreclosure,

you have to look out for the vultures.

Who are the vultures?

Let me explain with a story:

One of my clients, Mrs. X, decides to buy a house in Brentwood, CA. She heard about how

cheap homes are with the housing market collapse, and decided its time to stop renting.

But every time she finds a place she likes...a place where she can imagine settling down, and

raising kids... an investor shows up with an all-cash offer and no intention of ever seeing the

place again.

Now Mrs. X realized what was happening, so she tried outbidding these guys. But the investor

had no problem paying almost 40% over her initial bid. Thats because he still made a profit.

So what did she do? She gave up.

I literally meet hundreds of would be families, hoping to buy a house after foreclosure...and

knowing their best deal is another foreclosed property. But one thing gets in their way: They

dont know how to get past the vultures.

Of course this benefits the home owners, but doesnt help home buyers.

Now some people argue that vultures (they actually prefer to be called investors) are good for

the economy. After all, if they are pooling their funds together and buying houses in bulk, its

helping those neighborhoods retain some property value.

Its also helping the banks minimize their losses...which they love.

So what do the vultures do with the places they buy? Usually they make the most minimal

repairs possible, and start renting them.

The government is looking at some policies to give people a chance to buy before investors do,

but nothing is on the books yet.

So what do you do?

Heres a tip: Houses that are being sold by Fannie Mae (a government owned company that

buys large pools of houses) allow occupant-owners (people who actually plan to live in the

house) to get the first stab. They can bid for 2 weeks before the doors open up to vultures.

The cheapest homes are called REOs (real estate owned). Right now there are 7,000 REOs in

the Bay Area that are available for the right price.

It can be like the wild west out there. Before you try to buy a house after foreclosure, call Home

Loan Academy for a free consultation.

http://www.HomeLoanAcademy.com/Register

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by: Home Loan Academy

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