CHAPTER

When to Buy Foreclosures

In this chapter we are going to show you the different times you can get involved in the real estate foreclosure market.There are four time periods or phases when you can buy foreclosures. As we have said before, when we say buy foreclosures, we are using the term buy loosely. With our Quick Cash strategy, we prefer flipping property rather than buying property.

In our book The New Path to Real Estate Wealth:Earning Without Owning, we emphasize flipping the paperwork of real estate. We are not interested in buying or owning anything. Because the foreclosure market is so technical, we have presented the material as if you were buying foreclosures. We will show you how to flip foreclosures no matter what time period or phase you choose to get involved in the foreclosure market.

Timing the Foreclosure Buy

In situations where the property owners are in financial distress and their property is headed to a foreclosure sale, you have four distinct time periods in which you have an opportunity to acquire the property. Each of these time periods has benefits and drawbacks.

These four time periods are (1) before the notice of default is filed or posted at the county courthouse, (2) after the notice of default is filed or posted at the county courthouse, (3) during the foreclosure sale,