$10,000. Lets say the foreclosure sale expenses are $1,900. What would the opening credit bid be?

Winning the Bid What if you bid one dollar more than the opening credit bid? When the hammer strikes the third time, and you are the highest bidder,you own the property! It is not a conditional contract but one that you must immediately honor.

If you could buy the property at the foreclosure sale for $171,901 would that be a better deal than if you could have bought the property from the owner before the foreclosure sale for $179,000?

The answer is that it depends. While it certainly looks like getting the property at the foreclosure sale for $7,099 less is the better deal, maybe it isnt the better deal. This is a price-versus-terms conversation.

You may get a better price at the foreclosure sale. But you have to come up with almost $172,000! Buying from the owner you didnt get as good a price-$179,000. But you only have $19,000 in the deal. Will that $7,000 lower price be worth tying up an additional $153,000?

In the next chapter we will show you how to flip your foreclosure deals for Quick Cash. This may get you a Quick Cash profit and save you tens of thousands of dollars from out of your pocket to buy the same property at a foreclosure sale. Some of you will get very excited about assigning your foreclosure deals. Some of you will wind up optioning your foreclosure deals. No matter which of these you choose,you can be successful making Quick Cash in foreclosures.

Opening Credit Bid

Loan Amount Default Amount Foreclosure Expenses Credit Bid

$160,000 $ 10,000 $ 1,900 $171,900

CHAPTER

Flipping Foreclosures