Buying Homes in Foreclosure, 4th Edition

General Overview

Chapter 1: Equity purchase investments

The home equity sales scheme

Chapter 2: The quity purchase agreement

Requirements for every EP investor

Chapter 3: The EP investor operates without an agent

Broker restricted to listing foreclosures

Chapter 4: The unconscionable advantage some investors create

Two-year right of rescission for seller-in-foreclosure

Equity Purchase Time Frame

Chapter 5: Reinstatement and redemption periods during foreclosure

An NOD has been recorded

Property Analysis

Chapter 6: Condition of property: disclosure by seller-in-foreclosure

Mandated on four-or-less residential units

Chapter 7: Verify the seller’s disclosure’s: retain a home inspector

Avoid post-closing surprises

Chapter 8: Hazard disclosures by the broker

A unified disclosure for all sales

Chapter 9: Property operating data investigation

Determine the residence’s operating profile

Title Condition

Chapter 10: Preliminary title reports

Know the condition of title

Chapter 11: Title insurance

Identifying an actual loss

Chapter 12: Clearing a lien-clouded title

Negotiate a release to create equity

Chapter 13: Automatic and declared homesteads

Equity protection against judgment

Assuming the Loan

Chapter 14: Taking over a due-on-sale trust deed

Events triggering the call provision

Chapter 15: FHA and VA loan assumptions

Avoiding fees and investor prohibitions

Chapter 16: Formal and subject-to assumptions

Loan takeovers by buyers

Escrow

Chapter 17: Opening escrow

Escrow defined

Chapter 18: Assigning your purchase rights

Investment group or new buyer closes the escrow

Chapter 19: Syndicating the equity purchase

Blind pool funding and property selection

Chapter 20: Beneficiary statements and payoff demands on closing

Confirming loan conditions

Chapter 21: Equity purchase sale-leaseback

A mortgage or tenancy on breach?

Chapter 22: Short payoffs on recourse and nonrecourse loans

Nonrecourse paper