A number of government agencies may have on occasion 100 percent financing for properties they want to get off their books. These agencies include:
In addition, your large local city, and the state in which it is located, may also have agencies offering properties for sale with 100 percent financing. You'll find such agencies listed in your local telephone book on the Government Pages. To deal with any agencies federal or state take these easy steps:
1. Contact the agency by phone, postal mail, or e-mail. Tell the agency you're interested in getting information on their property sales. This will be sent to you free of charge.
2. Review the information you receive. With some agencies you might receive information on both real estate and other property offered for sale such as seized autos, boats, aircraft, clothing, jewelry, and so on. You'll probably pass over these items because they do not enhance your real estate career.
3. Choose the real estate properties that interest you. Attend an auction that is being held to sell real estate of this type. Unless there's a property you "just must have, attend as a spectator eager to "learn the ropes. Watch what goes on.
Take notes about bidding procedures, prices paid, type of property purchased, and the kinds of people who buy speculators, builders, rehabbers, and so on. Bring yourself "up to speed on the way auction properties are bought. Make notes on any properties that are not sold at the auction because bidders aren't interested in buying them. These properties could make you rich.
4. Follow up and check to see if there are any "post auction properties available. Such properties are the ones that did not sell at the auction.Why? There could be many different reasons, such as:
While these negatives may turn away some buyers, you can deal with them if you get 100 percent financing because with no cash input you have lots of room to convert a negative to a positive. For most BWBs the post auction buys are a gold mine of opportunity. Find out who to contact for post auction data on unsold properties.
5. Contact the post auction data source. This person is probably charged with "dumping the property as fast as possible. You can help the "dumper do his or her job quickly and efficiently by taking over the unit with 100 percent financing. Sometimes the agency seller will even pay the closing costs to make it easier for a buyer to obtain the property.
And the seller will often have his or her attorney act as your attorney so you have no legal costs. It's always wise, of course, to hire an independent attorney to look over the papers before you sign any. This will protect you from mistakes that might be made during the rush to "get the properties off the books.
6. Use your 100 percent financed property to build your wealth. Take over the property from the agency and:
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