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        Smart Money:Bargains in Foreclosures

Aleksandra Todorova

Buying property in a pre-foreclosure stage -- the period between when the owner receives a Notice of Default from the lender and the day the lender puts the property up for an auction -- may offer the best bargains, but it's also the most difficult. "Pre-foreclosures tend to be more for the seasoned investors," says Brad Geisen, CEO of Foreclosure.com.

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6 Big Flips With a Little Coin Michael V. Copeland.

The strategy: Become a foreclosure shark. Minimum investment: $50,000. John Burley is the man with the cash. With it he buys 10 to 12 houses a month - from owners who've fallen on hard times - and sells each at a minimum profit of $10,000. As one of the biggest players in the estimated $75 billion foreclosure business, the entrepreneur employs seven scouts around the country who get to sellers before their houses are sold through government-run auctions.

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Bargain Basement: Foreclosure Rise   James R. Hagerty

Mr. [James Odell Barnes] and his investor friends don't fix up the properties. They tack up handwritten "For Sale" signs informing potential buyers of required down payments and monthly payments -- usually just a few hundred dollars each. In essence, Mr. Barnes and his cohorts sell the houses on 15-year installment plans. The interest rates they charge are a steep 12% -- about double the rate of 15-year fixed-rate mortgages for people with strong credit -- and the late-payment penalties are tough. The shaky credit of many buyers warrants it, he say. "Nobody gets cheated," he says.

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  You Can Buy a House For $1,000 James R. Hagerty

As is common in auctions, Household reserved the right to reject bids it deemed too low. A few days after the auction, Household asked Mr. [Charles Lantzman] to consider raising his bid to $5,000 from $500. Mr. Lantzman sent back a list of problems he had spotted at the house, including damaged plumbing. As his trump card, Mr. Lantzman also mentioned a possible mold outbreak. (Banks hate owning houses with mold, he explains: "They don't want to hear about that.") He told Household his final offer was $700. Household accepted. Mr. Lantzman paid an additional $3,000 or so in auction fees and other transaction costs.

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Foreclosure Scams Spread    Lingling Wei. 

The problem centers on foreclosure-rescue companies, which target homeowners behind on their mortgage payments through newspaper ads or fliers claiming services such as "fast cash," "equity funding" and "no credit check." According to some recent cases filed by consumers and regulators, the companies mislead borrowers into believing they can save their homes from foreclosure in exchange for a transfer of the title for a year or two. The companies promise borrowers they can stay in their homes by paying rent for that period, giving them time to catch up financially until they can buy back their property. Often unknown to the borrowers, however, the companies may have sold their homes to a third party, stripping out the home equity and leaving the borrowers on the verge of eviction.

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