BOOK REVIEW : Getting Rich--Slowly--in Foreclosure Market

Special to The Times

"Big Money in Real Estate Foreclosures" by Ted Thomas (John Wiley & Sons, New York), 1992, 270 pages, $19.95.

Ted Thomas has been working the California foreclosure market for many years and he knows most of the tricks of the trade. In his new book he shares this insider knowledge.

Investing in foreclosures is not a get-rich-quick scheme. However, buyers of foreclosed properties can get rich slowly, as Thomas emphasizes, because they should buy for at least 20% to 30% below market value. But, as Thomas explains, it takes work and talent as well as a little luck to profit from these properties.

This book covers all the basics, from finding the foreclosures to knowing when is the best time during the foreclosure procedure to buy.

Chapter topics include problem solving for profits, contracts, title and escrow, profits in fixer-uppers, dealing in foreclosures, buying in the pre-foreclosure market, how to sell your properties, trustee's and sheriff's sales, real estate owned (REO), negotiations, and financing.

The book explains the profits, pitfalls and procedures of the foreclosure marketplace. Thomas goes into considerable detail of the process, so readers can avoid costly mistakes and maximize their profits. On my scale of one to 10, this outstanding new book rates a nine.

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