Hidden Deals That Will "Motivate" You

My last post was about bank owned properties. After explaining the potential pitfalls of those types of properties I wanted to mention an alternative that can get you a great deal on a home.
Motivated sellers are by far my favorite type of purchase. Those people who have equity in their home but cannot make payments anymore.

Imagine if you will an Irving/Las Colinas homeowner that has been living in his home paying off his mortgage for 10 plus years. His home was purchased for $100,000 and his loan was originally $90,000. (he put down 10%) His current principle balance is $80,000. He has taken care of his home and it has appreciated to a value of $120,000. He has been unable to make payments and the bank is looking to foreclose.

Not many people want to go through a foreclosure, so the opportunity for a great buy is available as well as helping someone avoid foreclosure and losing all of their equity and down payment. If you pay him the balance of the loan plus his original down payment you are still buying a home $30,000 under value. Motivated sellers are everywhere, look for properties that have been on the market for a long time, ask the right questions, find the motivation and you just might get a heck of a deal.