Buying Foreclosures, REOs. Short Sales, FSBO, MLS and More

Don’t be afraid to search for Buyer’s and For Sale By Owner properties on www.backpage.com, www.google.com, www.kijiji.com, www.****, www.homepath.com, www.craigslist.com, www.loopnet.com, www.owners.com, www.forsalebyowner.com, and DEFINITELY find all the free online classifieds for the major local newspapers and get in the habit for searching the FSBO’s that came out in the last 24 hours daily on all of them. Compare the asking price to what www.realestateabc.com
a value on all properties that you think are good deals, and if there is 30% equity of more, get a contract signed ASAP, but start off @ 60% LTV! This is not to say that Zillow is 100% accurate, and is not a substitute for recently sold comparables, but it is usually pretty close.

How to get deals @ 60% ARV First Draft
1. Get a real estate agent who is willing to submit 3-5 offers a day 5 days a week!
2. Give them your property criteria and tell them to get a list of all the properties that not only match that criteria, but are also REO’s that have been on the market for >60 days.
3. From that list have them pick the 10 that look the most motivated (willing to negotiate, submit all offers, seller motivated, needs rehab/TLC, price just reduced, etc)
4. Have agent start with top one and get all comps that sold within 90 days within 500ft^2 of the same size, within ¼ mile.
5. Have them do a CMA comparative market analysis of the property to determine ARV.

Hi, DG fam! My relative, who's the executrix of her father's estate in Pennsylvania, has documented that she wants me to be in charge of the estate. I have agreed to take care of all existing liens on the property. She has even granted me the authority to sell the property or keep it and rehab it, if I wish to do so. She had to return to her home state, hence requesting that I take care of all matters regarding Dad's house. Is any other documentation required other than her letter granting me rights to control this estate?

I'm new to REI. I'm reading Dean's books and I've watched the RBBP webinars. I'm taking steps everyday to get my REI career happening. I found a deal--at least I think it might be a deal--that I'd like to hear some thoughts on from the more experienced investors in this forum.

I found a house that needs a lot of work but it IS the worst house in one of the best neighborhoods in my city. In fact, I used to live in this very neighborhood. The FSBO sign out front said "Free House" on it and had contact info.

Hi every one,

I was just going through the MLS properties that my two realtors sent me and I noticed that about half or more of them are short sales. My quetion is how should I go about subitting offers through my realtors?

Ed.

I found a condo who's owner is in pre-foreclosure and is looking for a way out. I've contacted the holders of both 1st & 2nd mortgages and I need help structuring the deal.

Condo details.
1st Mortgage ---- $139,000
2nd Mortgage ---- $49,000 "equity line of credit"
Condo fees ---- $6,100

FMV of the condo: $70,000

The 2nd note holder is willing to accept my offer of $9,000. But will not agree to a short sale.
Condo fees will accept $3,000

Now here's where I run into problems. The 1st Mortgage holder will agree only to a short sale. And only @ FMV.

I've not yet approached them with an offer.

If I can get feedback on how to proceed with the deal from this point, it would be greatly appreciated.

OK so I wanted some feedback from you guys on how you show MLS properties to Potential end buyers especially when the homeowner still lives in the house? and what if The first investor doesnt want to pick it up and you have to get another buyer inside?? do you put any contingencies in the contract for this? wanted to know how others are dealing with this.and I understand if is an empty house a lockbox code will work so no answers to that affect please

Hello All,

I live in northern California looking for a partner or someone who can mentor me in this area. I have started with the RBBP, and I am trying to get me feet wet. I need help and a little more direction.

If anyone is interested, PLEASE message me.

Thanks and success to all.

I've found a few motivated sellers who own multi-million dollar homes. Are these homes assignable? I don't see these homes being something an investor would be interested in. Am I wrong? Or is there something else I can do with these homes?

Thank you very much.

Ok so I'm submitting offers evry week I still have not closed my first wholesale deal yet. I need a bit of help. I'm making offers with a realtor on MLS properties. after reading sevral forum posts about this I include in every offer a contigency that says offer is contingent upon the ability to reasign the contract and that has came across as shady to sellers. Is there any way to go around this do you guys use this contingency or just put and or assigns after your name and do you handwrite or sign and or assigns