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

I'm not even sure if what I'm about to mention is doable or even legal since this is all new territory for me, however someone suggested to me that I ask it here, so any input would be greatly appreciated

Me being my paranoid self, I'm highly worried about earnest money and possibly ruining my agent's (when I finally manage to get one -.-) reputation.

Can anyone help me out? I have some questions that I hope some of you can answer for me.

We just got an offer accepted on anoher HUD home in Indiana. It was listed for over 70k a few months ago. It then went down to 59k was under contract to an owner occupant that did not want to replace the furnace. Went back on the market for 59k we offered 35k and HUD did not accept the offer. A few days latter they lowered the price to 51,200 We told our Realtor to put in the same 35k offer and it was accepted today.

My sister Alison wants in on this deal. She told me she would pay for 1/2 of the deal. If I could pay the other 1/2. She is a real go getter. Alison helped us a lot with another house we bought in that area. Alison and her husband did a lot of the painting and working with the contractors on the rehab.

I've found a couple of different real estate agents that are helping me, in various capacities, to find properties, and I just want to clarify my understanding of whats "typical" practices as far as payments from an investor to an agent...

I've gone through all the rock bottom blueprint materials and these are my questions based on the info as I understood it..

For the following purchase scenarios, what is best practice for investors paying fees to agents (both in effort to pay them accordingly for their time spent + build long term relationship)

- MLS Listing - they would just receive their % of the sales commission, which would come straight from buyer.

Hi Everyone,

I'm looking to start out doing wholesale/assignment deals in my local area, and wanted to see what the best option was / everyone's recommendation for a comparable service.

I already know about the free ones, totalviewrealestate.com, zillow.com, trulia, yahoo real estate, etc. but was wondering if a compilation of these free ones was actually adequate enough to use for putting together offers OR if I'm serious about a specific area, if I should use a paid service like realtytrac.com for my comp service..

I'm willing to pay for a service if data is "more accurate", etc

Thanks very much...

Mark

I came across a house for sale by the family. It's been vacant for about 3 yrs. Trying to find more information about it and the family told me no one can build on the front and the side because the land there is now part of the NJ Pinelands.

My question is: If the numbers turn out to be right, do you think an investor would still be interested in purchasing it, despite the Pinelands issue? The person I talked to said wild turkey and deer come into the yard (which I personally love and think is the coolest thing ever ) but I'm unsure how someone else would feel about that. Do you think this house has the potential to be assigned to an investor?

Besides Single family and multi-unit proprieties, is anyone wholesaling/flipping Condos & Co-ops? and if so can you share your experience?

I am looking to buy and hold a property. The property needs work and since it's a water issue everyone is running away, but not me. I have a renter who will move in.
I have some private money, but not enough. One option is try to get the bank to hold all or part of the note.
I asked the listing agent if the bank (HSBC) would hold the note on the property and the response was "no".
Should I be finding the name of the loss mitigation person at the bank and ask them, not the listing agent?
Has anyone had any success getting the big banks to finance??? or am I barking up the wrong tree??

Hello this is my first post

I am new here @ DG and a new REI.

Need some advice, i found a property that is vacant and is in foreclosure process.

I called the number on the sign in the window and got a lot of info.

The house is going up for public auction at the court house in 3 weeks.

I know the bank that owns it but was told until its auctioned the owner still owns it.

what is the best approach?

do i contact the owner directly or wait for auction?

Will the best deal be direct or at auction?

How do it should i approach this deal?

Any advice is greatly appreciated.

What is a low ball offer range?

Some Notes:

There is an anti flipping law FR6415 regulating flipping of HUD homes. FR-4615 also defined how soon after a house is flipped it would be eligible to be bought with a FHA-insured loan. Before the anti-flipping rule, you could buy a house at $100,000 dollars and re-sell it within hours or days to most buyers at $150,000 dollars as long as inspections and appraisals supported this re-sale value.
(By the way, this is still the case for non-conforming loans – loans that are not insured by HUD or restricted by HUD guidelines)

With the advent of the anti-flipping rule, re-sales occurring within 90 days or less after acquisition would not be eligible for FHA-insured mortgages, re-sales are eligible with an additional appraisal from an independent appraiser (buyer-appointed, most likely).