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

Can anyone explain the process of closing. For example if I found a house that was FMV at 5o thousand and the seller agreed to 20. At what point and how would all parties involved split the equity. The buyer (who I think gets a share,not sure though), the real estate agent (if one is involved), the broker (if one is involved), and the fees to the closing atty or title company. How do I decided who gets what? Is it percentage based? Or are those my decision to arrange; or not to arrange?

Is there there a post that already talks about this subject, any information would be helpful.

Thanks for Your Time.

I have found four properties in TN that I am buying for "buy and hold".

The owner owns them free and clear and bought them with a Quit Claim Deed.

He is doing partial financing but doesn't care whether anything is recorded regarding that or not. I am making up contracts for us to sign with all this information (regarding finance agreement between us). I am going to have title searches and purchase title insurance but do I then need to have a regular type closing on these?

Hello Fellow DGers!

I been back and forth on this wonderful website with its boundless amount of info and I still don't know where to really start! I figured I should vibe out with someone who's in need of a Bird Dog or can assist me with Assigning deals!

If anybody is willing to assist with some of the best ways to find Props and finding truly good deals, please PM me! let me know when ur available! Also if you need anything from me, just ask! Just need a little help!

Thank You, God Bless

Jerome

When I find a deal and make an offer on a property and it is accepted (locking up the deal), you typically have 30 days to close, but are there any serious consequences for not closing?

Hi everyone,

Thought you might enjoy reading this article if you're waiting for those foreclosures to buy...

Also, if you want to know who the Foreclosure Leaders are:
1. Nevada - 1 in every 39 homes is a foreclosure
2. Arizona - 1 in every 70 homes is a foreclosure
3. hate to admit, but it is California -1 in every 92 homes is a foreclosure.
Right behind them are Utah, Georgia, Idaho, Michigan, Florida, Colorado, and Illinois.

http://realestate.msn.com/foreclosure-slowdown-deepens-continues-to-stal...

Wishing everyone success,

Valerie

I have read Be A Real Estate Millionaire and Profit From Real Estate Right Now! I believe I have all good understanding of how to wholesale upto a certain point. I am hopping that finding a mentor is very easy. I do not have the extra cash for Deans Coaching Team. I am a very hard worker, teachable and very ambitious. I have some personal issues that require immediate attention. I request a successful mentor who is understand the market today and is able to work with a go getter. I look forward to hearing from you as soon as possible.

My goal is to make a $100K by the end of the month of August!

Eager and willing
Shonna A.

Hi folks! I see wholesale properties on the Internet out of my immediate area. When I research home values online, the values are $20k - $45K below the stated ARV from the seller. How can I get accurate home values or arv when working areas I am not familiar with? Thanks much.

Hello folks - I received a call off one of my postcards from a person that owns their nice 2BR outright. He is disabled and moving to an inherited home. He's not interested in a wholesale discount however is interested in owner financing or a lease option. He's had it listed for over a year with a major realtor and is now looking to sell it on his own. No repairs needed. I've been going thru my books and it seems the suggested strategy for 100% equity properties is an outright purchase and not a lease option. Is this correct? My initial REI strategy is to get quick cash and pay down debt then eventually own cash flowing properties for passive income. As such, I have my eyes on the initial option consideration from the tenant buyer.

Hi,

I have a motivate seller that own a home free and clear in Central TX. Now, due to relocation of the job, they are asking for $185,000. This home is 18 months old wihtout any comp that I can pull from the area. According to the seller, the estimate after repair value is $214,000 and this figure is based on appraial value. No repair require and ready to move in.

Originally, before I contact the owner, I was going to assign this property. But now, since they own it free and clear. My question here is

1. Where can I find the comp for this property?
I'm not living in TX, I have no idea of housing price in this city.

2. How do I do assignment on this?

3. Any other strategies you would suggest?

Thanks,
Kathy

I came across this home in PA located in Lancaster County. The home is listed for $37,900 and DOM is 61. Original list price was $49,900. Needs a new kitchen & appliances. Was purchased in '07 for $20,000. It is an estate sale. Zillow states value is $56,800. Thoughts on this and is anyone interested.