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

Hello DG family. Recently I watched a video from the Best Transactional funding site with someone who said the finding deals on the MLS is getting harder there aren't as many foreclosures as there were a couple of years ago and also there aren't as many people going into foreclosure so even finding them yourself is hard. So you need to be more creative in the way you find wholesale deals today. I agree. What do you think and what are some of the creative ways you use to find FSBO deals? I'm talking no or little cost ways since I'm just getting started. I have some ideas but I want to see what other people are doing that's working.

Thank you,
John

DG Fam,

I didn't think you had to use your agent with FSBO's, so why did the brokerage agreement state that I have to contact the agent if I am interested in one? Is that necessary? Would I get in trouble if I didn't use them and they find out about it, especially if were using the same attorney for closings?

Bernard

Hello REI Professionals,
This website is such a great tool for REI Information and also for inspiration. I was wondering if is it possible to do RE Wholesale with MLS Properties? This means dealing with a Realtor. I was under the impression that RE Wholesale could only work with "off-market properties". I'm sure REI Cash Buyers/Investors can profit from an MLS Property that is absolutely feasible.

The reason I ask is because from time to time, I see REI Properties "under contract" from RE Wholesalers, and yet those properties are listed on the MLS with a Realtor as well. I'm guessing that some type of "double closing" is involved, or something similar, so it can benefit both the RE Wholesaler and Realtor. I would appreciate any feedback. Thanks and have a great day!

Dear RE Investors,
My name is Christian B. O'Laarte. I have worked as a Property Finder in the past. Due to medical problems, I had to put things on hold. Just wondering if it's still possible to do RE WholeSale in Southern California in the current market? I live in the Palm Springs Area, Riverside County. The reason I ask is because some people told me that RE WholeSale does not work anymore, and that I should concentrate on Lease Options. I would appreciate your feedback. Thanks and have a great day!

I can across a vacant home, but it is a nice house. Research showed that home was purchased in 2006 then sold again to a private party in 2008 for more than $300K. Since the house is vacant, I'm thinking the owners just walked away from it or it could be in foreclosure. How can I find out if it was foreclosed on?

The last thing the land records shows is that the initial trustee was replaced with more than 1 new trustees in 2009. Nothing after that Trustee recording.

Thanks

Hi guys,

I recently found this property in my neighborhood. Its been foreclosed and I believe its in the process of becoming an REO. I did some research and found out that the lender of the property is Fannie Mae. How would I go about assigning this deal, is it even possible to do so ?? I would love to get this property under contract before it becomes an REO.

Thank you!

When you have a real setae agent looking on the MLS deals what is the list that are key words to show how motivated the sellers are and/or where to get the best deal? I'm taking real estate classes to get my license so I can work for my husband to flip houses. Currently we came across a great property and waiting to hear back.

Are there any websites to check out nationwide to find homes?

I have purchased Deans books but I'm unable to locate them. And I know it had some of the answers in there.

Despite all the completed deals Jill & I have done
we have NEVER had this happen before...a buyer comes to
our latest rehab, looks around, asks a few questions &
wants to buy the property. Great, we settle on a price
& he tells us he will pay cash, Even Better.
When we do the contract he comes with $ 5000.00 in
20's; ... AND proceeds to inform us that the $ 50,000
balance will be paid also in 100's & 20's !
We have had many cash buyers over the years, we even had a buyer pay for the house in FULL ($60,000)
3 months PRIOR to the closing, BUT NEVER had anyone come with "green bills".
I sent the contract over to the title company Monday afternoon, & we closed today at 2:00 pm.
You gotta love this business !!!

Jill & I signed a sales contract at our Open House
today on Deal # 79 of our Buy, Fix & Flips!
This was a 2 bed/2 bath/1 car with 1188 sq. ft. of living area; it was a Freddie Mac foreclosure that we bought for $ 30,000. We had a New Roof put on; we replaced kitchen cabinets/counters/appliances; toilets;
sinks/faucets; flooring; paint; & carpet. Spent 5K on the roof & about 8K on the rest in materials.
We had a price of $ 56,900, BUT had multiple people looking at the same time ... & ended up at a selling price of $ 60,000. Since we sold it direct & there isn't any RE commission, we should clear about
$ 17,000. The remodel took about 4 weeks ... now on to
the next!
Thanks, Gary

Hi Team,

The mobile home was a no go so now I am looking at a property that is being sold 24 CFR 206.125? I know it means its foreclosed and I can't offer less than asking but does anyone have experience buying these?