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

I have a cash buyer who is interested in purchasing my rehab. I have it locked up with my seller. My seller bought it from from the guy who built the actual house. That guy walked away as he couldnt finish it and sold it to my seller. So yesterday I am doing the typical back and forth with my interested party and he asked me if I could get the number for the guy who built the actual house?? WHAT??

I am looking into buying a property and flipping in the cleveland ohio are and I have began thinking about using hard money lenders I was wondering if anyone had any recomendations or advice thank you

Jasuia

WASHINGTON (AP) -- Even cities that weathered the housing market crash with relatively little damage are suffering now.

Severe price declines have spread to Dallas, Denver, Minneapolis and Cleveland, which had mostly withstood the bust in housing since 2006. The damage has now gone well beyond cities hit hardest by unemployment and foreclosures, such as Phoenix and Las Vegas.

"We didn't enjoy the highs and the lows like other cities," said Kay Weeks, a Realtor with Ebby Halliday in Dallas, where prices fell nearly 1 percent in March and are expected to keep falling. "But when we get bad news nationally, people take notice and cut back on spending and buying homes."

Georgia Area Rehab SF Home needs roof - great buy at $20K, 3BD, 2.5 BA, 1252 sq Ft - Cash Buyer Needed

I am about to make my first offer on a Bank owned property. I am offering them a multiple choice offer. Two of the choices are tied to 100% financing. The other is a cash price.

The first is lower price with higher rate of interest and the second is with a moderate price and a moderate interest rate.

My quesstion is when offering 50% of value as a cash offer what outs do I have if I do not infact have the cash right Now?

My realtor can't find comps for a cashflow rental house I'm looking at. It's located in town. 4Bdr, 2Ba., 1200 Sq. Ft.built in 1970.

She's tried going out to 4 miles and still nothing. Yikes! What can I do to get comps for this? Totalview thinks it's worth $45k, pinal county has it valued around $60k for taxes.

Also, would you still use ARV x 70% minus repairs and your fee, or would you treat a formula different because its a rental. If so, what formula would you use? Thank you in advance.

We received a call from an agent that showed us several properties awhile back, but we didn't find anything to our specs. She said she had a pocket listing that was a probate.
We took a 5 minute look at it & submitted a $ 25,000 cash offer; which they accepted. House is a 2bed/2bath/1car garage with an additional carport. It also has a separate den & separate screen porch, About
1200 - 1300 sq. ft. with new roof & new central heat/air. We have the option to sell as is for 43K to 47K or remodel with new kitchen/bath/paint/carpet, spend about 8K & then selling for 55K to 59K. We just love these kind of decisions.

5/25/11 Today we wired money to the title company in Illinois for the lastest deal we are working on. Closing on the 26th. It is a 2 bed 1 bath just under 1,000 sq ft home in a small town. It was a HUD auction house were we won the bid for 14k. using 100% of OPM thanks to other renters we have. It will need about 10k in rehab with an ARV for 45k-50k. Rent will be $550 a month. Not a big deal but a deal that's good for us. Remember we live in California and are buying homes out of state. So if the homes are to much money in your area you can look at other areas to make a deal happen.

We will let everyone know how things are going along with this deal as we have it repaired then rented, refi or sold as a flip.

Steve and Veronica.

FULL ARTICLE IS AVALIABLE IN DRE.CA.GOV PAGE 3 & 4 HERE IS THE LINK:
http://dre.ca.gov/pdf_docs/Article_ShortSales03_2010.pdf

summary: when Lender is led to conclude that SP 1's $340,000 offer is the highest and best, and the Lender accepts SP 1's offer.
Buyer 1 then agrees to participate in a double or simultaneous escrow and offers $410,000.
abc company made a large profit through false pretenses at the expense of a federally insured financial institution, by misrepresenting the value of the home to the Lender. This may constitute federal loan fraud, which is a serious felony offense which is punishable by imprisonment and fines.
The Federal Bureau of Investigation lists variations of short sale flipping as real estate fraud.

here is the full text:

Just watched the latest blog video. Lady at the end was super inspiring. I'm a newbie all around. Advice/how to's for doing wholesale deals around the country? Thanks!