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

WE FRIGGIN GOT HIM! After 10 years Justice has been served.

While this is a Tremendously Great day for America, I'm wondering just how it will affect us.

I've already seen on news programs within hours of the story breaking that there has been a change in the economy. I believe they said the dollar went up in value slightly and I'm positive that they said the stock market saw a slight increase.

So how, if at all, do you predict this will effect the RE markets?

Hello D G Family,

On Dean's latest Blog#127, he mentions Foreclosure Comps, and their importance.
Actual real estate comps are easy to obtain, but how do you find "Foreclosure Comps?"
I know how to find foreclosures, but I'm clueless about this mention of "Foreclosure Comps."
I would appreciate information on this very specific topic. Thanks!
Donnalu

Just few other tips that we have leart buying REOs and by being a Realtor. None of this information is prohibited by the seller but there is always a rule of thumb. Normally REO sellers such as banks take 85% of the asking price. HUD is typically asking for 86% NET of the asking price, which means after paying out realtors their commission, repairs, fees, etc, they are looking for 86% net of the asking price. Are there any other figures or rule of thumb that you could share?

Ok, this is really bothering me. I have several wholesalers who email me properties, and some of them do a good job, but others, oi vei.

Here's a deal I found on my own, but several wholesalers have been marketing it to me since I found it with a rehab cost of $20-28K, with a contractor bid available to the buyer. The wholesalers are trying to sell it $10-20K above the asking price. Asking price is competitive and well priced. It all sounds great, but here's the kicker.

Now, I've been through this property; and it will take a good $50K to fix this property up for the ARV they are touting it has. Although the house is priced dwell, there is still room in there to go lower due to needing $50K in repairs and having at minimum 3 months of holding costs.

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One technique we've learnt buying REOs the past couple of years is how to find appraised value of properties during pre-foreclosure process. Most counties or court houses record all activities during pre-foreclosure process, and one of them is the appraised value (from Licensed Appraisal) of a property lenders have to order. Next time you make an offer on a REO, search online (if available in the court house where the property is located) information of the person who was sued by the lender during pre-foreclosure. Once you match the owner during preforeclosure and lending institution, you have the property pre-foreclosure details. The lender likely had to order an appraisal on the property at the as-is condition. This will give you an idea of the as-is value at the time of the appraisal.

Hello Everyone,

I was wondering if its smart to buy deals from wholesalers... I live in Dallas and I went to a real estate investment club meeting and met an agent that worked for a wholesaler. I loved everything he said his company offered individual real estate investors. Is this too good to be true? I mean, if the deals are so good, why would they sell them??? I'm not really sure... The company name that he worked for was Networth Realty. They have a website that has all their information including the deals they pick up and sell to their clients. I liked a couple deals, but I'm hesitant to actually buy from them, not knowing if its actually safe to buy from wholesalers...

Talked to local bank yesterday about a property that has a tax appraisal of 179k. FMV approximately 200K.Sold on courthouse steps and now I can purchase for 94k. Bank stated that they would only loan 80% of my purchase price. They said appraisal market was holding with the foreclosure price. Does anyone know if this is true anywhere else.

04/27/2011
I went to city hall and checked on the properties. There is quite a bit going on with them. Back taxes, foreclosures pending. I'm going to talk with the success team before I meet with the owner next week. anyone with suggestions? At the moment I'm thinking several things, 1. My goal is to have rental properties, but I may need to do assign with these, or lease options. 2. This is my first anything in real estate and yes I'm nervous. Any and all suggestions will be appreciated.
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