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

I need help with trying to take advantage of this opportunity. I haven't done a deal yet and have been struggling to try and do my first deal. I have a friend who is having their house foreclosed on they are moving out today and would like some direction on where to start to get this property locked up and if i can post it on this site to have someone buy. I am lost here and cannot seem to find the answers i am looking for.

thank you

Mike.

This was freak'n amazing ... we were signing a contract earlier today, when the neighbor came over to ask if we wanted to buy their house ... they saw the We Buy Houses Magnetic Cars Signs.
We took a look & it was in excellent shape, the people want to leave because of kid's noise in the neighborhood. They are moving to a 55 community.
The property is free & clear, he was going to list it with real estate on Tuesday for 59,900 just to move it fast ... they paid 50K in Sept.& put in new appliances. We offered 52,500; cash & they accepted!
It's amazing how a $ 20 set of car signs has generated into hundreds of thousands of dollars of sales!!!!

I have read the 30 days to cash book and I understand the concept of making the offers. What I dont understand and didnt see in the book is how do you get a proof of funds to make with your offers?

Isnt a proof of funds needed when making offers on the mls? How do I get 1 for every property I make an offer on?

Thanks again to Dean & his proven research ... We Buy Houses magnetic car signs(yellow with black letters)works again!!!
A landlord that had a vacant property & wanted out approached Jill, we previewed the property, checked comps on our county's property appraiser's website, made a cash offer of 31,000 for a 2 bed/2 bath/1 car home with about 1100 sq. ft. of living area. The house has a newer roof & central air unit.
We will just clean it up & flip it for about 45K!

This year has been a great year for real estate. Home prices are up; foreclosure rates are down; and more homes are being listed.

This is true even for high-end homes with price-tags north of $1 million. We’ve actually seen more than a few sales records get shattered this year, and could see even more in 2014.

Here are a few luxurious high-end homes that made it through closing this year.

The Versace Mansion Finds a New Owner

Built in 1930, the ornate Versace mansion has witnessed a wealth of triumph and tragedy over the years. The latest bit of misfortune to befall the Florida palace was put on the auction block through foreclosure last year after being marked up at $125 million and $75 million without finding buyers.

Hi all, this is my first post.

I'm looking at a HUD home. It listed at $165k and at 60 days they dropped it to $124k. Question is - if it's still listed at 6 months, how likely would they be to accept a low ball offer if I put one in and no one else has submitted one? I'm thinking of offering $80k, mainly because I can see quite a few repairs I'll have to do and I think the $165k appraisal was definitely high. This is a manufactured home on acreage.

How low will HUD go as they near the 6 month mark where they sell for $1 to nonprofit and gov?

REO sales no longer play the dominant role they once did in real estate transactions. The recent decline in REO sales, along with the decrease in inventory, is helping the market see an improvement in prices, according to a report from Corelogic.

REO sales showed a 35 percent year-over-year decline in October 2012 and a 60 percent decrease from the April 2009 peak, CoreLogic revealed. In addition, over the past year, REO sales have averaged 51,000 per month, down from 65,000 in the previous 12-month period. The price of REOs have also gone up, averaging $135,000 in October 2012, up 3 percent from a year ago.

As the real estate market improves and overall foreclosure numbers are falling nationwide, there is one niche segment that isn’t experiencing the same luck. If you’re in the market for a multi-million dollar property, then you may be glad to hear that homes with a value of $5 million or more saw a massive 61% increase in total foreclosures, year over year, in October.

The number of these ultra-expensive homes in the foreclosure marketplace is still relatively small in comparison to the total number of foreclosed homes, accounting for less than 2% of the 1.2 million total properties, but it may represent an interesting opportunity for investors looking for high-end properties.

Multi-Million Dollar Homes Boast Huge Discount Rates

As 2014 arrives I am updating my buyers list. If you are actively buying I would like to hear where and what you are looking for.

Lets get together to make make 2014 the best year yet!

Therin

Received a great surprise today, a closing was moved up 30 days to Dec. 31st. A nice New Year's present ... $ 19,000 !!!
This was a probate we found on the county website,
contacted the personal rep. & purchased it for $ 40K.
It is a 2 bed/2 bath/2 car garage with an additional family room, 1650 sq. ft. under central air.
We replaced the roof; kitchen cabinets/counters; bathroom vanities/toilets; light/plumbing fixtures; new
paint inside & out; new carpet & tile; new stainless
appliances. Total cost for materials about 15K. It took about 5 weeks to remodel & about 6 weeks to sell.
We had an original offer that was cash for less money, but was withdrawn when the buyer of their house backed out.