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

Home-building boom returning to Southern California

http://www.latimes.com/business/realestate/la-fi-home-construction-20130...

Thanks so much to the DG family, here and Insider Elite. My first wholesale deal closed today and got $10,000 CASH! Finally put my head down and sure enough in 60 days a deal done. I have another deal that will close by the end of the month (a HUD house) and another wholesale deal with contracts signed, so That's 3 deals for April.

I have a list of about 25 mls properties from an agent that were filtered for as-is, price reduced, must sell, etc. and that meet my buyers' criteria. What's the best way to start narrowing down the list? Should I run comps on all of them or narrow it down to a few and then ask my realtor for accurate comps? Its hard to know which are good deals unless the have the ARV on any of them, and I know Zillow and other comp sites aren't always that accurate. Should I run the comps on those sites just to get an idea and then ask my agent for the ones that look like a deal?

Anyone know the best way to record a Memorandum of Option out of state?

When approaching the personal rep of the recently deceased, would it be better to go through the attorney (if there is one), or contact the rep directly? Thanks for your help

hi all. i have a question im hoping someone can help me with. im looking at purchasing a property but the real estate agent sent me a email that stated this...."Bank approved $210k sale price. First lender giving $8,500 to 2nd lender 2nd lender wants $19,000 so we are putting it back on the market." im not sure i understand but it seems as if there are two mortgages on this property. please advise. thank you

Working with a novice realtor just getting started is better than what the average person assumes. Seasoned, experienced realtors usually have higher rates and less time to focus on you because they have hundreds of homes to sell.

Advantages of Novice Realtors:
- More flexible in terms of contract stipulations/clauses
- You can get more offers submitted and returned much faster (Esp. if youre using the 25:1 strategy)
- They have more time to do extensive research on properties you have interest in due to small amount of clientele
-rates are usually lower

I am looking for a contract(s) for adding a buyer as a member to my LLC. The intent is to have a cash buyer as a member of the LLC so as to provide an offer and purchase a house. The buyer would provide the funds and then once the deal is complete he/she would buy me out to remove me as a member of the LLC.

Any thoughts on the steps I would take to create this so the buyer doesn't walk out on me or so the buyer doesn't feel I'll take advantage of them? Trying to keep this legit and honest. I can find REOs at low pricing except I do not have the funds to purchase them. The banks here (Washington state) will not do assignment of contract. They also require the buyer to retain the house for a period of time thus preventing a double or back to back closing.

A Pa. realtor sent me an REO listed for 23,000.
I don't have the repair costs,totalview has it at 104,000.If I"m correct you can't wholesale REO's.I want to know the best approach to use when working with no cash?

Peter Smaltz

Contrary to initial expectations, borrowers will not be able to substitute tax credit for a down payment on FHA-backed mortgages.

It was too good to be true: The government will not be offering no-down-payment loans.

Housing and Urban Development Secretary Shaun Donovan announced Friday that the Obama administration's $8,000 first-time home-buyer tax credit could be used toward a mortgage guaranteed by the Federal Housing Administration, but contrary to early understandings of the program, borrowers must still come up with the initial 3.5% down payment on their own.