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

This was a Fannie Mae REO that was overpriced, so
we waited until after the 2nd price reduction & the house was going to auction ... we made a couple of pre-bid offers, but were rejected. Then raised it another $ 1000 & it was presented to the bank, the beautiful part was that they stopped the auction while waiting for approval; the offer was accepted at 32,300 plus 2,500 buyer's premium, 34,800 total.
Here's what really awesome; we had a buyer that looked at 2 of our other houses, but had not sold her place yet ... received a call that she sold it to a cash buyer & was moving down to Florida in 2 weeks!
Jill & I did our 67th rehab; it needed paint, carpet, kitchen sink/faucet, light fixtures totaling about $ 5100. It also needed a new roof, that was $ 6100.

I have found a group of duplex properties that seem to have been abandoned. I will be going to the courthouse tomorrow to possibly get more information on who is currently controlling the property. I have already gotten info from the tax assessors office.

Once I get the information, can anyone give me ideas on different ways to earn money from these properties?

Any help will be appreciated.

I have run into a glitch when trying to purchase REO's from banks, and I realize that I need a proof of funds letter. Can anyone help me in terms of how I can get a proof of funds letter.

Thanks,

Frances D.

A lot of investors claim you have nothing to lose when placing offers, but I feel that you DO have something to lose- Your name and credibility.

People undervalue the power that their name holds. Your name and credibility (or credit rating) are the same tools you use to get approved for those 80-100k mortgage loans and new car leases. I use that same concept when submitting offers and try not to lowball so much. I want a deal, but I want to build rapport at the same time. That same company/owner/bank may have 10 more homes you want but won;t even bother to look at your next offer because you've destroyed your rapport w/them by throwing too many cheap offers. This news will spread (especially with banks) and your offers will go in 1 ear and out the other.

I am being mentored by a Sellers rep. who is DIRECT with 4 different asset managers who are verifiable and credible sellers of Bulk REO’s & Non-Performing Notes! One contracted with Bank of America, another with Wells Fargo, and one with Chase! We have properties ACROSS THE NATION! Residential & Commercial!!

Bulk Reo Deals: 45-75% of Market Value!
Non-Performing Notes: 45-70% of Property Value! With A Lot of Equity!

The minimum the investor can show for Proof of Funds is $500K. You can combine your investors to get a better LTV!

BEST PART: There’s NO Competition & It’s price is Negotiable. Also NOT on MLS, or Auctions! NOT Listed properties. & YOU CAN CHERRY PICK!

THE COST TO DO BUSINESS IS 6%. YES, EVERYTHING IS NEGOTIABLE!! (The more you buy the more negotiable.)

In a sign of how competitive the bidding for the foreclosed homes was, the firm paid 112% of the properties’ estimated worth, according to a breakdown of the transaction by Fannie Mae.

http://www.scpr.org/blogs/economy/2013/02/27/12720/investors-seeking-pro...

hey dg'ers, got a property under contract but im dealing with an out of state property management company thats selling it for the owner. they have NO branches here in michigan and suggested to do an out of house closing. anyone know how that works?

Has anyone had any success in negotiating deals with Bank of America REO's?

I just negotiated a nice ranch starter home for 12k. Im posting it on craigslist now but do I pose as the owner OR do I tell them that I have it under contract?

I've found around 20 diffrent properties for sale and found out that 14 out of the 20 homes were purchased in a "bulk" by an LLC company. Would these be classified as motivated sellers? Almost every property i run into has been purchased in a bulk sale which indicates to me that the person/llc may not be so motivated to sell