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

Interesting article.

www.dailynews.com/news/ci_22673686/southern-california-rents-rise-mortga...

I was out with my RE Agent today. He showed me several houses, ran the numbers and felt very comfertable. I said lets make an offer. Well, it turns out it is a HUD house, just listed and only allowing owner occupied offers.

I understand what an Owner Occupied Offer is, but we could not find out the length of time it must be occupied by the owner befor he can rent it, lease it, or sell it. Does anybody know the answer?

How does HUD follow up with the buyer to know whether you actually occupy the property?

What would the penalty be if you buy it owner occupy, but fixed and flipped it anyways?

Anybody with HUD experience and knows the answers, your help would be greatly appreciated.

I want to start a real estate career as a bird dog. Can I use real estate agents as a source of properties?

New Standards for ‘Safe’ Loans

That’s the title of an article this week in the New York Times. It seems the federal government is still issuing new guidelines and regulations to force lenders to do better at verifying that borrowers can actually repay their home mortgages.

A new “ability to repay” rule was issued last month by the Consumer Financial Protection Bureau to become effective in January 2014. This rule sets standards for what would be a “safe” loan and what would not. Of course, no more “no-doc” loans is in there, and a lot more verification of job status, income, assets, debt and credit history as well.

Trulia.com Founder Interview

From reading the posts, it's obvious that most people are struggling to get their first deal after many months, and sometimes years, of trying. I'm not talking about actually assigning a contract, I'm talking about just getting a property under contract. But on the other hand, we hear that they're doing 50 deals a month? I understand that buying with your own money is much easier, but the fact that some people can't even find a single seller is troubling. And even if you do after so many months of trying then what? Start over and possibly invest another year or more to get the second deal?

My fellow DGer's. I'm ergently looking for "Bird-dogs"

Requirements:
1-3/2's that are:
1-FSBO's
2-"As-is"
3-vacant
4-had a recent price reduction
5-NOT MLS listed
6-lastly, if the properities are in a hot market.

These are my considerations. If interested, PM me for more details.

Hello everyone!

I am new to this site and this is my first post. However I am very excited to become a member and learn along the way.

I am a licensed realtor in the state of Georgia and a real estate investor currently focusing on low income rentals.

I am here to ask a few questions about "assigning contracts"....

I have read deans book on whole selling houses and read up many forums so I am not totally new to the idea. I just have not attempted an assignments yet.

My question is....

As a licensed realtor could I lock down a property with a contract that allows me to assign the contract and also legally market it on MLS?

With the assignment and marketing clauses?

Ok, so we know 25 to 1 is the rule of thumb to wholesale. If my offer is accepted, I now own the property... How do I assign my P&S to a cash buyer?? Do I need temp money (bridge loan)? How do the heavy hitters on Dean's site do this???

Am I able to purchase a foreclosed home from the homeowner in MN after the sheriff sale (mortgage foreclosure), during the 6 month redemption?

Thanks to everyone in advance.

Got a call from a motivated seller. (yipeee)

They are thinking of selling their MN property. It has passed the sheriff sale, and in the 6 months redemption stage.

It was a funny call, because i could not get the address out of him. He seems a little gun shy of selling to an investor, but he is still possibly interested.

He told me that the bank purchased the property at the sheriff sale for a lot less than what it is worth, so that sounds like to me that their is a fair amount of equity in it. Have you purchased properties for an investment - flip directly from the homeowner after the sheriff sale before?

What is your experience with purchasing directly from the homeowner before or after the sheriff sale within the 6 months redemption period?