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

Is anyone besides myself working with an Agent that will only put out offers with a $1,000 Earnest Money Check along with a 10% down on every offer?

In our 1 year Contract she put a 2.5% Commission for me to pay her, also in another 3.5% in another offer.

Is my Agent trying to pull the wool over my eyes? I sure feel that way.

I have never worked with an Agent that won't use 1 (one) Template and fill in the information that is needed for each deal.

Am I missing something here? Or Is it that she sences that I am novice to this whole REA stuff?

Romaluv22
Signing Out,

I have a very active buyer in the Atlanta Metro area. He is looking for properties that fit the following criteria:

1) Max Price: $70K (all in, including repairs)

2) 3/2 or better

3) ROI 10%-12%

If anyone has a lead on a property that fits, just email me at [email protected], and we'll work out the details.

Thanks,

My partner and I found this deal on Craigslist about 2 weeks before Christmas. It was an 3 bed/1 bath 1000 sq. ft. REO being advertised by one of the local banks. We did some research and found out it had been on the market more than 90 days and they really wanted to get rid of it. We set up a walk through with someone from the bank and saw it didn't need any major repairs most of which we could do ourselves, which got us very excited. They were asking $49,000 for the home. We offered $39,000 and about 3 days later the bank accepted!!

I sit with a network of contacts in Southeast Asia as I'm looking to exploit.
They are very wealthy but are conditioned interest in buying both the land and houses in the U.S.. Some of them already have a green card, others have not. This can apply to both that they move here or buy it as a pure investment. I have received a number of inquiries about this and are now thinking about trying to generate some money.
How should I go about it?
And I am looking for good items under market value.
What is the most important thing I need to consider?

Hi DG Family-

We have just negotiated a pretty good deal. The seller had a vacant home across town. In lieu of a down payment David, my contractor husband, offered to do some work on the their primary residence. Sweat equity is the way to go! They are financing the balance for us at $200/mo so we can make great cash flow. We did agree to pay the closing costs and back taxes so they did not have to come out of pocket.

Hi:
I wanted to introduce myself. My name is Jimmy and I am new to the community, I joined today.

In 2009 my brother sold his trucking company because he had been tired. He had 9 trucks leased onto a major carrier and he just grew tired of all that went along with that business.

In 2010, I was waiting tables at a fancy steak house and was going nowhere with my life. He suggested we invest in real estate and purchased one of Dean's books at a book store. He said here, read this book and lets do this.

I took in every word, every strategy and started making contacts with some young and hungry real estate agents.

I was able to make offers in confidence because my brother was putting up the funds to do the deals.

Would someone explain in detail the process of buying a property from the bank of an owner that is underwater and resell that same property to the original owner without breaking the law

Inman News is a great website to keep up on real estate trends and market conditons.

They recently worked with REALTYTRAC to showcase the
top areas to buy REO properties.

Many of these cities I have personally visited and can verify that there are great deals to be made!

http://www.inman.com/news/2013/01/31/realtytrac-names-20-best-places-buy...

Metro area

Inventory months' supply

Foreclosure sales (Percentage of all sales)

Average foreclosure discount (percent)

Foreclosure activity (annual percentage change)

Palm Bay-Melbourne-Titusville, Fla.

Rochester, N.Y.

Albany-Schenectady-Troy, N.Y.

New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa.

Lakeland, Fla.

Tampa-St. Petersburg-Clearwater, Fla.

Jacksonville, Fla.

REO properties can be great deals and CNNMoney.com
had a great article talking about the best places to buy this properties....http://money.cnn.com/gallery/real_estate/2013/01/17/foreclosure-deals/10.html

Lawrenceville, GA 30045
Price of this home: $159,900
Last sold for: $195,000

Homestead, FL 33032
Price of this home: $185,000
Last sold for: $305,800

Carpentersville, IL 60110
Price of this home: $109,000
Last sold for: $241,500

Laveen, AZ 85339
Price of this home: $117,700
Last sold for: $117,700

Kissimmee, FL 34759
Price of this home: $119,900
Last sold for: $200,500

Victorville, CA 92392
Price of this home: $182,000
Last sold for: $242,000

Albuquerque, NM 87121
Price of this home: $99,900

Detroit, MI 48224

We just signed a sales contract on a rental of ours:
we bought this house in May, 2010 for 41,500 & paid cash from our HEL.
We entered into a 2 yr. lease option with our tenant-buyer; they gave us a 10,000 non-refundable deposit toward the purchase price of 68,000. Their rent
was 700 per month & we would give them a 100 per month rental credit also going toward the purchase price of the house(2400).
At the end of the term the tenant buyer was going to purchase the house using a USDA loan; they were approved for 62,000 and had planned on rolling their closing costs into the mortgage.