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

I need some advice on a deal I found in Dallas, the house is a FSBO AS IS

I've talked to the seller and she seems very motivated although a bit cautious. So My question: She owes
128k bank prorated 30 day P/O . She says she is 2months past due on her mortgage. She leased out the house to someone who was to do remodeling and up and left after 6 mons with nothing done, except the carpet ripped out.
She and husband have filed Bankruptcy. My thought was to ask ask the bank for a short sale, would it be too early for that since it isnt listed with a broker? How does her filing BK affect me making a deal that my end buyer would want?

This is from a So Cal REI board...

What is going on with this market?

Seems like all the REOs have disappeared. Same time last year (when I wasn't very serious) there was tons of REO inventory. Now, these same houses are popping up with minor cosmetic work, staging and fancy photography for $100-150k more. Literally, the same homes I looked at a year ago. No REOs to be found, at all. Inventory seems drastically reduced compared to even 6 months ago here in LA.

On Oct 26 the house I'm in will be foreclosed on in court. The house was built only 5 years ago. The loan originally was 75k but that was 5 years ago so only about 50k is owned now to pay off the house.
The house is worth more than 75k. I'm not sure of the value but I think it's somewhere in the 120k range. So there is a lot of room for profit. I could probably convince the owner to accept selling it, if she can put money in the bank and save her credit. I would have to move but would have some money to do it.
I just don't have a buyers list yet. I'm just getting started. And I would have to move fast. Does anybody have any suggestions on how to find a buyer fast?
And mostly where do I call or contact to find out exactly what is owed on the house and what it is worth?

Hi DG Fam, Hope you all had a great wknd

Just wanted to share with you the power of driving your farm area. I was driving around when I saw a Boat in the back yard of a house, I get off the car knock on the door to ask if the boat is for sale. Now keep in mind that this boat is in real ugly conditions lol, grass is growing out of the boat already. Owner says no not for sale, I look to my left & right and notice that the house is also on bad shape so my next question to the owner is " Are you selling your house " He says yes and I immediately ask him what price. I go home, draft up a contract and drive back to the house and locked it up.

Contract price = $105,000

Called my buyers and got it sold in 2 days

Sold house for $142,000

I'm been trying to sell this house for 3 months now. I have put out bandit signs, ads on craiglist, ads in the penny saver, networked on other forums, even worked with other wholesalers all to no avail. I get many calls but when people find out where it is they bail on me. The house is a 4 bedroom 2 bathroom fixer-upper and the asking price is 9500. The area isn't a war zone but it's not mayberry either. It would be a great home for someone who wanted to rent it out because it could be easily approved for section 8. If I had the money I would by it and rehab it. I don't want to give up because I want REI to work for me. Should I move on to the next property or keep trying. What am I doing wrong? Thanks for your help in advance.

We closed today on a property we purchased back in
March. It was a REO that did not sell & went to auction
with Hudson & Marshall. After 6 weeks of back & forth
offers & counter-offrers, we purchased the property for
$ 39,405(including the buyer's premium). It was a 3 bedroom/ 2 bathroom/1 car garage home with about 1750 sq. ft. of living area under central air.
The bank install new carpet & painted the interior of the house. We painted the exterior, replaced vanities, toilets, flooring in both bathrooms;
Pulled up cracked tile in the front entry, breakfast nook & kitchen & installed laminate flooring. New Kitchen appliances,(Side by side, dishwasher, microwave); new light fixtures & ceiling fans & carpeted the 3rd bedroom. Landscaped the property.

There are deals in EVERY city I am sure.

However, it seems that the strategies I have been focusing on to find them are most effective in a down or buyer's market. I am looking to double close on wholesale flips (REO's, MLS, and FSBO.)

So now that Dean has alluded to a shifting market in some areas in his video blog 204, there are a lot of people wondering how to shift our strategies to calibrate.

In 25:1 do we start offering 80, 90, or even asking price on distressed properties?

How do we identify the differences between a logical and speculative buyer and strategically market to the latter?

Do we push on with buyers market strategies in a sellers market hoping to still find a diamond in the rough, or

I'm here in St. Louis, Missouri. I got a call from a seller who want to do a short sale don't know what to do with a short sale and willing to refer this property to someone who know how to do this short sale for a finder fee or referral fee. contact me

Hi I am looking for any members on DG.com that are active in the Milwaukee area. I am trying to build my network up and would love it if you would contact me to see if we could be of service to each other in any way.

Thanks!

Nick Landowski
[email protected]

Searching a website for possible deals in our local area I saw a property advertised as a "Reverse Mortgage Foreclosure" Can somebody please explain what all is involved with this and how it would be handled? We are brand new to REI and trying to learn
Thanks!!!
Kerstin