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

Fed Pulls Trigger, to Buy Mortgages in Effort to Lower Rates
By Jeff Cox | CNBC – 16 minutes ago
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The Federal Reserve fulfilled expectations of more stimulus for the faltering economy, taking aim now at driving down mortgage rates.
The Fed said it will buy $40 billion of mortgages per month in an attempt to foster a nascent recovery in the real estate market. The purchases will be open-ended, meaning that they will continue until the Fed is satisfied that economic conditions, primarily in unemployment, improve.

Home with a reduced price sign. Mortgage rates are near record lows.
Enacting the third leg of quantitative easing will take the Fed's money creation past the $3 trillion level since it began the process in 2008.

I work with several funds that are looking for SFR REO and NPN pools nationwide. If you, or if you have direct access to principle seller who has pools of NPN, or REO properties, send me a pm message with the best time to contact you, and I will get back with you.

I found this FSBO buy driving neighborhoods. I contacted the FSBO. It's in a really good neighborhood, turns out to be an estate sale. Two sisters are trying to empty out father's belongings after he passed,one sister really wants nothing to do with it. She just wants money. The house needs a little updating $5,000 tops. It's a 3/2 with 2 fireplaces and 2 car garage. Hardwood flooring on first floor except kitchen and has a huge basement. They are asking $165,000. I politely told her that the house is not worth that by doing comps and she said she would be willing to adjust to actual market conditions, which is $150,000.The sister who is dealing with the house wants to move to North Carolina to be near her daughter and grandkids and son-in-law.

Date in Preview Screen incorrectly shows "January 1, 1970." I have been unable to edit that out. I hope that won't mess with potential interest in this topic.

I am just getting into wholesaling and was told by some to stay away from REO's because they will not let you assign contracts to your cash buyers. All that makes sense to me but then I also see that many wholesalers go after REO's using the 25:1 strategy and they just "double close" on it instead of just assigning it to their cash buyer. Does anyone have some good experience or insight on how easy this is? I just keep hearing so many horror stories about people trying to wholesale REO's with very little success and do not want to waste my time with them if that's the case.

Thanks!

Nick

Hey yall, Im hoping someone can give me some advice on this one. I had a client approach me with a pretty big head-scratcher. Her mother passed a few months ago and she inherited the house and all the belongings. Her mom was leasing the house to a very nice man who owns his own landscaping business. He wants to buy the place but wanted to save up first, so they worked out a 3 year lease with option to buy.

When they signed the agreement, she found out that he does not have documentation to be here. They are very friendly with each other, he is a hard worker and she really wants him to be able to keep the house, but she's worried he wont be able to get financing at the end of three years. She wants to sell the property, so that she doesn't have to get any more involved.

Hell0,

I have a question about a property i am looking to buy, it seems to have a large amount of money due as lien from a "Sewer quote"

I am wondering if any one has run into this and if it is possible to get this amount lowered by the state as in a settlement. The house is almost 90% off and a great deal its just this amount that is crazy high.

Has any one ever dealt with this and been able to work the numbers in their favor to get the deal done?

This is a great week despite just getting out of the hospital for a gall bladder attack ... we are closing on 2 more properties, 1 on Wed. & 1 on Fri.
These are deals from the MLS, 1st deal is a 2 bed/
1 bath/carport house with 1200 sq. ft. of living area.
It needs only paint, carpet, appliances & a few interior doors costing about $4000 in materials.
It should sell for 40K to 49K ... we are paying
20K for it. It should take 3 to 4 weeks to do the work.
2nd house is a HUD property. This one was a real pain to lock up, several different offers, re-doing paperwork, & having some mistakes made by the REA.
This house needs about 15K in materials, but should sell for 75K to 80K. We are paying 33K for it!

Have Landlord seller wanting to sell seven rental props in hot areas w/renters. combined single family appraisals $828,000 Selling singly. want to use Matt's stratagy, buy most-get some free. Need a big buyer. Offer 80% which is $662,400-repairs/fees=? I know seller. Props in good shape. May take deal if take all. Must need money because has many other rentals he's not selling. PM if can help.

Chuck

Got up @ 5:30am,to bus/trolley-it upto my 10am appt.When I got there I finally got to meet the agent I've been emailing/receiving property alerts for the past few months.He told me outside that I really didn't want to flip this house,etc.So,I took a few pictures,met the owner,and then the agent said,ok,we're done here.So,he rushed me outside to talk a few minutes more.I told him what my plans were and he told me the house is in a business neighborhood,a noisy street,and a bit overpriced-it had not sold for 6 mos and he showed it 4 times at the lower price and still no takers.Although he was kind of a jerk and arrogant,he had a point.This may not be the house to get-at least at the current asking price.So,he rushed off to show 32 more houses that day!