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

This is my first deal, and I am looking at submitting an offer for a property in Maryland. The offer letter was generated by my real estate agent. It doesn't include "or assignee" with regard to buyer. This is an electronic form w/electronic signatures. Should I discuss with the agent including "assignee"? Should I tell him that I wish to create the offer letter myself (the one that is included in "forms" on this site)and not allow him to use the one he created?

First of all, I am sooo happy, because finally something is happening as a result of my work.
I put some advertisements on cragslist to find investors, and put out 20 bandit-signs "I BUY HOUSES any condition" Ph#.
Today I got a call for one of my signs, she left a message on my google voice mail,that going on foreclosure soon,ows 69K on her 3/2/pool house. She would like to leave with some cash.
What I see so far, by Trulia AVG list price $57.706, AVG sales price $68.475.
Before I call her back, I wanted to have some advice, idea, how to handle, what to do.
Any comment is highly appreciated
Zsuzsa

Have a question about a land contract.
I do not have a contract on this place, and know a couple trying to lease out or land contract their place. I put out an ad on CL for them as a favor so their neighbors wouldn't know. I rec'd a call from a serious buyer and gave him their number.
The buyer is from Minnesota and wants Ann's place. He offered them a price they liked, and wants to give them $7500.00 on Saturday along with $1500 a month for the payments. And every 6 months another $7500 until they sell their home in Minnesota. They also presently rent another place in Minn and was transferred to Wis.
Looking at the contract on this site, can that be used for payments till financing?
They want to move in by May 1st.

Anyone familiar with flipping or renting mobile homes in NJ? I am trying to start in this direction and I keep running into park managers that do not allow this activity. Anyone know of any parks that do? Thanks!

Hi Everyone,

Im looking for a private lender in Florida. Can you help?

Thanks

I am currently getting a deed on a tax lean foreclosure.
Keep in mind that my wife and I are in our mid 70s.

1. Should we flip and be subject to capital gains tax?

2. Hold for 1 year before selling to reduce the tax consequences?

3. Rent it out for about a year before selling and expose to damage etc. ( Really do not want to handle renter problems.)

Thank you for your time and considerations.

John

Old Dust

How do you obtain a preforclosure list. Can someone point me in the direction on the site where I can get this information

Dear Mr. Jones,

As you should already know, your mortgage lender has just filed a lawsuit to foreclose on your mortgage loan.

This means that if, for whatever reason, you cannot bring your loan payment current before the scheduled foreclosure sale date, your house will be sold at a public auction sale to the highest bidder, and you will be evicted by the new owner.

If your house is sold this way, you will get absolutely nothing form the sale. The bank holding your mortgage only cares about getting back the money that you owe them. They do not care about what you get.

You could put your house on the market and try to sell it yourself. Or, you could take your chances and list it with a Real Estate Broker/Agent. However, right now it takes about 6 months or more to sell a home.

Hi. My name is Francis and I recently went to a semenar where i over heard Mr. Schneck tell someone that assignments are illegal. I wonder if he meant that you can no longer user assignments in Massachusetts where the seminar took place; Quincy, Mass. to be exact. Then again I might have misse dalot more in that conversayion than Iknow.

Tank You for any help.
Sincerely: F.Lambert

Warren Buffet's take on real estate
http://www.youtube.com/watch?v=KMvQPeBAesw