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

I read an article recently about buying bulk reo's at deeply discounted prices, as something to look forward to in 2012. There are so many foreclosures and so much shadow inventory that an investor can get deeper discounts with bying more than one foreclosure at a time and that banks are going to do this.
It makes sense to me.
Does anyone have any experience at buying foreclosures in bulk?
Does anyone know where I can find more strategies and ideas in buying foreclosures in bulk?
Thanks, James

Today i went in to write up an offer. The agent told me some banks, not knowing yet if this bank does this but that the bank requires 30-90 days before the house can be sold again.

Have you guys ran into this problem? If so how did you go about it for a quick flip? I was hoping to do a double close on this property.

I was thinking of doing the normal double close but instead of putting the house in my buyer's name but rather doing a lien for that time period. Think that would be a good way to go about it?

Thank you guys

Hey guys,
Finally got my first deal set up and i wanted to run these numbers by you guys to see if you guys would personally be interested in something like this if the offer was brought your way.

Below i put part of the mass email imma send out to my buyer's list. Let me know what you guys think and this sounds like a pretty sweet deal or not?

Thank you guys in advance

David

Using Matt's 3 major criteria(vacant, as-is, price been reduced)I had asked several real estate agents to send me listing. One agent has been sending several listings every day. All have been HUD foreclosures. I want to start making offers on some of these but I have been told that HUD, FHA and VA will not look at offers more than 10% lower than their asking price. Is this true?

Hey, DGers. I came across this news story. It got me thinking.

Laurie Goodman "found that investors lose as much as 70% when the homes underlying their subprime MBS [mortgage backed securities] are foreclosed upon. Lenders that tried to rehabilitate delinquent borrowers by reducing the principal (or total amount owed) by an average of 26% were far less likely to have to foreclose, and they actually provided MBS investors higher returns. "If you save a borrower, you save an investor," Goodman says."

Still, most banks prefer to roll the dice on a housing rebound. What kind of sense is it to hold onto 26% and gamble losing 70%. None to me.

Read the full story here:
http://money.cnn.com/2012/01/13/pf/ows_goodman_best_money_moves.moneymag...

peace,

I have a question about what number to use when calculating what to offer when you are trying to wholesale.

I am using the following formula:

Market value (based on average comps and totalviewrealestate.com) - repair cost - 3% closing - 3% holding - 6% re agent - 20% profit - $10,000 assignment fee

I have seen some properties go to others with offers that only make sence if you use highest comp sold in the last year instead of the fair market value based on averaging all the comps in the last year.

I am guessing that they will do that because they think that they can sell the property for that amount after all the repairs.

What do you guys think?
Any active wholesaler can give me an insight on what number to use???
Any help comment or input is appreciated.

Take the first step in faith. You don't have to see the whole staircase, just take the first step.
Martin Luther King, Jr.

The homeowner is sick in the pit of the stomach and super stressed. They can't sleep at night and just found out the home has been put in foreclosure. Homeowner called to update the loan serving agent and found out the bad news. There is a first and a second on the home and the statements looked alike. In error the homeowner paid their payments to the wrong account. Homeowner made the current months payment for January by phone only to learn the following day that the payment is being returned to the homeowner because the home has gone into foreclosure. Homeowner is now being told they need to pay appr 6700.00 before the end of January to pull it out of foreclosure and of course they do not have that amount.

Looking to partner with some locals if your out there. Message me and let's start a mastermind, jv deals, partner up.

Team Work Makes the Dream Work!

Look forward to connecting!

Need some help. Can't seem to find any comps on a place in Kansas.
Have spoke with the owner and they need to sell. They already bought another place and moved so lease this one out. It is in a very nice subdivision, NO HOA, and when I check the address on Total view, they are in the right range for price. They have come down below what Zillow and others give for an estimate.
Rent on this house is $1700 according to an agent.
It has 6 bedrooms and 3.5 baths.
They really need to sell it, if anyone can help them out, that would be great.
There isn't that much for equity, but there is some, and I feel they would come down more if they could get a cash sale.