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

I wanted people to know what I have been seeing from small to large banks lately. For the longest time our banks never except assignments of contracts. This last week I have seen 10 assignments excepted from our banks including Bank of America. Let me know if this is happening to other people?

Thanks Again, Justin McQ

Just got a lead on a Fannie Mae foreclosure where the redemption period (six months) is about to run out on the 21st of this month. The woman that owned the house died and the relative she left it to is from out of state and is not interested in paying the redemption amount of 155k but is willing to sell his position for 5k or a total of 160k. The house in todays market is worth between 305 and 345k. I have someone that would move in and pay 1800 mo rent. I can probably put together 10% of the 160k. Looking first how to come up with a private lender or JV with someone or wholesale the deal. Any help (soon!) would be appreciated. Thanks everybody in advance. Brad

My sister and I tried to buy two foreclosures in Broward County, but each time the bank left the paperwork on their desk for months and wouldn't approve the deal even though the ad was in the real estate listings and the owners were willing. After waiting for most of a year the second deal fell through and I am wondering if anyone knows what is going on! This was in late 2010, and my sister has abandoned ship, frustrated. Has anyone experienced this in Florida! Thank you!

Im a wholesaler, this guys loan bal is 199K the the FMV is 207K. I gave a verbal offer of 57K.He said his is going to take out a loan and finish paying the rest of the bal. Here is my question CAN HE DO THAT?The loan bals is on him..RIGHT?

I just read a news story from Jan 9th that the Obama administration is looking at a new program to start clearing out the backlog of foreclosures by offering them directly to investors.
According to the story, although details haven't yet been worked out, these may be let out in large blocks or could be individual sales.
What this means is that foreclosures might be coming at us hot and heavy starting later this year, so stay tuned!
Here is a link to read the story:
http://www.bankrate.com/financing/mortgages/government-to-unload-foreclo...

Merlyn & Jean Jarman
Southestern Indiana Properties
www.seindianaproperties.com

I use this letter to see if the homeowner is interested in selling their property.

January ___, 2012

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Re: (Address)

Dear Mr. and Mrs. __________________,

I’m writing you today because I want to help you!

It is my understanding that you have fallen behind on your mortgage payments to the point where you are about to lose your home. I am so sorry to hear about your unfortunate situation – perhaps there is something I can do.

I use this letter to see if the homeowner is interested in selling their property.

January ___, 2012

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•

Re: (Address)

Dear Mr. and Mrs. __________________,

I’m writing you today because I want to help you!

It is my understanding that you have fallen behind on your mortgage payments to the point where you are about to lose your home. I am so sorry to hear about your unfortunate situation – perhaps there is something I can do.

I am looking at a property and in the broker remarks I see the following:
SUBJECT TO 24 CFR 206.125

what is this? can someone help me understand should I keep my eye open for something in specific with this?

Thank you

Hello;

I have a paid-off property that has been rented out for almost two years. My goal was to use Dean's system and buy a second home and a third home; however, i haven't even been able to buy my second home yet because i couldn't get a loan. How do people get a loan to buy another property?

Thanks

So, as some might know...i am new to Real Estate and have located a property that was Foreclosed. it is listed for sale at $41,900 and is REO/post-foreclosure owned by the bank. i would like to put an offer but not sure as to how much, and what steps i should take next. i thought an assign would be best to get started, but im hearing more and more about birddog...was wondering if anyone could offer some advice on what to do next. thanks