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

I have this opportunity to buy a home that normally sells for $90K for $20K or below (they just really want to get rid of it)

The problem is that the house has issues. It's older (1880s) and the person who lived in it didn't take care of it (the 2nd floor has a gaping hole as I can see through the window and the neighbor told me it was a water leak) It's going to take awhile to clean it up as well.

Hi everyone,

I've seen this statement come up a lot in these forums and rather answer it everytime I thought it would be best just to post it.

"My broker, realtor, agent, etc. told me that DOUBLE CLOSINGS are illegal."

Let me address this:

1st, real estate agents are not the experts on closings, financing, or investing. They are experts in marketing and showing properties.

2nd, the term DOUBLE closings and SIMULTANEOUS closings are often used interchangeably by those who don't know the difference.

"10 Best Places to Buy Foreclosures"
by Joel Cone
May 2009

Pin a map of the United States to the wall, take 10 steps back, aim and throw your dart. Almost anywhere you hit is going to have some level of foreclosure activity going on, even if it is negligible in relation to the area’s real estate market.

I watched the Kenny Rogers movie late last night and Kenny Rogers sang the song "You gotta know when to hold up, know when to fold up, no when to walk away, know when to run!"

The Basics of “Short Sales”
by Bill Bronchick

You will likely come across dozens of properties in foreclosure with little or no equity, that is, the seller owes at close to or more than the property is worth. In these situations, lenders are sometimes willing to accept less than the full amount due, commonly referred to as a “short pay” or “short sale.”

hey everyone. i was just wondering, can investing in hud homes be profitable? reason im asking is because you can generally get them at a steep discount but under the circumstances they generally are in not so great area, they're usually fixer uppers. and it seems as though in those area where you could get these hud homes are in areas where not to many people would want to live in and values in the areas are not so great either. what do you all think?

How exactly does one go about putting in bids on REO's? Here's an example scenario of how I think that it is done...I see a property listed for around $115,000. I make my bid on it for half that and send my bid+my copy of my Proof Of Funds to that bank(?) or to the listing agent?

Hello everyone,

A property goes up for sherrif sale and nobody bids on them? I had one wednesday that was being sold due to bankruptcy. Nobody bid on it not even the plaintiff.

I went and looked at the proerty and it doesn't look half bad. I want to figure out how to aquire it.

New Short Sale Incentives from the Obama Administration
May 14, 2009
Short Sales Will be Streamlined and Encouraged by the Treasury

On May 14th, 2009, the Making Home Affordable program created by the Obama administration was expanded by the Treasury Department to provide incentives for homeowners and lenders to engage in short sales. The program also encourages deeds in lieu of foreclosure. The Treasury Department unveiled this plan by calling these provisions Foreclosure Alternatives in the Making Home Affordable program.