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

Real Estate Investor Training—Short Sales

Because of current economic conditions in the housing market there is a great deal of investor interest in the technique of purchasing investment property with Short Sales. So--what is a Short Sale? A Real Estate Short Sale happens when a seller’s bank allows a property to be sold for, and accepts a payment of, less than the amount owed to that bank.

I have a question(actually a couple) on

Hey DG Fam:
I have come across few investors who are looking for properties in Florida and Texas. I, personally, do not have any properties there, but if anyone of you do, please feel free to contact me. These are cash buyers, so it should all be fine. You can post here or PM me

A partner and I are attempting to do a back to back close with a short sale. We found a property made an offer to the bank that was accepted, and have several offer to buy the home from us. I title search reveals many different leins on the property ranging from the IRS to State tax commision to building material leins. The only way to do the deal is to get a clean title, and hear is what I found as I try to clean up the title. The IRS is the biggest problem, because they will trump all other leins including the 1st mortgage from the bank.

I have been informed by a mortgage lender in New Jersey that the lending industry is now cracking down on the so called "illegal flips" that are done using simultanieous closings. They don't allow us to make a profit in these sales. They are now looking for a 90 day seasoning before we can sell a property. How are you all getting around this situation?
Looking forward to your suggestions and ideas.
Mati

New to REI-but I believe! I went yesterday for the first time to look at houses with a real agent. There were some possibilities and some definately nots. I got a lead on a house that the guy was eager to sell his house because he is leaving the county in less than 30 days and was considering all offers. The house appeares to be in good shape, and in a decent neighborhood. I thought I would put an offer in on it at 40% less than asking, which the asking price is reasonable for house and neighborhood-so I believe with a little research.

Hey all my name is Derek Maples and like most of you I couldnt resist Dean's infomercial so I bought the book and wrapped it up in 3 days. I just kept turnin pages (my highlighter hated me). The route I am choosing to begin my REI career is the distresed homes. I spent 2 days scouring my community jotting down addresses of hoems that looked beat up or downright nasty. My local county website has a feature where I can find the homeowner of any address (but no phone number) so I did that from all my props I found.

I got two apartment buildings right next door to each other. They are brick 4 unit buildings.

List price of each is $159,900.
The owners son was left here to manage the apartments. Moved his friends in and they are not paying the rent.
Dad lives in Texas and is mad as a hornet that his son is not taking care of the props.
Wants conventional mortgage per listing.

Here is what I want to offer.
Lease Option two years at 139,900 per building.
No money down.
Payments of 1000 per month per building.
Two month no pay to get existing tenants out or get them to start paying their rent.

Hey Everyone:
I have recently ran into a problem. I got a list of REOs, but alot of them want you to have their bank's pre-approval letter. Problem is that my credit sucks and I am not planning to pay cash for them.

Anyone knows a way around it? Thanks.

Yuri

Considering the the market turning toward most of the people being in pre-forclosure and upside down in their mortgage.
Also with double closing (In my state anyway) being a thing of the past and land trusts slowly phasing out.

I've been giving alot of thought to moving towards short sales.

Given the the extensive nature of short sales (dealing with banks).Would it be a bad idea or not possible to complete a short sale with the use of a H.M.L?