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

I found an abandoned property that was owned by a person that had multiple homes. He went through bankruptcy in 2007, The house has a 78k mortgage on it, 1500 in back taxes and their are three other judgements against this guy for about $36 grand.

I was unable to determine if those other judgements were against this property or one of the other 13 properties he had.

I forgot to get a copy of the deed but did get a copy of the mortgage. I have also contacted the sherrif that is in charge of the tax sales to find out more information from him.

I am trying to make a deal on a prop but I'm having a hard time!!! I spoke with a homeowner who's home is a pre-foreclosure and was told her balance on the mortgage is, "off hand about 350K". She has owned the home for 22 years and i have confirmed it with the county assessors website (she has a low assessed value and her property taxes are low).

Hello DG Members,

I quick note to update you on a deal I have been working on. I had a small ranch home on may radar for over 6 months. The property was a "boomerrang" and ended up with 3 different brokers during the past 6 months. The price dropped from an original $59k to $19k. I moved in on 05-11-2009 to make my offer the day the broker received the new listing and before the home was put on the MLS. The Broker put the home on the MLS and sat on my offer for over a week to shop for several offers.

WHAT ARE THE DETAILS WHEN USING REA"S AND ASSIGNMENTS ?TWO AGENTS TOLD ME THAT I HAD TO HAVE ESCROW MONEY AND BANK CREDIT APPROVAL TO MAKE AN OFFER.IS THIS WITH ALL DEALS USING REA"S? HOW DO THEY MAKE MONEY? FOR THE SELLER AND BUYER. DO YOU HAVE TO HAVE AN AGENT WHEN YOU DO AN ASSIGNMENT IF THE PROPERTY 4 SALE IS BEING SOLD BY A REA?

I have the opportunity to work with someone on a short sale. Here is the situation, tell if you think I can help in any way...

Hello All,

I've been researching my tail off, learning a lot!

I have found a number of potential deals; have located prospective buyers (investors); I found a Freddie Mac REO that looks prime. The Avg. price in area=$170k; Zestimate=$169k. Bank of American estimate=$130k.

Vacant a long time, needs $13-$15k in work; They have dropped price over and over down to $94k. After talks with realtor, I think they will take an offer of $65-$75k. House sold for $200k in 2000. Avg. price drop in this area has only been 8%-9%.

I know Dean Says you can make money in any market, but...

I'm investing in Detroit, and no one is buying (other than investors), and the prices are so low (40%-80% of FMV) that it seems like it's not a smart place to invest.

Does it make sense to invest and/or wholesale in an area where anybody (and I do mean anybody) can get an 80k-110k home for 20k or less (waaaaay less)?

What can I do if I've signed a contract with a seller offering all cash, closing within 30 days, etc with the intent of assigning it to an investor and I find a regular person buyer? They would need to get a regular mortgage and all that..which all takes more than 30 days and more process. What do I tell my seller? Does that even change anything, for me, for them?

sorry, but I can only seem to find info on re-assigning with the assumption of having investors as buyers.

What creative solutions has anyone used for those individuals who are upside down in their housing situation?

- Tommy

I figured I would post this just to give you guys and gals a little food for thought.

A lot of you have read my posts and know me one way or the other. I have tried to participate on this site as much as possible, tried to help others and get others to help me. I still consider myself a newbie since I have only been here for few months.