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

I started a topic like this ealier, but cant seem to find it(lol). I wanted to know how do I come about finding a buyer for something that I do not have in my possession. Do I advertise online for buyers to a fictious property, or try to get property under my belt and then look for buyers. I already made a phone call today to a FSBO and tried to get them to go 35% below their asking price, but they laughed at me and said goodbye(lol), I know that I rushed to fast and didnt really go in depth with them and that negotiation should have been the last thing that I brought up and not the 4th.

For $1000.00

The area that this house is in is blocks away from the HS. The last ten houses sold within 2 miles of this property have yielded a median of $250,000.00

I found the house on Realtytrac after signing up for the 7 day trial, and since they're based in Cali and I'm in Jersey, I have to wait till 11 to receive an inquiry on the house.

What should I find out when I talk to the representative?

An answer within the hour would be incredibly helpful. lol.

LOS ANGELES, CA -- Southern California Market for Foreclosed Residential Real Estate Heats Up Zetabid, the pioneering firm redefining home auctions in the U.S., today said it will sell approximately 100 bank-owned homes in Southern California on Saturday, May 16, 2009 at the Pomona Fairplex.

The auction, Zetabid's third in Southern California in the past eight months, will include the sale of single-family homes, multi-family homes and condominiums in Los Angeles, Riverside, San Bernardino, Orange, Kern and San Diego counties.

I have a question which I guess is kind of legal..I understand the concept of locking up a contract on a Pre-foreclosure at a discount; and then assigning that contract to an end buyer Investor for a profit*(assignment fee). My question is-If a Seller has gotten a sherrifs sale letter stating he owes $150,000 on his house;and it is due to be Foreclosed upon next month(For example)-how can I legally do a Purchase agreement for less?

Good Morning DG Members,

I'm not sure if this question has been answered before, but, can anyone tell me what the difference between assignment and flipping is? Haven't got Dean's book yet but Just eager to find out until i get the book.

Hope I posted this topic in the correct category.

Aris A.

I have a co-worker that is facing foreclosure in his home since he has not been able to make any payments in a few months. I recenty learned that he now has a time limit as to when he has to be out of the house. I am not sure how long he has left as I have not talked to him about it yet, but I plan to soon. I would like to help him out with this but would I have sufficient time to make a deal to buy his home to lock it up on contract and assign to another buyer if he has less that 30 days left in the house?

This article gives a great insight into this strategy. Check it out:
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Use "Wraparound" Mortgages to Structure Better Deals

by Michael Morrongiello

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One of the biggest problems real estate investors face when structuring transactions involving seller financing is the seller's concern for security and assurance that they will be repaid. Let's take a look at a typical example:

Ten Simple Steps to Buying Bank Notes

by Michael T. Morrongiello

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As the real estate market slow down continues, and with foreclosures on the rise in most of the country, lenders are finding themselves overwhelmed with many sub-performing and non-performing loans.

Many lenders are willing to consider a "short sale" where the lender will accept something far less than what is actually owed to them. However, actually owning the debt instrument itself (the promissory note) may be more useful for the savvy investor.

Hello everyone-I've recently completed DEANS BARM book; and have his second book on order. I've learned SO MUCH just from reading everyones Blogs; and just wanted to thank all of you for your forum topics;and your journals (Rina; Elyon, CBRPower; Anita; etc. etc etc.....). they are a GREAT source of inspiration to me to continue forward with Real Estate.