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

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?

Hey Family, first let me apologize if this happens to be the incorrect venue to share this information... But, I have access to approx. 100+ buyers in the Texas area. If anyone happens to be interested or knows of another investor who would like to discuss further this opportunity, pls email: reiproperty4u@**** or PM ....

Note: I expect to establish an agreement between us to receive a % of all sales.... Thanks!

.....Hello DG Members,

I want to share the concept of Boomerang Homes with you. What is a "Boomerang" home you ask? I call a "Boomerang home" a home that goes from Realtor to Realtor or goes on and off the market. It is usually an REO home that gets shifted from realtor to realtor or it is a home that goes contingent and then gets relisted because the deal may fall through.

I bought the latest book and read it.
I am impressed.
I am on a fixed income,so I don't have any money to spend yet.
I think this is something my wife and I can if I can get her interested.
She is very skeptical and probably thinks I will screw up some how or she thinks Dean is a crook.
Any Ideas as to an approach to get her involved or should I try to do it alone?

I have absolutely no cash and a credit score of under 600...is this something that is even possible for me to do? Any guidence or assurance is greatly appreciated. Thanks.

We are sooooo excited tonight! We just learned that the offer we have been in negotiations over for the last 2 weeks has been accepted!

The Fair Market Value is $180,000 and we got it under contract for $97,000. We have already advertised it out to all our buyers and we are asking for a $3500 Assignment Fee. We also posted an ad on CL so that we can get the word out to as many buyers as possible, plus we may be able to build up our buyers list at the same time.

Hi All.
I just finished college and also finished reading Dean's book.

My goal is to buy 1 or 2 homes and then rent them out.
However, I only found techniques mainly for assigning and selling equity.

What are the techniques used to buy a property and then keep it and rent it for the long term?
Thanks for any help!
MayJean

I have tried to put in bids today on foreclosures and the realtors are saying that even if you put in an offer and get accepted if you are not able to close with your end buyer they will charge you a $100 dollars a day until you pay and they can sue you for your assets. Also with the bank they said they want $500 for escrow deposit and they don't take copies of checks. Anybody please help me because I think I am stuck.

I have submitted lots of offers and my formula has been offer 50% of asking price and a $10 earnest money deposit. I have been asked for a minimum of $1,000 to even have my offers presented. I have agreed if my offer is accepted that I would pay a $1,000 earnest money deposit in two weeks. None of the realtors so far likes this idea. I wanted to see if anyone else has had a similar experience and how it was handled.

Anyone in the same boat that I'm in? I mean i have looked at a lot of REO's in NJ but what is acceptable to my LIMIT are the REO's that are in High Crime Area's. Cause my main goal is to rent them out for positive cash flow.

And other great bargains are in South jersey which have a low or no crime rate but are far from where i am at.

I could get a property manager but i think it would be wise to handle that kind of work myself being i'm a newbie.