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

Yes, me and my RE agent have been running a "fever" lately trying to get ALL these offers out to their respective lenders!!! We both have been having a BLAST!! As a matter of fact, she appears to be more excited than me sometimes!!!

All I can say is Thanks ... Mousebandit for the referral... you were right on point with this gal!! She's AWESOME!! It feels refreshing to have the opportunity, not only to work between "two" states and "four" counties, but to have "two" excellent RE agents working on my behalf... I am TRULY BLESSED!!!

i am new to the forum and have a quick question. i just got registered on the forclosurealert.com site.

i did a search in my are for pre-forclosed and forclosed homes. my questions is, what is the difference between the forclosure deed and notice of trustees sale listings? actually, i know one has been foreclosed on but can you still buy pre-foreclosed homes from the owner?

is this one of the homes where you would contact the homeowner with a letter offering to help?

also, can you buy a foreclosed home before it goes to auction?

thanks for your help!

I am a "newbie" and I was just wondering in regards to pre-foreclosed properties. Lets say I have a homeowner who would like to sell the property at a discounted rate, but it would not cover the balance of the loan. Checked into short-sale but the property has an auction. Is there any way to stop the auction? Or can the homeowner sell the property, to stop an auction, at the discounted rate then just have a balance owed to the bank? Then settle with the bank? Would that be better than a foreclosure?
Thanks for any information anyone can pass over.

What if any are the differences between implementing the IEE system using Investor Disclosure Statement and Seller's Acknowledgment / Investor Purchase Agreement when it is applied to an REO vs any other Individual Motivated Buyer(IMB) (such as pre-forclosures, FSBO's, 90+ days on the market, etc)?

Basically is it harder to do this when working with banks on REO's rather than with IMB's?

I have found a site that allows you to "silent bid" on properties at auctions and you get the result whether or not you won when the auction takes place. They give you the address and all and you can go look at the property.

So my question is this. I have never dealt with public/tax auctions. Is it a good or bad idea. I know all of the houses are sold as is. But so do REOs, or am I wrong?

I have heard that you can buy a really good house for a fraction of a price at these auctions and I know people who do just that - buy at auctions and flip it.

Any suggestions?

I recently spoke with a few different realtors as well as my own. They are seling like crazy and that because with the market and the economy the way it is right now, they only sure thing is REAL ESTATE. But here lies the problems for the the REI. Offers you re putting in are not getting accepted because others are coming in at or ABOVE FMV. So how do you counter act that.

Hey DG Fam.... I have been rather busy working with 2 different RE agents on 50 REO props.... As many of your might be aware... Lenders typically will not accept your initial offers, but that doesn't mean you cannot "counter" their offer!!! So, I am waiting for my initial REO offers to come back from the lenders. I did discover today one of my REO's was pending, so I am not a consideration for that one!! ....

Something funny happened on today, my RE agent emailed me saying...

Question:
When submiting an offer to a REO and you are planning to use a HML, do you make the offer like if you are paying cash? or you will finance?
Thanks.
Daniel

I look online and see many of the foreclosures on a list via the Online Tax Assessors Office. They also have an Online Property Tax (computerized) Platt chart system. When you see the property, you can then access the PLATT Chart system and actually see who owns the property, address, phone number if available, and every detail related to the property.

Is there an amount of time that you have to own a property before you can sell it? Also, does anyone know how much time you get before you have to pay tax (I think it's called a capital gain tax)once you sell your primary residence before you purchase a new home?

Thanks