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

If I'm looking at a foreclosure listing, (through foreclosurealert.com or similar,) is the "Amount of Default" how much is left on the loan?

Another question:

Outside buyers drawn to Detroit's foreclosed homes

DETROIT – Welcome to Landlord Nation, where foreclosure notices are plentiful and for-sale signs offer at least 1,800 homes for under $10,000 that once were worth at least 10 times more.

In extreme cases, homes are on sale for $1 or less, which has enticed investors to Detroit from as far away as the United Kingdom and Australia.

Well this thread serves as a two part topic. One, to get this off my cheast and two, to put this out there so everyone else knows. Though I'm sure this has been mentioned on here at some point.

As the title says BEWARE of some of those "listing" sites where you pay a monthly or yearly membership to look at listings.

...About 3am-ish, I was putting together a mailing list of owners whom may be facing foreclosure. (My list may be outdated, but I'm going for it anyway)In the midst of doing that, I decided to go to the city assessor's website to check to see how much the taxes may be on the properties, when I came across THE MOTHER LOAD of tax lien listings. And they're current. And they're liens that will be sold within the next 60 days. Some I know I won't be able to touch. For example: a building that has human resources (welfare) offices in it.....

I just finished reading Dean's book and am eager to get started. I found a home that is going to auction in 6 days. Now I feel like a deer in headlights. How do I go about approaching the home owner?
And furthermore, if I approach him is it possible to stop an auction that is set to take place 6 days from now?
I have no money down and I would like to lock it up on contract. I have no prospective buyers but it is a great deal.

Okay, I tried using subject to partner approval as an exit strategy if I can't find an end buyer, but the agent told me subject to partner approval would be the first thing that they would nix in my offer. So, now I am using the subject to inspection, but California law says that they only have to grant 17 days. So, I have 17 days to find a buyer IF my offer is accepted. (I'm thinking positive here guys!) What other contingencies can I use the next time I make an offer that will allow me at least 30 days to find a buyer?

Thanks,
KimmyJ

Well, I finally did it. I made my first offer on an REO with NO MONEY DOWN! Unfortunately, I had to bypass my friend the realtor because she was holding me back with a bunch of excuses of why my offers wouldn't be accepted. I went direct to the listing agent. We did everything by email. Here is the run down...

3/2 SFR 1226 sq ft

ARV: $124k (conservative)
Repairs needed: $20k (on the high side)
DOM: 111
Asking: $104,900
My Offer: $60k

Hello,

I recently read BARM and have signed up for the mentoring program. I look forward to learning all that I can from the pro's here and I hope to be welcomed into the DG family.

In searching for REO's, I've found several properties listed as "foreclosure" using RealtyTrac telling me "this property may be under a redemption period". So, I've searched the www for a list of redemption periods for specific states without luck. Does anyone here know of a website or a list showing each state's foreclosure requirements and redemption periods?

I'm a newbie so please be gentle!

OK, so if you are going to purchase a property with another investor and you partner on the home, how do you make everything 50/50. When you buy a home, is it legal for 2 names to be on the purchase contract? and the deed of the house?

Good morning DG Family: