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

Common Clauses

Refer to this list of common clauses when you are preparing a Purchase and Sale Agreement. Add them to the Addendum as needed.

1. This offer is subject to buyer’s walk-through inspection and/or buyer’s partners’ walk-through inspection and acceptance of same delivered to seller within thirty days of seller’s acceptance of this offer to purchase.

2. This offer is subject to property inspection by a licensed home inspector, the results of which must meet buyer’s satisfaction.

I think I got one working buy would be great to get input on how I should go about this project. This is a 4bed 2bath home 1626sqft. sitting on 18351sq.ft here on the island of Maui. This is a distressed short-sale. I have a end buyer who has $20000 down with great credit but is self-employed so she needs a stated income loan which "she" has been unlucky finding. The property is beautiful, it has a green house with waterfall features in a fishpond.

Okay here the description:

I've found a pre-foreclosure that I'm interested but the lender has set an auction date of 3-16. Does this mean it is to late to deal directly with the owner who is in default?? I've read Dean's most recent book today and am still digesting it all. It is titled Profit from Real Estate Right Now, LOL. I just put the book down an hour ago and I've got a potential property already.

I made 66 offers on Sunday for 66 properties. All of these offers were 50% off the listing price.

The realtor feels that I will get 10 accepeted.

Heck, I don't even know where I am going to get all the earnest depsoit money from if 10 does get accepted, but I am putting forth ACTION.

I am FIRED up after reading Deans new book.

The book "Profit From Real Estate RIGHT NOW", is absolutely great, but I noticed an important item that is missing for investors, especially new investors. This item that is missing is "PROOF OF FUNDS." Most investors ask the question of how to get proof of funds. They will definately need this when making offers on foreclosure homes and HUD homes and most likely any home that is being represented by a Realtor. The realtor is going to request the proof of funds to provide to the bank with your contract. Without it, you will not be able to make the offer to the bank.

I've been looking at the info and I was wondering if it is trustworthy...

When you click on the "quick view" button it gives you some info. Does anyone know how accurate this info is? I don't want to send out pre-foreclosure letters if it's not.

Should I double check with the county first?

Josh

I'm wondering...

If an owner is in default on his re taxes AND his mortgage, what "angle" would he/she be most willing to succumb to?

Hi All,

I wanted to get some feedback on investing in war zone areas. I know that many investors say stay away from these areas because they're not very desirable, but I can't help wondering if I am missing some good deals. Right now I can pick up 2 year old houses in a brand new development for around 79k. These same homes were selling for 300k a few years back. These homes are cheap enough that I could get an HML, rent it out with some cashflow and then refi. Of course, the quality of tenant is not that great. I could always try section 8. What do you all think? Pros? Cons?

A Well Written and Thoughtful Plan: