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

What kind of expenses would i be running in to with owner financing?

I am new to REI. In reading through the forums I've noticed many comments that suggest that a deal does not have enough equity in it? What exactly does this mean? Is the equity being referred to the equity the seller has in the property? If not please explain. Thanks.

Hi,

I am a newbie and have 2 quick questions re: assignments

1. I see that a lot of people in these forums always say make sure that you add the words "and/or assigns" after your name, but I see on both of these contracts that this wording is already there where the Buyer puts his/her name. Is everyone talking about after your signature? Also, is 1 agreement better to use than the other? Why?

I thought I'd repost this here because It might help some others with there posture...(presence)

Kelli asked what she should do...she has a seller that demands proof of funds to even SHOW the property to her, and I just assumed the scenario may have been that she was a victim of "posture" thus the message below....

Proof of funds

Does anyone have a proven generic letter they send to homeowners with distressed vacant homes.

I'm looking for a letter that has had good results to start a relationship on the right foot with these homeowners. I've found quite a few of the above mentioned homes where taxes are in default and they have negative equity. So I would like to get the ball rolling on them before REA and forclosure proceedings.

John

I was just wondering the best route to take when trying to purchase a vacant home. I have seen numerous homes that are completely empty and need work.Wher do I start first.

I posted this in my journal, but thought I would like more input so I am reposting this deal here...

I would like to know your thoughts on the technique presented here as I have never really done this....I just BELIEVE.....that it should work.......

I have had a HUD home under contract for 45 days now. I also have another contract with a CASH buyer, but his bank only will release funds at closing.I had to get two extensions because I had found out that HUD has too many rules and restrictions.

We were suppose to close this Friday but we will not be able to close and most likely I will need to cancel the deal.

Okay, I'm scraping the bottom of the barrel of ideas here, and I am not sure if it's against the protocol of the board to ask this - so MODS, please delete if I'm out of line!

Offer going in today on our first investment - 4-plex REO apartment complex, needs lots of patch and paint, new flooring, fixtures and appliances. Purchase price of $160k, 97% FHA loan at 5% (may come in less, actually!), and monthly rents of $600-675. BEAUTIFUL cash flow, beautiful deal.

I don't quite understand why a particular property would enter forclosure when it's mortgage/lein is much less than what the house will sell for.

For example I recently came upon a forclosure notice for a house worth 200K and has outstanding morgage for 100K. The owner of the property passed away. The heirs and executor of the estate attempted sale for twice the appraised value and had no offers and no sale.

My question is why would an example like this enter forclosure when it is worth more than the lein?