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

My neighbour is in pre-foreclosure rigt now. But the thing is, I don't really understand the whole deal.

Am I supposed to offer him the amount heneeds to pay off his mortgage? (if I want to buy the house of course)

This would be my first real estate investment...

thank you for your precious help

Hi, I'd like to 1st start by thanking Dean Graziosi for writing an amazing book. If people only had read your book when you realased it you could have saved a lot of people time money and grief. I especially like the part when talking about national factors influencing local markets...I hope you dont have a cataclysmic event .

Hello, This is my first post, and I am hoping I can get some quick feedback on a deal I am in the initial stages of.
I was contacted by an investment company after searching for foreclosures online (I had to enter my contact info.)

Hi, my name is Kevin. I am a full time student at the University of Central Florida. I don't have a job. I don't have credit. And before Dean's book, I knew nothing about real estate.

--- BUT ---
After reading Dean's book, i feel fully prepared to go find a house that is a gold mine, talk to a banker, ask for a loan, repair the house, rent it out to good tenants, and sell it during the up market (god knows when) for a huge profit. Now when i say huge, i mean huge.

MY AREA:

Let me first start with introducing myself my name is Dave. I just graduated from the University of Maryland Robert H. Smith School of business and am currently looking for a job as my internship fell through..(lehman brothers) Anyways..I have not read the book but am a quick learner and have a strong real estate/investment banking background.

Here are some ways in finding motivated sellers:

Place a newspaper ad (major daily)

Place an ad in Pennysaver, Thrifty Nickel, Greensheet, etc.

Bandit signs

Drive neighborhoods looking for vacant houses and FSBO's

Call FSBO ads

Search MLS for junker properties

Search MLS for expired listings

Contact landlords who are evicting a tenant

Contact landlords with properties for rent

Pre-foreclosures

Foreclosure auctions

REO's

HUD & VA houses

Tax sales

Estate sales

Properties with outstanding building code violations

it seems as if every lead I get the seller has little or no equity,and short sell are out.values are dropping so fast that everyone is contesting their tax assessment,DEAN HELP !!! how do we work this mrk in se.fl.???

I know many of us get caught up in our day-to-day lives and forget to make time for our friends, family or co-workers. When we make time to meet regularly with real people, we get to hear about all sorts of perspectives about life, business and personal relationships.

This is important for 3 reasons:

I would like to market to folks in preforclosure. Are there any lists availabe that can give me their info.

I live in the Denver, Colorado area.

Thanks.

Dave

I was wondering if someone could clear this up for me:

When you find a home in foreclosure, and it's listed at a deeply discounted price of $10,000. It's a NOTICE OF TRUSTEE SALE. Does that mean that you have to "assume" the mortgage payments and back taxes still owed on it too? In other words, is the $10,000 the exact price of owning that property, or is there "hidden" liabilities that I should be aware of?

If there are liabilities, should I negotiate with the lender/bank to eliminate it?