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

I'm a new starter, still waiting for my BREM book to arrive - I'm studying these forums while I wait, heres my question:

As the housing market is still in free-fall, how can we use comps when calcuating what offer we should make ?
I should mention I'm planning to buy a property to take cash out at closing and keep it for the rental income.
It seems to me the deal might seem to be a good one using current comps, but in 1 year's time the property value might be $150,000 lower, and suddenly I'm underwater on the deal ?

Thanks for any suggestions.

Well now I can say Im doing pretty decent property inspections. I walked my second, and third property this morning. One was in good shape didnt even need to take pictures. The third well thats to differ. I've made the offer of $137,000 with $25,000 in rehab off the comps of $183,000 the asking price is $164,900. We'll see how that goes. In driving to this one I found another rehaber on the way that Im checking out this week too. It's all coming together!!!

I was inspired by Dean's book. Very inspired. Currently, I am a real estate agent, so I do have some knowledge. But regarding buying auction properties and fixing them up...I know little.

Well, as you know, the market is rough for agents. My savings are almost completely gone. I have 3 k left and that is it. I am about to tap into my credit cards and I am freaked. No income and a small baby. Fabulous.

So Im scheduled to check out 4 properties tomorrow. One in really bad shape that is in pre forclosure status. I'll post pics when I get back.

Wish me luck

Well after talking to 5 diffrent real estate agents they've told me that buying REO's is very hard and that the bank HATES working with assignment deals and that the agent has sold about 30 this year and that doing assignments wont happen. They suggested why dont I go and get a real estate license, I'd be more profitable by that.

I posted this elsewhere....cause I'm new....so excuse me wasting bandwidth. But I have to know:

Ok.... So I've read about being a Note Broker. As most of you know, to start.....you bring together a capital firm & someone willing to sell their sell-financed note...or other cash flow.

As a Note Broker...you make the difference. Has anyone done this? Or can provide feed back as to this opportunity.

Thanks......!

I talked to an agent who deals in foreclosures and scheduled myself for 3 showings. I asked about assignment of contract and she said that banks usually have claws in the adendum that say No assignment of contract. Why would they do that especially if they wan to sell the home who cares who puts it under contract. This is the 3rd person who told me this. Starting to frustrate me

So I got a 7 day trial on a site that list all the bankrupt and foreclosures and I had some questions. When I contact someone on the bankruptcy should I call the trustee or attorney. Also is the price the tax value? Also can these be re-assigned as well?
Any help would be appreciated.

If you have to put in all these weaswel clauses and contingencies in the contract when your reassigning a deal, who develops the contract?

let's say I got the home owner to reduce the price of the home, and he excepts my offer, when does the contract begin? Could I say, hold on give me a day or two to develop the contract?

Since my coaches are gone for the weekend I was able to I think find some comps I'll add them here for help purposes. Or should I do around 65-75% lower?

Median Estimated Home ValueAbout...
Estimates are based on Fidelity National's automated valuation model, which augments tax records based data with information about market conditions and sales activity. This valuation model is used by many real estate professionals, but should not be confused with an official appraisal.

Vermont: $214,726