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

What are the benefits of doing a short sale?

The seller wins by avoiding foreclosure by selling their home before the foreclosure auction even if they owe more than its worth. If they were to sell the house the traditional way with a realtor without a short sale, typically they would have to bring tens of thousands of dollars to the closing to sell their own home. This is not an option for them because they are in foreclosure and don’t have any money. Sometimes they are able to get some moving money out of the deal where they would get nothing if they lost the home back to the bank.

The first stage in the foreclosure process is Preforeclosure
This is when the bank files the foreclosure lawsuit. In some states, its called the Notice of Default and in other states, it’s called a Lis Pendis. The bank can file the foreclosure lawsuit when the borrower becomes 3 payments behind.

During this period, the borrower has options to solve their situation:
- They can pay off the lender in full.
- They can bring the loan current for all of the past due payments and attorneys fees due.

I've noticed that banks are using a BPO's for an estimated home value. What is this? Why is it different then Zillow or Realquest? Can you use you own appraiser for an actual number to submit to a bank or is that a waste of time? Why do banks do it this way? Is it to save them money on getting actual appraisals which cost money and using their own broker saves them money in long run? Curious Beth at it again!! I start to ask one question and it turns into 15! Im so sorry! I cant keep up with myself here!!!

Beth-A-Roni Your San Francisco Treat

I've noticed that banks are using a Brokers estimated values for homes. What is this? Why is it different then Zillow or Realquest? Can you use you own appraiser for an actual number to submit to a bank or is that a waste of time? Why do banks do it this way? Is it to save them money on getting actual appraisals which cost money and using their own broker saves them money in long run? Curious Beth at it again!! I start to ask one question and it turns into 15! Im so sorry! I cant keep up with myself here!!!

Beth-A-Roni Your San Francisco Treat

I have found a beautiful property that is now bank owned due to contractors unable to sell after house was completed. The bank has been sitting on this property for two years now. It is a beautiful home in an even better location. Although there are no previous owners and the bank has held onto it for so long, they are not budging on the current price? Is it even possible to get a lower price than what they are asking?

I have a question maybe possible deal.

I found a place, priced at Zillow Est for this area which is pretty close to accurate

great condition, minor upgrades needed.

I have a bit of leverage already.

Prices are falling in my area

I could possibly get this home below market

Home in an excellent and highly desired area

I could potentially make a nice bit of money

Im afraid

I need advise

Also the guy Im dealing with is no ;onger an agent or broker (was for 25 yrs) he just has the right to sell

Beth-A-Roni Your San Francisco Treat!

I've finished the book and started researching my area and some properties. I wanted to start my potential buyers list, but I thought I'd get some imput from the pros!

Can I have examples of letters you'd send out or an advertisement you'd put on Craigslist. I haven't seen many of the "We buy homes!"-type ads locally, but I figure I can stir up some business somehow!

Where would be a good place to find more investors???

-Adam

If I wanted to purchase a property to rent out, would I have to have to ability to purchase the property on my own or would the lender take into consideration the rental payments?

The reason I ask is because I am going back to school full-time, therefore I won't have the income to qualify for a big enough loan. I have good credit, but is that enough?

Any suggestions?

-Adam

Anybody interested in sharing the cost for a 2-day training on making cash from FORECLOSURES with me??

I'm allowed to bring one business partner, but I don't have one.... yet) shoot me an email. Cost for the boot camp was $997 - Therefore, your share would be $498.50

Let me know. Takes place next weekend, AZ.

How do you get banks,Lenders and Trustee's to talk to you when they just say we cann't talk to you or you have to wait til it goes to a realitor. Is there a trick to trying to get through to a person and make a deal before it goes to a realitor?
Stacey