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

I went to our local court house on Friday and they directed me to our county building and the recorder. I asked her for a list of people who were behind on their mortgages or notes and she said the only thing she could give me were the lists of bank auctions on foreclosure????????????? And this list was very basic and needed lots of research!

I thought they could give you a list of all people who were a few months behind so that we could approach these people and try to help them out of a difficult situation.

This information will be different in each area and may have more steps but as a typical timeline for foreclosure you may see:

1) People miss their payment.
2) Late Notices are sent.
3) Demand Letters are sent.
4) Notice of Default or Lis Pendens are sent and recorded.
5) Notice of sale is sent and/or recorded.
6) The sale is posted and/or advertised.
7) The auction occurs.

In foreclosure there are a lot of terms that are thrown around two of those terms are Equity of Redemption (often known as the curing period) and Redemption period. Here is what they mean and how they affect you.

When dealing in foreclosure there are differences between a Mortgage and a Trust Deed (sometimes known as a Deed of Trust). Many starting in the business of investing, particularly in foreclosures, may not have heard of Mortgages and Trust Deeds.

I recently purchased Dean's Real Estate Millionaire book, and I am pumped and ready to get started. Like most I am looking into reassignments to get me going, My question is, will I be needing any other contracts other than the purchase agreement and the reassignment contract in the forms and docs section?

Thanks

Now that most markets throughout the United States have shifted, creating a heavier rental markets, I want to look at finding suitable rental comparables. Because, there are those that would like to know: How much should I charge for rent in my area?

You can find rental comparables from any of the following:
- Realtors – because they often have a feel of the market and can use the MLS to get information for you.
- Property management companies – They know rents.

I wrote last week about finding good comparables. I want to write a little about using the comparables to find the value of the property.

Once you have received “good” comparables you need to find the value so you can determine what your subject property is worth.

To find the value we will assume you have found three “good” comparables. Once you have these comparables one of the most common ways to find the value is to figure the cost per square foot for each of the comparables you have.

Here's another one. I put an offer in on a house that is bank owned and has dropped 3x by the bank from $240 to $229 to $209. I offered $170K and the house needs a minimum of $30K in repairs. The bank is still sitting on it a month later and not one other person has made an offer to the bank because of its current condition but even after plenty of walk throughs. The FMV in fixed up condition could fetch $260-$270 according to my realtor. I want to buy it and sell it as a lease with option because I already have a buyer!

I have a great house...I don't want to miss it. I know it will be gone but need advice (Rina, Anita, WMark1963, cbrpower...somebody)

The owner listed on craigslist for $155,900. He lost the house I called him and tried to buy yesterday he said it just went on the market today talk to his realtor. It is being sold as a short sale. (He now lives out of state).

I am attending a REO Auction tomorrow evening. Does anyone have any experience with these?