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

Hello all. I am new here and have a "new-be" question. I am preparing to write an offer on a bank owned property. I have no money to buy this property and want to flip a few contracts for some cash-flow to start out. Has anyone had any trouble with banks accepting assignable contracts? Your feedback is greatly appreciated.

Thanks,
JK

What are resales properties? properties owned by the bank and nobody wants them or houses that owners resale it because of fallen transaction?

I am attempting to help my son buy a foreclosure home in Phoenix market for his family. Since there seems to be an unlimited number of homes to pick from, does anyone have any current tips for negotiating with the lenders?
Thanks

When you are exchanging property under a 1031 Tax Deferred Exchange, you may choose to "direct deed" your property to the buyer or have the seller direct deed his property to you. Direct deeding is achieved by deeding your property directly to the buyer rather than to an intermediary, which initially was the common practice in 1031 tax deferred exchanges. The seller of the property which you are buying then deeds his property directly to you, skipping the deed to an intermediary.

A number of RE agents in our area have gotten together to offer bus tours of listed REOs. As far as I know, today was the first tour. If I remember correctly, they were stopping at 8 REOs today, with a busload of interested investors/buyers. Anyone else hearing of this?

Rina

I have recently finished reading DG book.Since then I have been in contact with a lender who has three properties on contracts for sale. One unit that seems to fit my investment interest is approx.

After buying the foreclosure home are you stuck with the owners mortgage?

Does anyone know the benefit of purchasing a foreclosure versus a foreclosure Auction property? Are there any benefits....if there is anything I missed in the material please forward page number I could have missed it.

JButcher

I was going to post this in the Be a Real Estate Millionaire forum but no-one has ever answered any of my posted questions there so forgive me if this is a little out of topic!

On Page 235 - 2/3 down the page:

Im looking at homes in the REO section of realty trac and i came across one that says the address and $42,000... Looking at the detail page it says

Foreclosing Loan Information
Transfer date- 12/6/2007
Transfer value- $42,000

Does this mean this house is forsale through the bank for $42,000??? This is a 2900 sq. ft. home with an appraisal of 200,000...

Thanks
Shaun