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

Are you seeking a rehab loan for a property you want to purchase? Because banks typically won’t lend on distressed properties in need of rehab, it’s the hard money lenders who are lending on rehab properties. If you need to get your rehab loan closed quickly, below are six tips for getting to the finish line faster:

1. Have your purchase contract ready if it’s a purchase. If your doing a refinance of a property you already own, get a payoff statement from your current lender.

2. Get a bid for repairs from a licensed contractor. Even if you plan to paint the property and other items yourself, make sure you get a bid from a licensed contractor for your hard money lender.

Upstate SC Assignment ARV $160 listed $61K. Will assign for $5K.

•4 Bedroom, 3 Bathroom Home
•1.14 acres
•2800 sq. ft. Home
•Huge 1600 sq. ft. workshop/outbuilding with electricity
•Needs New HVAC System
•Large Open Great Room with Fireplace
•200 amp electrical
•Newer Architectural Roof
•Home Needs to be Completely Upgraded

Hello DG Family,

I have heard over and over again about the road blocks we all have with Realtor's. I am here to tell you DON'T GET DISCOURAGED!!!

Have you ever had an experience where there was something challenging you in your life that seemed like everyone and everything was against you? Did you pull through? Did you find away? I am sure you have heard " Where there is a will there is a WAY!". You WILL find a way:) Change your approach!

I really want my main focus on wholesaling commercial properties. I know on this site it's mostly about residential property. So, I'm asking the question does anyone familiar with wholesaling commercial property? And, is there assistance within the DG Family as far as training?

Thanking everyone in advance

I live in MD. I am able to see the property info. eg Title or Taxes. Where can I find the info regarding the mortgages or the information regarding the lender for a particular property...Thanks

You need to get to the listing agent first and make your offers where you can easily prove to the investor that:

If they buy it for X and put Y amount in rehab, then they will be able to sell it for Z in less than 90 days on the market!

Take this property in Tampa (see spreadsheet)

Your home is on the market. You found buyers, a nice young couple just starting out, and they're sold on the home. But wait — there's one more person you have to sell: the appraiser.

You can no longer try to influence the professional who's responsible for placing a value on the house — a value that the lender must feel comfortable with if, for some reason, your buyers don't pay back their loan and the bank has to foreclose.

No, the days of MAI — which stands for Member of the Appraisal Institute but was euphemistically known in the trade as "Made as Instructed" — are long gone. But there is still plenty you can do to improve the chance that you will obtain the value you are looking for.

These abandoned properties tends to be neglected, possibly vandalized and most definitely eyesores detrimental to the value of the other houses around them.

We also discussed how the snail’s pace of the foreclosure process, currently more than 1,000 days in a judicial state like New York, means that the problem will likely be a long-lasting one.

Coincidentally, an article that appeared in MortgageOrb yesterday spoke to the fact that the Consumer Financial Protection Bureau (CFPB) is currently investigating the way in which lenders are handling this issue, seeking to find potential solutions to these Zombie Foreclosures that will benefit those being affected.

The affected includes both the borrower as well as the neighborhood.

Real estate comparables reveal the true market value of a property.
Knowing the value of a property places you in a position of power
and you'll never overpay. You'll make aggressive offers and negotiate like a pro.

Get the big picture about the property before you buy.
Use multiple sources that track current sales.
Below are 5 sites that give different insights about the property.
And when all the information is combined you'll have enough data to make
an informed investment decision.

Determine property value without leaving your desk. Compare similar properties and see the sales history. Use Google earth to check out the neighborhood and exterior of the property.
With access to online real estate comparables,
investing outside your area is also possible.

Being offered is an Off Market 4/1.5 SFR on Orient Ave in Jersey City NJ, between Bergen ave and Martin Luther King drive.

Property Comped at 120k, meat left on the bone.

Light/med rehab needed. High 20's - mid 30's with right crew. May also arrange for very experienced Rehab Management Specialist to manage project for extra fee.

Not a ghost property, deal actually exists.

Very modest wholesale fee included in asking price of $59,900

Obviously property is sold as is for cash, won't qualify for Conventional funding.

Serious buyers only, please. Must be able to move quickly as things happen fast. POF & $2,500 non refundable deposit required.