Newbie Here....Question for the experienced

You can always try to contact the bank after the sheriff's auction, but most likely it will be listed a couple of months down the road with a real estate company as a bank owned property.

Not sure what state you are from or what the law is. But in Ohio after the sheriff sale the owner still has a 30 day redemption period after the sale. It usually never happens but that means the owner can still purchase the property back as long as they pay the entire balance including late fees in full.

We have been "on top of this house" for weeks. We have spoke with the homeowners, pulled tax records, spoke with a title company (lined up), called the REO Dept @ Countrywide, called the attorney doing the auction. I have a friend who is an investor in NC helping as well. The REO man originally said they would consider the offer but then called back and said they would proceed with the auction and I could make an offer if the property did not sell. We were originally trying to do a short sale and we were turned down by the lender. We are at the house almost everyday and know more about this house than the lender does. LOL. We are really planning on pushing the drainage & mold issues as a cost factor to get the lowest sale price.

So, after the auction Thursday, it COULD still take MONTHS before a realator gets it? Is a lender permitted to take an offer WITHOUT hiring a realator? Example: Contact them directly after the auction and save the lender associated realator fees on the property?

Comps for the property are approx 70K, do you believe my offer is to low? My investor friend was advising that my offer was too high. I would love to do it without the realator...have you had experience with this?

I am just getting started and fell like I am of to a pretty good start, but could use a little advice. I met with my mortgage broker today and felt that it went really good. She can do 100% financing, credit repair, no money down and alot of other things to help people get financed. I feel she is a good choice. I also found a investor who has buyers and a team of investors that are looking to buy 40 houses this year and has asked me to help them out.

My question is this:
My mortgage broker works out of a real estate office that has 18 full time employees. I told her I have not yet chose a agent to work with me, and she thought it would benifit me to talk to the owner of the company who is a broker there and tell him what my plans were and what I was looking to do. She said from there he could email all of his agents in the office tell them the type and location of the property I wanted and whatever agent found the property for me would be the agent I would work with on that deal. It sounds like a good idea but I know my realationship will probably not be as strong as it would be if I was working with only one agent. I don't know if any of you have any input on the positives or negatives of this situation but would love to hear it if you do.

THANKS Isaiah

Hi everyone,
I found an already REO home that i would like for my family. but it is listed with a realtor. what steps can i take to make this happen for me. without credit,and money? can it be leased with option to buy?

Thanks,
Alvaro in Colorado

I may be waaaaay off here because I am new too but, I was told on the house we want for our family that you need to make your offer to the realtor and the realtor MUST show it to the lender. They MUST show every offer to the lender. The lender decides if they want to accept it. I don't know about a lender taking a lease-to-buy because they are trying to get the bad debt off their books and off load the property.

Mine has not been assigned a realator so, we are HOPING to bypass that ... waiting for replys to this post & see if we can do it tho.

Thank you for replying. i kind of would have assumed that but i thought i would ask anyhow i just finished actually emailing an owner about a property he has for sale. which already has tenants in it, but i do have a handfull of interested buyers/renters for any properties i can tie up on contract to (lease) and boy does the craigslist option to advertise work. i already have 2 people offering me 4000-5000 as a downpayment to move into one of my homes which of course i'm trying lock up on leases, the reason i'm doing this is to get my "buyers" list started.

have you had any luck on doing leases? or any other strategy they might help. i'm trying to lock up as many homes as i can because i live in a huge military town, and we are getting a whole new division coming in with troops and their families and the on=post housing is non existent. so troops have to rent or try to buy homes outside of the base.

Hi again,
Have you done assignments for a home for sale by a realtor? and the home has been on the market 170 days? if so how did you go about doing that? sorry for all the questions.

Alvaro

I have NO experience in this at all. I just ordered the book because I watched the tv info and thought this information might assist me in obtaining our home. Unlike your situation, we live in a very rural area, waaaay in the country, the income is very low here (because of lack of employment). We currently own a nice home on 4 acres and IF we get this new forclosure home we want so bad ... we have our current home to sell ourselves. This area is a "tough market" because alot of folks do not have the income to buy. We are seriously considering a Lease Option for our home - allowing a potential buyer to put money down, pay on the house for one year, and try to get financing during that time. We will sell our home for 72K which is actually on the "high end" for this area. We have homes around here that have been for sale for one, two, four years. Ugh. I think people will jump on our Lease Purchase when we list it because I have already spoke to two "renters" who are considering our house IF WE CAN GET THE NEW ONE !!! (Unfortunatley, I am not thrilled with either of their incomes/credit to take MY house so, I will advertise and keep looking until I find the right family).

You can always try to contact the REO department with the bank, but most likely it will be listed with a real estate company. I understand your thinking that you would be saving the bank some commission costs, but the banks don't always do what's best for them. A buyers agent doesn't cost you on cent so it would not be an extra expense on your part.

About your earlier offer (short sale) sometimes these lenders don't accept low offers on short sales because they are able to cash in on PMI which is the private mortgage insurance not sure if this was the case on yours or not. Sometimes you either have to talk to the right person at the bank and sometimes lets face it the banks are just too stupid. They are in business to sell loans and have no idea about selling real estate.

The REO home will not do a lease with the option to purchase. They want to unload the property and not be the landlord.

Looks like you will need a money partner of sort.