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

I'm in the process of buying a Bank owned property, but I came across a bump.

Here's my question....since it is bank owned, is the bank willing to finance 100% the agreed price or does the bank want there money now?

If they want there money now then that puts me in a down payment situation correct(20%,10%,5%, etc)? or is the bank willing to agree to some creative routes (ex: down payment can be taken off the repairs needed, down payment can be financed, etc etc.

please help.
Ricardo Renteria

Has anyone heard of a bill that has passed or possibly going to be passed offering the buyers of foreclosed homes a tax credit of $7,000? I saw this somewhere or heard it from someone but can't remember from who or what. Of course maybe I just dreamed it.

???

Greg

I have a friend (Brenda) who is currently renting a house from somebody (Scott) who moved. Initially she was going to lease option from Scott, but yesterday they informed her that they were going to have the house forclosed on. She has been paying them $600.oo per month rent and Scott said, initially, that the rent Brenda was paying was going toward the option. Now Scott says they are behind 2 months and the bank wants to foreclose. Scott also took out a home equity loan on the house to remodel more than a year ago, which incidently was never finished, before they moved out.

with an outside investors help!

I have located some great buys that are in the 2nd (auction) stage of foreclousure. I am curious as to what ways,if any, there are to bid on the property and "buy" the propery as just the middleman so to speak.

I am familiar with the practice of assigning a property and need to know how I can do this with a property being auctioned... If anyone has the neccisary legal document(s) and/or the proper proceedure(s) I would be most greatful.

I did read that someone did not think sheriff sales are good deals for new investors. I am very interested in one that is two homes down from my mother's. Always was the block eyesore and would like this to be my first deal. I did do alot of homework on it already. Help me out with something you think i could be missin.. Thank Yu for all comments!!

Check out www.trulia.com for listings, comparables, and a current "heat map" of prices for your area. Has a lot of great information and seems to be current.

Just want to make sure of this....

When a seller of an investment house does a lease option or purchase with a buyer, is this a way for the seller to get out of paying capital gains?

and then would the seller have to pay capital gains when it is exercised?

D

What would scare you away from buying a particular house?

ie....foundation problems, needs hvac, needs complete tear off of roof, all of the above.

I think the worst house I ever put an offer in for was two issues from being bull dosed.

anyone aware of this subject about buying property buy way of using ideminty{srry for the spelling}bonds,via directly with mortgage companies or by an investor themselves plz give any feedback..much will be appreacitaed..if anyone whom may also know of any investors as well whom may accept these types of deals plz help!!!!! tony penn...either post or send via eml to me thanks everyone!!! : )

I am interested in buying a foreclosure property. I do not have much cash, and my current house note really stretches me financially. What would be the best suggestion on aligning myself for this venture? I'm in a tight market as far as being able to sell my current home. Any suggestions helpful!