Forclosures....

[beastboy]

Foreclosures....

What is the best way to enter this market of buying forclosed properties....or even pre-foreclosed? You see all of these sites guaranteeing listings for a fee? Is that a good route? I assume not.... How about going directly to the banks? Or plastering your car and ever street corner with "We buy houses" signs?

Anyone see this? http://www.shortsaledeals.com./

 

[MattTheSkywalker]

Put the local sheriff on retainer. OK, bad idea.

Do exactly what you are doing...snoop and poop, hunt and peck, sniff around, talk to people. In other words, do the same things real estate agents do.

Many municipalities list foreclosure auctions on the web. Start going to the auctions. Talk to the auctioneers. They get the inside tips; start seeing who they talk to.

Work it orb.

 

[bran987]

you can buy the dallas county foreclosure listings for $45 each month

yes it is a good idea to get the list even though at this point the people are pretty far behind on payments and there will be more competition to get to them, there are thousands every month. you can do a postcard campaign weekly pretty cheap.

yep you can plaster your car, or do one of those cheap-o ads in the thrifty nickel or greensheet. open one up and you'll see examples.

I'm not sure what you mean by guaranteeing listings for a fee?

the best is hearing about it from someone knows, it rarely happens but those are where you have a real edge. like for instance there is a house 2 doors down from my girlfriend's parents house, 3,800 feet, market price is around $100 per foot, the loan on it is small and nobody knows about it yet.

you want to look for foreclosures that have a good equity to loan ratio. those are the people who are desperate to sell AND can sell at below market value without being upside down on their mortgage.

the actual auctions are very interesting. houses sold every 15 seconds for cash. I couldn't believe it till I saw it

I've looked at that ebook before but didn't buy it, that is about going to the bank and negotiating a discount on the note.

 

[Bonkme2]

Most banks don't want to deal with properties that they've foreclosed on...they just want their money. So rather than sit on them they try to dump them.

At least in the Chicago area, some of the banks have real estate agents that they call to sell they're properties. If you can find one of them, you'll be in good shape.

My guess would be try to find some listings for a while, and then try to catch any of them when an agent is selling them a few months later. For a big market that might be a little tough, but it could be a start.

 

[manny78]

As Matt said, it's all about knowing the right people. Basically in my area, banks will dump their houses to some real estate agent real fast. They dont wanna go through an auction as municipalities do. So basically all you need is to by-pass the middle-man or be friend with a real estate agent willing to cut down the price (cause their profit margin is usually higher with these kind of properties).

 

[Diesel3d]

forclosure.com

 

[Razorguns]

You should check out foreclosures in LA. Especially with INSANE prices they're charging nowadays. Latest news article:

--------

http://www.nbc4.tv/news/3538958/detail.html

Save Your Pennies! Valley Home Prices Hit Record Highs
Average Single-Family Home $505,000

POSTED: 2:19 pm PDT July 16, 2004
UPDATED: 2:38 pm PDT July 16, 2004

LOS ANGELES -- The median price of a single-family home sold in the San Fernando Valley in June increased to a record $505,000, a Realtors group reported Friday.

That is $131,500, or 35.2 percent, more than a year earlier, and up 3.1 percent from May, according to the Southland Regional Association of Realtors.

Sales remained strong, with 1,161 single-family homes sold last month, down slightly from a year earlier, and up 3.1 percent from the previous month.

The median price of a condominium also hit a record high in June -- $315,000, up $82,000, or 35.2 percent, over the previous June.

"Clearly, it's a very different market today than just a few weeks ago," said Lynn Rinker, president of the Realtors association.

"As people grow more comfortable with the realization that prices are not going to drop dramatically anytime soon, I believe we'll see even more home sales, especially with the inventory up and with slight increases in interest rates prodding people to act now."

Overall in the Southland, the median price of a house rose to a record $406,000 in June, according to DataQuick Information Systems.

 

[manny78]

505 000$US ? WTF ? You could get a little castle here for this price tag. And on top of paying that insane price, you have to deal with their dumbass Cali's laws.

 

[georgie24]

like i said real esate amd forclosures are over saturated thanks to kiyosaky