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Castro_bigdog

Castro_bigdog

New member
Well FG and Me have bin thinking about getting into buying Foreclosed Homes and flipping Them and even renting some of them.
Ive Bin really into looking into this for the last 2 Months and ready to pick up a deal and make the moves I need to make.
Has any one here tried this and if so are you doing well with it ???

Castro_Bigdog
 
Let me know how this works out. I have a wealthy friend who would probably help me out as long as he gets in on the profits.
 
biteme said:
Let me know how this works out. I have a wealthy friend who would probably help me out as long as he gets in on the profits.
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I will let you know bro, I know of 2 people that mess with this stuff and MAN are the living nice.
I know I can do what they are doing and not even try.

There is to much money to be made so Im going to make it........
 
I thought of doing this as well, but I havent looked into it like you have. Im curious about this too, anyone else done this before
 
Castro_bigdog said:
I will let you know bro, I know of 2 people that mess with this stuff and MAN are the living nice.
I know I can do what they are doing and not even try.

There is to much money to be made so Im going to make it........
Click to expand...

Good, I'm serious. I'm pretty sure he would let me borrow money if I could convince him of good profits.
 
Bro I seen one thing for sure in America, it is credit and if you have it you can make Big Money if you have the ballz.

I am seeing houses 40,000 under market, ready to be picked up.

Even if you pull 20,000 for your self you are still at the least 15,000
under market, and guess what that is what is selling......

130,000 to 150,000 in my neck of the woods, just think if you could
pick one of them up for oh lets say 100,000 to 110,000
man that would be nice as fu*k.

again I know of a 25 year old dude that is doing it and doing great for his age.

Man I am so ready to get some chedda............
 
Castro_bigdog said:
Is that what he is doing ?
Click to expand...

i bought a cheap home, not forclosed, but the price was low for this area. The house needed work, but not structural- just a lot of cosmetic work. It was ugly enough so that nobody would have wanted to take it on- every wall had to be repaired, every molding needed replacing, every light fixture needed changing, and it looked DIRTY.
but really, all those things are easy to fix. I put in new flooring, had the walls patched and painted, new kitchen and baths- all done with stock items to keep the cost down while giving it a broader appeal. Landscaping isn't necessary around here (i'm in the country), and I had an electrician change the old outlets and put in a new breaker box. New hot water heater and a new front door.
I'm hoping to have a closing date in 3 or 4 weeks, which will give me a good profit.

its a lot of work. i mean, if you don't have the money to pay someone- you have to do it yourself, and you have to do it RIGHT, and quickly. its not a project you can usually afford to be lazy about.
and if you can afford to pay someone, you have to be there for decisions and to oversee the work. I had one guy put a cabinet door on upside down. When I pointed it out, he implied that it didn't really matter since i'm selling the house anyway.
uh.. yes, it matters.
Also- houses sell better/faster when there is SOME furniture in them. It gives the buyer a way to visualize how it will look. Even if its just the bare minimum- a bed and nighttable, a couch and 2 chairs, an area rug and fresh towels and flowers on the table. I took out some extra furniture I had in storage and put it in the house- then my buyers wanted to buy that too.
 
stilleto said:
i bought a cheap home, not forclosed, but the price was low for this area. The house needed work, but not structural- just a lot of cosmetic work. It was ugly enough so that nobody would have wanted to take it on- every wall had to be repaired, every molding needed replacing, every light fixture needed changing, and it looked DIRTY.
but really, all those things are easy to fix. I put in new flooring, had the walls patched and painted, new kitchen and baths- all done with stock items to keep the cost down while giving it a broader appeal. Landscaping isn't necessary around here (i'm in the country), and I had an electrician change the old outlets and put in a new breaker box. New hot water heater and a new front door.
I'm hoping to have a closing date in 3 or 4 weeks, which will give me a good profit.

its a lot of work. i mean, if you don't have the money to pay someone- you have to do it yourself, and you have to do it RIGHT, and quickly. its not a project you can usually afford to be lazy about.
and if you can afford to pay someone, you have to be there for decisions and to oversee the work. I had one guy put a cabinet door on upside down. When I pointed it out, he implied that it didn't really matter since i'm selling the house anyway.
uh.. yes, it matters.
Also- houses sell better/faster when there is SOME furniture in them. It gives the buyer a way to visualize how it will look. Even if its just the bare minimum- a bed and nighttable, a couch and 2 chairs, an area rug and fresh towels and flowers on the table. I took out some extra furniture I had in storage and put it in the house- then my buyers wanted to buy that too.
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I love you
 
Castro_bigdog said:
Well FG and Me have bin thinking about getting into buying Foreclosed Homes and flipping Them and even renting some of them.
Ive Bin really into looking into this for the last 2 Months and ready to pick up a deal and make the moves I need to make.
Has any one here tried this and if so are you doing well with it ???

Castro_Bigdog
Click to expand...

I have a buddy that has a marketing and advertising degree....he markets to forcloser people...mailers,phone calls,bill boards,yellow pages ext...he will look at the situation...equity vs loan balance ext...and try to buy out the best deals catch up payments plus cash to keep the loan from being forclosed...there is also a contract that he uses (to keep from tieing up more credit) that let's him assume someone's loan for a year...he catches up their payments..gives them some cash to move and has a year to get the property sold without refinancing the loan.....also since his strongpoint is marketing (finding the best deals on people about to be forclosed) he has taken on investors that he will turn onto the best deals for a finders fee....due to the fact he is usally buying as many propeties on his own that his credit will allow...there are also alot of tricks to beat capital gains taxes...you have to reinvest your gains within a certain amount of time to keep from being taxed on your capital gains..
 
Man so much to look into, pre-foreclose and foreclose...

and Hud....

see I live in Michigan and the foreclose rate is at a all time high in this state,
I think it is the best time to buy right now.......
 
buying Foreclosures is 1000X harder than people or the spam email companies tell you it is....you have to have BIG BUCKS on hand at any given second. ususally by the time YOU would find a house in FC, there has been 50 offers on it already...

like was said, if it was easy everyone would do it.
 
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Castro_bigdog said:
Bro I seen one thing for sure in America, it is credit and if you have it you can make Big Money if you have the ballz.

I am seeing houses 40,000 under market, ready to be picked up.

Even if you pull 20,000 for your self you are still at the least 15,000
under market, and guess what that is what is selling......

130,000 to 150,000 in my neck of the woods, just think if you could
pick one of them up for oh lets say 100,000 to 110,000
man that would be nice as fu*k.

again I know of a 25 year old dude that is doing it and doing great for his age.

Man I am so ready to get some chedda............
Click to expand...
How do you find the homes?
 
PBR said:
buying Foreclosures is 1000X harder than people or the spam email companies tell you it is....you have to have BIG BUCKS on hand at any given second. ususally by the time YOU would find a house in FC, there has been 50 offers on it already...

like was said, if it was easy everyone would do it.
Click to expand...

amen. . .and with the real estate markets being what they are right now. . .depressed, flaky, unpredictable. . .the difficulty of being in the right place at the right time has increased exponentially. . .
 
digimon7068 said:
amen. . .and with the real estate markets being what they are right now. . .depressed, flaky, unpredictable. . .the difficulty of being in the right place at the right time has increased exponentially. . .
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i was doing it for a few weeks for a local company...it will be an epidemic in CALI soon. with all the ARM loans...1 year ago, LA COUNTY had an average of 65 new FC listings per day...and we could not keep up with them...it was said to double within the year.
 
digimon7068 said:
amen. . .and with the real estate markets being what they are right now. . .depressed, flaky, unpredictable. . .the difficulty of being in the right place at the right time has increased exponentially. . .
Click to expand...


Hmm
 
Foreclosures, although I don't know much about them, are different than a regualar sale because there could be A HUGE TAX BILL that is unpaid by the existing homeowner. You step in and you need to pay the tax bill, the water bill, the utilities.. electric, gas...everything or they won't turn it back on for you.

Be careful what you're looking at.

Like I said, I don't have experience with it, but it's something to think about. good luck



example: Mr. Wilcox can't pay his mortgage for the past 6 months... what other bills didn't he pay? Hmmm, they're your bills now.

I think it works like that. Maybe someone else can correct me.

I know I had to pay for my previous owners' unpaid water bill or they'd disconnect my service. The water Co. knew it wasn't my bill but didn't care.
 
Be careful. The credit expansion created by Greenspan will result in a credit contraction in the form of a deflationary recession. Credit is cyclical in nature. The money stock in the US doubled in the last 5 years. It is only a matter of time for it to come full cycle. Don't get caught with your pants down!
 
PBR said:
buying Foreclosures is 1000X harder than people or the spam email companies tell you it is....you have to have BIG BUCKS on hand at any given second. ususally by the time YOU would find a house in FC, there has been 50 offers on it already...

like was said, if it was easy everyone would do it.
Click to expand...


Actually, it's probably a lot easier than you think. But then,that's just seeing all the forclosures we have to answer to on a daily basis.
 
con paired to what I do now, doing this is not hard...







sardonicone said:
Actually, it's probably a lot easier than you think. But then,that's just seeing all the forclosures we have to answer to on a daily basis.
Click to expand...
 
Gymgurl said:
I think there are 3 in my neighborhood.....
Click to expand...


Lets pick them up, 1st things 1st need to know what the bank wonts for them then you would make the bank a low ball bid. The bank is not in to make money they just wont to get as much of it back as possible. Then you would see what the house is worth and how much you can pull out for your self, and still keep it under market value...
 
gonelifting said:
Foreclosures, although I don't know much about them, are different than a regualar sale because there could be A HUGE TAX BILL that is unpaid by the existing homeowner. You step in and you need to pay the tax bill, the water bill, the utilities.. electric, gas...everything or they won't turn it back on for you.

Be careful what you're looking at.

Like I said, I don't have experience with it, but it's something to think about. good luck



example: Mr. Wilcox can't pay his mortgage for the past 6 months... what other bills didn't he pay? Hmmm, they're your bills now.

I think it works like that. Maybe someone else can correct me.

I know I had to pay for my previous owners' unpaid water bill or they'd disconnect my service. The water Co. knew it wasn't my bill but didn't care.
Click to expand...

It doesn't. In the instance of a tax debt, the taxes get paid off from the proceeds of the sale (should it go to sheriff’s sale). The rest of the bills are all stuck with the former owner of the property, all that needs to be shown to get the utilities back on is proof of a different owner.
 
sardonicone said:
It doesn't. In the instance of a tax debt, the taxes get paid off from the proceeds of the sale (should it go to sheriff’s sale). The rest of the bills are all stuck with the former owner of the property, all that needs to be shown to get the utilities back on is proof of a different owner.
Click to expand...


Good Info.............
 
tougher to do than most think. Don't forget to check out recent sales in the area so you can figure out recent prices paid, amount of time it took to sell....etc.
 
PBR said:
buying Foreclosures is 1000X harder than people or the spam email companies tell you it is....you have to have BIG BUCKS on hand at any given second. ususally by the time YOU would find a house in FC, there has been 50 offers on it already...

like was said, if it was easy everyone would do it.
Click to expand...

Bingo! I'm an agent, trust me the homes that are "deals" aren't after 50 offers come in on them. Alot of the foreclosures end up being short sales (in my area any way) and there not fun.
 
bw1 said:
Bingo! I'm an agent, trust me the homes that are "deals" aren't after 50 offers come in on them. Alot of the foreclosures end up being short sales (in my area any way) and there not fun.
Click to expand...


Around here most end up in Sherrifs sales if the owner hasn't already managed to find a buyer.
 
bw1 said:
Bingo! I'm an agent, trust me the homes that are "deals" aren't after 50 offers come in on them. Alot of the foreclosures end up being short sales (in my area any way) and there not fun.
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Ohhhhh Nooooooooooooo
 
chewyxrage said:
Damn I read a great article for this thread earlier, let me find it
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Shit can't find it, it was on cnn busines earlier, talking about how bad it is right now to get into the flipping houses business, someone help me out here if you can find it....it's off the front page now...
 
it's not so easy orb. dont be fooled by dreamy rock-bottom prices. banks aren't stupid.

try picking up some books on fc's off amazon. there's a LOT more involved than u think - and in the end, you might make a whoping $2g's. if it was that easy, every1'd do it - including people with 1000x more knowledge and money than you.

development deals - that's where most of the re millionaires make their banks at. fyi.
 
Agreed w/ razor, this has been the fad, everyone and their mom is trying since before "Rich Dad, Poor Dad"

Thing is, there is alot more people out there with alot more money that can afford a smaller margin of profit than you, on deals, because they have a bunch going at a time.

You can get lucky though if you keep your eyes open... There's always a few other guys with their eyes open, too, though....

My dad made his retirement on rental properties. If you can do the repairs it's the way to go. My childhood was filled with painting houses and killing mice and shit. Buy a shit house, make it look nice, wait for the neightborhood to improve and then sell it.

At the top my dad owned 12 rental house and a couple duplexes. He sold them all during the housing boom and is set for life. That's my goal.

Some of the houses we had to completely redo after the renter had lived for 10 years($$$) but it was still bank. Start young, ASAP.

Pop took out a double mortgage (Homestead appraised @ 450k, bought @ 100k) and paid 7 of them off at a time....smart mofo...

Real estate is where it's at. I'm currently located right outside the chicago burbs, urban sprawl is coming my way....Cheap cornfield land here I come :)
 
Good post bro, what Im looking to do is pick up some mid class homes all brick 3bd 1 bath with basement tipe homes. See the thing in Mi is there are a tun of people loosing there jobs so in turn loosing there houses, thats ware I come in and scoop up the house clean it up a lil then stick some renters in it for a wile until shit picks back up around here and flip them.......













chewyxrage said:
Agreed w/ razor, this has been the fad, everyone and their mom is trying since before "Rich Dad, Poor Dad"

Thing is, there is alot more people out there with alot more money that can afford a smaller margin of profit than you, on deals, because they have a bunch going at a time.

You can get lucky though if you keep your eyes open... There's always a few other guys with their eyes open, too, though....

My dad made his retirement on rental properties. If you can do the repairs it's the way to go. My childhood was filled with painting houses and killing mice and shit. Buy a shit house, make it look nice, wait for the neightborhood to improve and then sell it.

At the top my dad owned 12 rental house and a couple duplexes. He sold them all during the housing boom and is set for life. That's my goal.

Some of the houses we had to completely redo after the renter had lived for 10 years($$$) but it was still bank. Start young, ASAP.

Pop took out a double mortgage (Homestead appraised @ 450k, bought @ 100k) and paid 7 of them off at a time....smart mofo...

Real estate is where it's at. I'm currently located right outside the chicago burbs, urban sprawl is coming my way....Cheap cornfield land here I come :)
Click to expand...
 
Castro, you say people losing their jobs, then losing their houses. If that';s the case, how does the house YOU wiull buy be attractive to anyone at an even higher price than YOU paid for it if people in the area don't have jobs?

You really need to be savvy to spot the local trends.

You have a good idea in renting a place out if you could afford to keep it, but that comes with problems as well. I'm not trying to dicourage you at all. My uncle has over 70 rental apt in total. He's living large in a high demand area. He did what you're saying but he doesn't sell them, he just keeps renting them out. BUT I do see the problems that he encounters. You need to know the local court rules because you WLL be going to evict people and stuff like that. People don't pay rent, etc.. of course these are common complaints, but still worth mentioning.

I suggest buying something that you wouldn't mind living in if you had to. This way, you can't lose by purchasing it and not fining a buyer or renter to pay for it. After your seond or third... then you're golden. good luck man. It can be done.
 
Thanks Bro.........


gonelifting said:
Castro, you say people losing their jobs, then losing their houses. If that';s the case, how does the house YOU wiull buy be attractive to anyone at an even higher price than YOU paid for it if people in the area don't have jobs?

You really need to be savvy to spot the local trends.

You have a good idea in renting a place out if you could afford to keep it, but that comes with problems as well. I'm not trying to dicourage you at all. My uncle has over 70 rental apt in total. He's living large in a high demand area. He did what you're saying but he doesn't sell them, he just keeps renting them out. BUT I do see the problems that he encounters. You need to know the local court rules because you WLL be going to evict people and stuff like that. People don't pay rent, etc.. of course these are common complaints, but still worth mentioning.

I suggest buying something that you wouldn't mind living in if you had to. This way, you can't lose by purchasing it and not fining a buyer or renter to pay for it. After your seond or third... then you're golden. good luck man. It can be done.
Click to expand...
 
capital gains tax if sold with in 2 years and the proceeds are used to buy your primary home


"flipping" is actually illegal look into the RESPA

I would personally get involved in the stock market as your assets are liquid

if you do this buy pre-forclosured homes before they go the court house steps and bidders will 99% out bid you. In the pre forclosure stage you can buy out their equity and get the property that way.

big turn around get into the foriegn markets. The tiger is coming on fast
 
The houses that Im looking at now are pre-fc




dead_reggin_storage_fashi said:
capital gains tax if sold with in 2 years and the proceeds are used to buy your primary home


"flipping" is actually illegal look into the RESPA

I would personally get involved in the stock market as your assets are liquid

if you do this buy pre-forclosured homes before they go the court house steps and bidders will 99% out bid you. In the pre forclosure stage you can buy out their equity and get the property that way.

big turn around get into the foriegn markets. The tiger is coming on fast
Click to expand...
 
Castro_bigdog said:
The houses that Im looking at now are pre-fc
Click to expand...


I wish you the best of luck. Get some capital and go. Several people set LLC's and do this for a living. They have deep pockets and several contacts. They are ones who always buy out others on the court steps. If you get deep into this, it will become a full time job. I am not sure how the market is in Michigan. If people are loosing jobs who is going to buy the property?

Why not go to an Area that is about explode? I hear Utah is the next Phoenix,Arizona etc. Where do you plan on getting your intial funds? Are you going to take out a 2nd mortgage on your primary residence?

Again I wish you the best of luck but personally I would start to read the Hong Kong Wall Street Journal and invest internationally.
 
dead_reggin_storage_fashi said:
Again I wish you the best of luck but personally I would start to read the Hong Kong Wall Street Journal and invest internationally.
Click to expand...
India
 
Castro_bigdog said:
Well FG and Me have bin thinking about getting into buying Foreclosed Homes and flipping Them and even renting some of them.
Ive Bin really into looking into this for the last 2 Months and ready to pick up a deal and make the moves I need to make.
Has any one here tried this and if so are you doing well with it ???

Castro_Bigdog
Click to expand...

If you find a house that you can't handle, or there isn't enough equity in it, give me a ring..

I own a finance company we have investors that will save the property for them..

good or bad credit.. no biggie..

also for you we will do 125% ltv loans minimum fico score 620

go to it..
 
SpyWizard said:
If you find a house that you can't handle, or there isn't enough equity in it, give me a ring..

I own a finance company we have investors that will save the property for them..

good or bad credit.. no biggie..

also for you we will do 125% ltv loans minimum fico score 620

go to it..
Click to expand...


who are your investors?
 
dead_reggin_storage_fashi said:
who are your investors?
Click to expand...


mostly presidents of community banks..

I also broker loans all over the country..

example 95%ltv refi with a cashout with a fico of 618 in New York.. i'm in minnesota..

it was referred to me by another broker that couldn't do the deal.
 
SpyWizard said:
mostly presidents of community banks..

I also broker loans all over the country..

example 95%ltv refi with a cashout with a fico of 618 in New York.. i'm in minnesota..

it was referred to me by another broker that couldn't do the deal.
Click to expand...


and who are the local banks investors? fannie mae? Ginnie? those #s may not be inside the box...and with the sub prime market... eeek

I know new york has special guidelines on refis and cash outs and that state is very anal regarding LTV...... New York anyone can do loans it isnt like Arkanas or IL where it is a pain in the ass. how couldnt a broker do a loan in Ny?
 
dead_reggin_storage_fashi said:
and who are the local banks investors? fannie mae? Ginnie? those #s may not be inside the box...and with the sub prime market... eeek

I know new york has special guidelines on refis and cash outs and that state is very anal regarding LTV...... New York anyone can do loans it isnt like Arkanas or IL where it is a pain in the ass. how couldnt a broker do a loan in Ny?
Click to expand...


don't know why, they could only do 85%..

my offer is 95%ltv.. .go figure..

no, i don't resell there used to be good money reselling 90 seasoned loans but i don't do that anymore..

and again.. the non-prime market is fine.. if you don't have to borrow from it..

:)
 
SpyWizard said:
actually we call it the non-prime market now..

sub seemed so derogatory..
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lol! the wallstreet calls it sub prime.

banks still call it sub prime. some call it something fancy like Full spectum lending etc


who the hell these days is buying 95% cash out refi with a 618?
 
dead_reggin_storage_fashi said:
lol! the wallstreet calls it sub prime.

banks still call it sub prime. some call it something fancy like Full spectum lending etc


who the hell these days is buying 95% cash out refi with a 618?
Click to expand...

have to pay the 2 pts to find that out..

wallstreet calls it subprime because that's the product that wallstreet sells futures on..

but that's another market..
 
gonelifting said:
Foreclosures, although I don't know much about them, are different than a regualar sale because there could be A HUGE TAX BILL that is unpaid by the existing homeowner. You step in and you need to pay the tax bill, the water bill, the utilities.. electric, gas...everything or they won't turn it back on for you.

Be careful what you're looking at.

Like I said, I don't have experience with it, but it's something to think about. good luck



example: Mr. Wilcox can't pay his mortgage for the past 6 months... what other bills didn't he pay? Hmmm, they're your bills now.

I think it works like that. Maybe someone else can correct me.

I know I had to pay for my previous owners' unpaid water bill or they'd disconnect my service. The water Co. knew it wasn't my bill but didn't care.
Click to expand...
The taxes usually get paid first out of the foreclosure proceeds. All of the liens, mortgages, etc. should be cleared up by the foreclosure if they were properly named and served with the suit. A good title exam is a must to make sure of clear title at purchase.

The utilities are not secured by the real estate unless they sued and got a judgment and filed a judgment lien on the property. That would be pretty rare. They can't under normal circumstances hold a new owner responsible for the past owner's bill.
 
I did nothing but foreclosures for a few of my years as an attorney, so I handled literally thousands of them.

I will say that it isn't impossible to find a foreclosed home for investment purposes. You just have to consider that if there is a mortgage, that mortgage holder is going to bid at the sale to protect their investment. In other words, if I owe Bank of America $100,000 on a mortgage, they are not going to let an investor come in a bid $50,000 and eat the loss. They will most always bid enough win the auction up to the amount or their loan.

That being said, if the house is worth $200,000 that is still a great deal, right? Well, that rarely happens because if they have that much equity they usually refinance before they let it go to foreclosure.

It does happen though. You just have to really do your due diligence in finding the properties. You have to know really know the market in your area, too.

I have found that some of the properties that are being foreclosed upon because of ad valorem taxes are free of mortgages and are just not having taxes paid because the owners died or something of the sort. Those may be good to look at, but they often require lots of WORK. People who don't pay their taxes for many years usually aren't affording to do much in the way of maintenance either.

Another problem is that with foreclosures, there are usually no walk throughs. You have to just do a drive by assessment of the property. Sometimes you discover nasty problems that will kill your budget and profit on the property.

I would say that despite all the naysayers, it isn't impossible to do this, but it is very competitive and you have to do lots of legwork and homework.
 
had a bank here that loaned $300,000 on a farm and land...

the guy defaulted, they foreclosed... turns out the old guy had a meth problem, so he just let it go..

they got it back from the farmer.. then sold it and closed for $1,100,000...

the profit was divided by 4 and given to the 4 officers of the bank.. FDIC didn't like that very much, put us through a heck of an audit..
 
SpyWizard said:
had a bank here that loaned $300,000 on a farm and land...

the guy defaulted, they foreclosed... turns out the old guy had a meth problem, so he just let it go..

they got it back from the farmer.. then sold it and closed for $1,100,000...

the profit was divided by 4 and given to the 4 officers of the bank.. FDIC didn't like that very much, put us through a heck of an audit..
Click to expand...
After all taxes, lienholders, mortgage holders, etc are paid, the profit has to go back to the homeowners. If you bank officers did that, they should all go to prison.
 
heatherrae said:
After all taxes, lienholders, mortgage holders, etc are paid, the profit has to go back to the homeowners. If you bank officers did that, they should all go to prison.
Click to expand...


well, they didn't.. don't know what to tell ya.. i don't have the final # on the dispersement, but one of the presidents was going to leave because he wasn't going to get part of it..

that's how i know the story, that and i've been their Network support for the past 5 yrs..
 
SpyWizard said:
well, they didn't.. don't know what to tell ya.. i don't have the final # on the dispersement, but one of the presidents was going to leave because he wasn't going to get part of it..

that's how i know the story, that and i've been their Network support for the past 5 yrs..
Click to expand...
I hope they all go to jail. Seriously. That is rotten.
 
Castro_bigdog said:
Lets pick them up, 1st things 1st need to know what the bank wonts for them then you would make the bank a low ball bid. The bank is not in to make money they just wont to get as much of it back as possible. Then you would see what the house is worth and how much you can pull out for your self, and still keep it under market value...
Click to expand...


One is right on the lake and the two others have lake access.......
 
I bought my current home thru foreclosure. It required some work/remodeling, but I find that stuff fun.

Saved me $100,000 give or take, not to mention the interest I would've paid if I had a mortgage.
 
heatherrae said:
I hope they all go to jail. Seriously. That is rotten.
Click to expand...


thats why the sub prime world is so shady. They will allow consumers to do neg amt mortgages so they can pay the monthly amount but the balance is added to the amount and to top it off. but some say buyer beware
 
Gymgurl said:
What is the average savings when you buy it through foreclosure then on the market?
Click to expand...
There isn't an average savings, gymgurl. It all depends on how others are going to bid. Like I said above, if there is a mortgage, the mortgage holder is going to step in to protect up to the amount of the balance on the mortgage.

Contrary to what castro bigdog told you, you can't buy a house from the bank pre-foreclosure. They don't have the deed to the home pre-foreclosure. You have to buy the home from the homeowners pre-foreclosure or bid at the auction. After the auction, if the bank bids and takes it into their REO department, then you can buy it from the bank.

Lots of misinformation floating down this thread.
 
I know the house next to the one that foreclosed was $750,000.00...I also know I don't have that kind of extra cash laying around lol
 
one way you can do it...

there are several services that you can buy a list that will notify you with the persons name, address and phone (some times) when their mortgage is 60 or 90 late..

you can contact the homeowner and make an offer that way as well..
 
Gymgurl said:
I know the house next to the one that foreclosed was $750,000.00...I also know I don't have that kind of extra cash laying around lol
Click to expand...
pull the foreclosure complaint and see how much is being sought by the plaintiff and what other creditors are involved.

Usually, that expensive of a property isn't the best idea for a quick flip, anyway. They sit for longer.
 
alien amp pharm said:
I bought my current home thru foreclosure. It required some work/remodeling, but I find that stuff fun.

Saved me $100,000 give or take, not to mention the interest I would've paid if I had a mortgage.
Click to expand...

YeAH, but when the former owner gets out of prison, he's going to ass rape you :worried:
 
gotmilk said:
YeAH, but when the former owner gets out of prison, he's going to ass rape you :worried:
Click to expand...

You are probably joking, but nobody knows what happened to the previous owner. He was a pretty rough dude from what the postman, neighbors, etc tell me. They were afraid to come up to the house.

When I was renovating, I found numerous beer and liquor bottles everywhere plus bullet holes in the walls.

It's kinda scary to know that there is such low-life, small brained people out there who would probably try to kill without a second thought.

My Glock stays near me when I sleep.
 
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