Bank Owned Homes

[JonesersRX7]

My question to you is. "Why would you want to buy something that is going to continue going down in value for the next 3-5 years?"

When making an investment, you don't buy on the down swing, you buy at the lower part of an upswing. FYI dude, it is on a down swing like the mutha fricken Titantic. Yet, you want to party on the deck as the ship goes down. That makes no sense to me.

Don't believe Realtors. I was one for some time. Heck, it's always a good time to buy and sell when you as a Realtor.

Renting is better for now and better than being a slave to your mortgage.

Perfect example of an uneducated Realtor pretending to be an investor...

Markets are local.. I can show you MLS reports of zip codes that have appreciated the last 3 quaters in a row... I can show you zip codes that have gone down since 07'.

Its not a matter of when.. its a matter of how and where.

More to point is that you are telling this guy to rent when he clearly is asking about INVESTMENT MUTHA FUCKIN' PROPERTY. You clearly didn't read the thread and spouted shit blasted out of cho' ass.

 

[BullsEye]

As far as grabbing houses before the bank gets them, what you're going to want to do in order to be FIRST to that house/listing is go to your local towns town hall or city hall, in there they should have a record of deeds or some place where you can look up the most recent filings.

What you're looking for is something called a notice of default, its a notice sent to the homeowner as soon as they start to default on their mortgage, and thats the first step in the process if they're going to get foreclosed on. You want to go to that address and try to work it out with homeowner right away and see if they will sign over the title of the house to you, from there you can do lots of shit like flip it to an investor or work with the bank to shortsale it for pennies on the dollar. Many times if you do a successful shortsale you can get it for .50 on the dollar or less of what they owe. The key is looking up the assessed tax value on the home so that you have some room for profit or at least leave some on the table for the next guy if you flip it to an investor.

Anyways, thats about all I know about that shit, tried it like 5 years ago but didn't have the time to pursue it, might be something to re-visit in the future.

 

[JonesersRX7]

As far as grabbing houses before the bank gets them, what you're going to want to do in order to be FIRST to that house/listing is go to your local towns town hall or city hall, in there they should have a record of deeds or some place where you can look up the most recent filings.

What you're looking for is something called a notice of default, its a notice sent to the homeowner as soon as they start to default on their mortgage, and thats the first step in the process if they're going to get foreclosed on. You want to go to that address and try to work it out with homeowner right away and see if they will sign over the title of the house to you, from there you can do lots of shit like flip it to an investor or work with the bank to shortsale it for pennies on the dollar.

Um.. depending on what state/county he is in. NOD's are only filed in Trust Deed states.

And you also realize most people OWE more than than their house is worth and not all auctions run drop bids?

Having been a wholesaler for almost 5 years I never take title as that is a PITA for your buyer due to seasoning. So no... you don't take title you simply assign your contract and have the right to sell via your equitable interest in a determinable contract.

Many times if you do a successful shortsale you can get it for .50 on the dollar or less of what they owe. The key is looking up the assessed tax value on the home so that you have some room for profit or at least leave some on the table for the next guy if you flip it to an investor.

Anyways, thats about all I know about that shit, tried it like 5 years ago but didn't have the time to pursue it, might be something to re-visit in the future.

More like that's all you DO NOT know about this shit. Let me know what bank is discounting short sales at 50 cents on the dollar of APPRAISED VALUE.

If you are relying on assessed value as your comps you are fucked.

 

[Blastyourass]

Always an expert selling something. Obviously these clowns are real estate agents with an agenda "to sell".

Fawking idiots and they are in an internet marketing forum, yet they are balling from real estate, go figure. I know more broke and out of money Realtors than I know people.

The market is imploding and it don't matter if it's local or whatever. The reason certain Zip Codes go up is because a bunch of idiots who think they are buying a home (renting from the bank really) have jobs in the area and were convinced by you realtor slime balls that everything is local, it's a great time to buy, yada, yada, yada. Bullshit.

I HATE REALTORS AND INVESTORS. If you listen to these fools, you get what you deserve.

 

[LotsOfZeros]

@blastyourass: I don't necessarily disagree with all of what you are saying however I feel you are viewing the issue with SoCal blinders on. If I never looked outside of my zip code, I would never know there was a RE crash.

Texas is still growing and has been for the past several years. On top of that, I purchased a smaller home surrounded by some very large ones so my equity has actually increased in the past few years.

 

[schockergd]

RX7 - I've seen quite a few shortsale sell for .50 of appraised value , however most times it involves ' creative' investors directing agents to give a lowball BPO.


Wholesaling is good , so is buying a REO , but neither will do you any good unless you know what something is worth.

 

[JonesersRX7]

Always an expert selling something. Obviously these clowns are real estate agents with an agenda "to sell".

I'm only selling if you are looking to buy discounted properties in Arizona :338:

and.. I am not a Realtor, never have been for the liability/disclosure.

Fawking idiots and they are in an internet marketing forum, yet they are balling from real estate, go figure. I know more broke and out of money Realtors than I know people.

? huh ?

The market is imploding and it don't matter if it's local or whatever. The reason certain Zip Codes go up is because a bunch of idiots who think they are buying a home (renting from the bank really) have jobs in the area and were convinced by you realtor slime balls that everything is local, it's a great time to buy, yada, yada, yada. Bullshit.

Renting from the bank? Is that what a mortgage is now days? News to me.

I HATE REALTORS AND INVESTORS. If you listen to these fools, you get what you deserve.[/QUOTE]

Get what you deserve? Listen pimpin' ... speaking about MY LOCAL MARKET

http://www.armls.com/pdfs/HmSalesMaricopaDec2009.pdf

Take a look at CASH BUYERS... that reads 1904 out of 5585... look at ADOM (average days on market) 1-30 = 2803 out 5585. That means 1,904 homes were paid in CASH MONIES.

I deal with more accredited and sophisticated investors than you know broke Realtors and these are the same guys that were liquidating their property in 05/06' and not speculators that were buying in 06/07. Those guys are calling me to short sale their 2 and 3 properties.

Its funny that you couldn't make it as a Realtor or investor and are talking shit... but makes sense.

RX7 - I've seen quite a few shortsale sell for .50 of appraised value , however most times it involves ' creative' investors directing agents to give a lowball BPO.


Wholesaling is good , so is buying a REO , but neither will do you any good unless you know what something is worth.

We are closing 2-3 a month... and its not happening. What bank is giving you .50 cents? BAC, Wells, Citi, Sun Trust, OneWest come in at our lowest REO comps on a good day. Would love to know. I am not talking the once in a blue moon home run from some podunk bank that has a balance sheet of 5mil is trying to get off their books.

And yes.. I personally go out and influence the BPO as most agents out here also sell REO's so they love them to come in high.