The U.S. government is taking action to speed the resale of foreclosed properties by temporarily expanding access to Federal Housing Administration mortgage insurance, U.S. housing officials said.
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Posts tagged as:
Buyers
I often get asked how I built my investor list to 10,000+. I do a lot of networking and after almost eight years in the business, the list keeps growing. Here’s how I do it.
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Existing-home sales climbed 9.4 percent in September to their highest level in more than two years, fueled by demand for cheap properties and an $8,000 tax credit for first-time buyers, according to industry data released Friday.
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There is a lot of chatter about buying REO’s and foreclosures, making a fortune in real estate, and getting rich quick. A lot of big promises and under-developed plans. Our program isn’t one of these.
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In the old days, buying at auction at the county courthouse was usually an excercise in futility. Bank representatives were bidding up their properties close to FMV or simply bidding up to the amount owed on the note. Banks took back the properties, put them on the market and within a few weeks sold the property and recouped nearly the full amount of the forclosed note. These days, home values have plummeted and values are so depressed that banks are simply taking the highest price bid at the auction offered by investors and selling them off. The auction sales price is typically a fraction of what the previous note was and well under market value. It’s like stealing candy from a baby.
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There is a lot of chatter about buying REOs and foreclosures, making a fortune in real estate, and getting rich quick. A lot of big promises and under-developed plans. How do you protect yourself? Where should you put your money? What type of properties should you invest in? What should your exit strategy be? There is one program that addresses all of these concerns offering a safe, secure and steady cash flow opportunity with a solid exit strategy. It’s called contract for deed property programs. These programs offer affordable entry level prices for under $35,000; guaranteed monthly cash flow; no rehabbing; ancillary services such as sales and marketing, doc prep, inspections, property management and refinance services; and most importantly; 50% to 60% ROI or more. Let’s look more closely how this program work.
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These days, it seems the discount pricing is simply unbelievable. It’s mind boggling that houses are available for under $10,000. With any buy, comes risk and you know the old saying, “cheap can be expensive.” The experienced buyers know exactly what they are buying and what they plan on doing with them after acquisition. Simply put, you need to know what your exit strategy well be before you stroke that check.
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You received a tape of REO properties. You’ve done an initial review and like what you see. The location is fine and the price is in line with your expectations. Now comes the time to make an offer to purchase. Depending on the types of deeds being conveyed will determine the purchasing process. Here’s a guideline of what you can expect.
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As I have mentioned in earlier postings, I am often perplexed at the amount of requests received from buyers or their reps seeking REO packages with very specific requirements. Some are so specific, that even if I had the capability to compile, most are impossible to fill. Most sellers will stay away from filling any order, even if you can proof funds for a billion. Here’s why.
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Buyers hate to bid. They want to know the price. Even when the do, a buyer will still submit an offer below the posted price. There are many reasons why buyers do this. They don’t agree with the seller’s BPO’s; their due diligence discovers the FMV is less than what the seller states; the properties are in poorer condition; perceived market fluctuations and the list goes on. One way to resolve these issues is to put it out for bid without any pricing. No! Not a bid! Why when sellers decide to put out a package for bid, buyers get revolt? Fixed price gives a buyer more control but a bid price, well, that puts the control squarely back in the seller’s hands and buyers don’t like. Believe it or not, there are more opportunities to buy via a bid then a fixed price.
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