The foreclosure crisis leveled off in May as the number of people facing foreclosure was nearly flat from a year ago, according to RealtyTrac, a private foreclosure listing service.
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Joker brokers, misrepresentation of packages, unauthorized use of POF’s, POF’s that can’t be verified, ghost REO packages, bank contacts that don’t exist, incorrect protocols, NCD, MFA, LOI, POF! Arrggh! Frustrated yet? After working with REO’s for nearly two years, I have tried to cleanse myself from the woeful misconduct and misrepresentation with my 99% rule.
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Recently I received a call from a colleague regarding an REO bulk package he had received from a broker. The package was in Southern California offered at $6M or a discount of .60 of current value of $10M. My colleague asked my opinion about such a package. I told him that if it sounds too good to be true, it probably is.
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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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During the high times of real estate, channels like HGTV and Bravo fostered our faith in a market of seemingly limitless escalation. An entire subgenre of television arrived — a spate of series promoting the idea that anyone with access to a line of credit could reap a fortune buying a house and selling it at a 100 percent profit. So how are those shows doing these days?
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For many investors, the very first question to ask before they buy is, “do I stay local or go national?” Of course new investors will always want to focus locally while the more experience investors look at both local and national markets. It really depends on your comfort level, your experience, and personal resources.
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As many owners can attest, ownership has its drawbacks. Indeed, in the absence of a rising market to ease the pain of having property, owners might be excused for wondering what it would feel like to surrender the keys and become a renter again. Would it be a relief — or an unnerving loss of control? A comedown, or, in the aftermath of the housing debacle, a fashionable, politically correct choice? Moving from owning to renting seems to teach some people that they just weren’t meant to be renters, while others find it liberating.
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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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Everyone wants to be direct to the bank when buying. Who wouldn’t. You get the best deals. You negotiate directly with the bank asset manager. Properties are free and clear and you close quickly. This is what most buyers would like to hear but the reality is much different. Unless you are a large hedge fund with deep pockets and even deeper long standing relationships with banks, you will be sorely disappointed. So how does one actually buy directly from the bank. You have three choices.
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