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[ Edited by JohnLocke on Date 10/31/2008 ]
HAHAHAHAHAHA!!!!!!
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Randall,
I pulled this person up on another RE Discussion Board I Moderate on for the same ad.
Very difficult to believe someone who made a million dollars in 10 months, would post a cheesy ad on a discussion board looking for someone to believe whatever program he represents really works and would even dare to charge for it.
John $Cash$ Locke
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BUT I WANT AND DESERVE IT NOWWWWWWW.
John (LV)
John, I love your edits in the original post. [ Edited by d_random on Date 11/04/2008 ]
John-
I love the edits too!
Glad to hear someone shoot down the ridiculous claims!
AT
D_Random, your frenzied/crazed monkey drives me bananas!!!!!!!!!!
It depends upon your market, the desirability of the property, and the availability of funds.
I am seeing properties being sold as REOs for a lot less than the amount of the foreclosed lien. In my area, it is cheaper for me to buy the REO from the bank than it is to buy the same property at the foreclosure auction.
Same here- my understanding is that this is due to PMI, although I am not clear on this. Anyway I always wait until it is listed as an REO, and generally wait for it to sit a while and the price to drop. But buyers are starting to move in here and it might be necessary to act more quicly in the future.
Chris
There can be a distinct advantage to but the note or property before the auction.
I saw a high-end property, foreclose for the loan balance and fees of approx 1.2M.. Bank of New York promptly list the property at 1.8M. The last I looked the had looked, the lowered to 1.6M.
If you would have had 1.2M and 1 cent, you could be living in luxury.
I have see odd things happen due to loan not being reconveyed.
There was like a 1M 1st and a 78K 2nd... Which actually turned out to be a 78K 1st and the bidder got the commercial property cheap!
Maybe one of you Wiseman can help clear this up for me. I am in Southern California Los Angeles County to be exact and I see Deutsche and Bank of New York picking up millions of dollars worth of foreclosures every month . I am not in a financial position to purchase any of these deals but is there any way I can get involved to make money in this market??
I bet if you dig under the surface, they are not "picking them up", but rather getting stuck with them as REO.
I have seen those 2 banks pop-up a lot as they are the trustee of the mortgage backed security (MBS, CMO, CMBS, etc.) that holds the mortgage.
La Salle and Capmark show up alot on commercial.
Thank you for the clarification
Buying at auction can be a good thing and a bad thing.
advantage. You may be the onl one to show up and/or the only one that can afford to bid beacause of your big deposit
disadvantage. you need a 10% deposit. also, you could have bought it cheaper at REO
I think its making a difference of what the debt is and how much you want the proeprty. it comes with a likely factor. Are you mroe likely to get it at auction..probably because once it hits the market you have a lot of pre qualified 100% financing guys and a bigger pool of buyers. Its a call you have to make yourself.
hope that helps.
-Brian
The things I hate about auctions are:
undisclosed reserves
strawman bidders that bid on behalf of the seller/bank
premiums
I have been to many auctions where the bank and I are the only people who show up. I find my best deals when the houses sit for a while (bank owned) and then make a low ball offer. I find this to be the better way to purchase properties. Most of the times at the auction they are asking for what the "owner" owed on the house. This tends to be more then the house is worth. I let the banks sit with them and take the loss on thier balance sheets not mine. [ Edited by cashcow57 on Date 11/14/2008 ]
In the Ohio market it is much cheaper and safer to go with a RE Agent. When you buy them at auction/sheriff sale they quit claim deed the proeprty to you and most of the time they can not guarentee a clear title. If you wait for the property to be sold by an agent normally you get it for less money and you get a warranty deed through the title company.
As a real estate auctioneer I can tell you there are some deals to be had if you buy at the actual foreclosure auction.
The problem is, these auctions are managed by bankers & lawyers NOT professional auctioneers.
You need to read the terms which vary from state to state.
On the East Coast generally you need a deposit of about 10% of the loan amount and closing within 30 to 45 days.
California you have to pay the entire amount on the day of the auction.
FORECLOSURE BINGO
Is a game I used to play with my dad.
Read the legals of the paper with a pen in hand and circle the DATE of the deed of trust or mortgage. It used to be two years or older but now I would say at least 5-years old.
If the mortgage is 5 to 10 years old, then you have pretty much hit paydirt and its time to begin due diligence on the property.
At the auction you have to watch the lenders, because legally they may not bid more than the amount owed.
If there is equity like the scenario above they will try to steal it, so you need to know what is owed and tell the lender they are done bidding, unless it is on their own account.
Not many people do this but as an auctioneer I can tell you it works every time.
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