New To The Site(Couple Questions)
Hi fellas, i just signed up to the boards, and i am very interested in buying/selling foreclosed homes, my questions are as follows
1. I signed up with a website to check out houses in my city, and other locally to me, have any of you guys signed up with sites to help you in the search for foreclosed houses?
2. What are some good properties to look for when just starting in this business?
3. Is their any other places on this site you guys would recommend me to check out?
I did not search because i thought these questions would not be answered on here, i appoligize if they have been already!
Thank You
Dan
[ Edited by dozzer1b on Date 02/24/2008 ]
[ Edited by dozzer1b on Date 02/24/2008 ]
Hi Chris,
Thanks for the post. Yes, in San Bernardino county in South CA, the foreclosure rate is pretty high. The house prices are still $250,000-300,000 even for the ones that have been foreclosed. We would like to see that number drop to $150,000 so that the rent can carry the mortgage payments. When the rent carries the mortgage payments, we will see the price drops stop.
Yeah, also true for Modesto/Stockton, CA - this area has a aways to go and a lot more foreclosures coming over the next year.....
just wanted to follow up for everyone who read the post.
i convinced the lender to lower the figures and he sale of the property went through.
lessons learned.
On a purchase which was fraudulent the trustee can sue the recipient up to one two years later, I think 2, to recover value...
However if it isn’t fraudulent then you’re fine...
BTW a fraudulent purchase is a purchase where you paid a far less than value for the house. Typically if it is a normal transaction you should be fine but ask your attorney…
And this applies to all exchanges, not just real property nor subject to transactions… and is really looked at negatively if the buyer is a relative..
Your other issue is that you should have both the seller on your contract buyer sign a hold harmless release for you just in case...
Good Luck
You are going to be fine....As long as it was a legitimate transaction...
Good Luck
Your assignee needs to keep the loan current and then it seems the mortgage would just sit in BK.
If it was in default, then there might be a bigger stink made.
if the loan is secured by the property then nothing will change and the loan will still need to be paid as agreed by someone, if the payments stop then the bank will foreclose when they get around to it.
well I just found out
In this particular FHA addendum, In the first blank, you cannot sell for a price over 120% of the purchase price for a period of 3 months.
Same in the next 2 blanks, no security interest greater than 120% of purchase price for 3 months
Not bad