Hi
Read your ad with interest-- i have been looking into foreclosures & found a couple of houses that were especailly good, i found these thru an agency can u tell me how i can buy direct from a Bank ? ? any website etc
Thks
Desres
Quote:
Originally Posted by rburns
This is for serious investors who can buy over 4,100 market value homes at 8% below market value.
These homes, along with Condos are available in the United States but the United States also has
this ridicules secondary market based on silly Cash Flow schemes. Don't fall for them!
They're trying to sell foreclosed property held by companies that are going broke for selling mortgages
to people who didn't qualify. Only in America could this happen. Believe me, I live there.
You sell subprime mortgages to people who otherwise couldn't get one. They can't keep up so the
property is reclaimed by a mortgage lender who can't afford to pay the bank for lending them the
money to back the mortgage in the first place. What happens with that?
A secondary market, REO, opens up buying these homes for 40 cents on the dollar and
all of a sudden people are representing companies with billions of dollars to buy them.
Nonsense, it's still the bank that owns the property and it's the bank and bank alone you can buy
it from.
One bank has over 4,100 homes they'll sell at 8% below market value but these REO people
are sure they can get stuff at 70% off. From whom, Joe & Ed's bank? Not Citigroup.
Beware of anything in the United States sold with REO attached to it if you're not buying it
directly from the bank and be especially cynical of those who can get you involved in REO.
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